Tuesday, July 23, 2013

FABULOUS FAB TRIAL Day 7 Laura Schwartz on stand

 Laura Schwartz, who headed ACA Management LLC’s asset management business in early 2007, testified today. She used new terms like "beauty pageant" and " road show" during her testimony, 
 that had to be explained to the jury. There is a board in the courtroom with  terms like 
RMBS ( residential mortgage backed securities) 
CDO ( collateralized debt obligations) and other various terms because these witnesses use this financial lingo left and right, and even the judge sometimes steps in and asks them to explain a term or two to the jury, none of whom have any experience in the financial field. It is an unusual aspect to this trial 

From the Bloomberg story:The star witness in the Securities and Exchange Commission’s civil fraud case against Fabrice Tourre told jurors that Goldman Sachs misled her into helping construct a doomed investment that the Paulson & Co. hedge fund was betting would fail.
Bloomberg Bob Vanvoris story:
Bloomberg Bob Vanvoris story link

Laura Schwartz on the stand 

John " Sean" Coffey with a confidential document about ABACUS AC1 .
He used this document during his cross examination of Ms Schwartz

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