Tuesday, July 30, 2013

Is NJ Housewife Teresa Guiduce Throwing Hubbie Joe Under Bus?

Is NJ Housewife Teresa Guiduce Throwing Hubbie Joe Under Bus?
"Real Housewives of New Jersey" stars Teresa Giudice and Giuseppe "Joe" Giudice are currently in the fight of their lives as the couple has been accused of federal fraud charges, which could land them in prison for up to 30 years.

Teresa Giudice and Giuseppe "Joe" Giudice by Aggie Kenny  

Aggie Kenny noted:   Chewing gum furiously, the Giudices stood expressionless before 
New Jersey Federal Court Judge  Cathy Waldor.

FABULOUS FAB TRIAL Closing statements

Today both sides gave their closing statements in the Fabrice Tourre trial.
First Matthew Martens gave his closing, and then in the afternoon Mr Coffey, Mr Tourre's attorney
did his closing. It was a relief to finally see Mr Coffey's face since he has been the challenge for this entire trial. First he never stands in one spot for more than a moment, and second from where I sit, it is almost impossible to see his face.
from the Washington Post
 The Securities and Exchange Commission on Tuesday made a final push to convince a federal jury that former Goldman Sachs trader Fabrice Tourre defrauded investors of $1 billion during the lead up to the 2008 financial crisis by feeding them “half truths.”
Washington Post story link
Mattew Martens gives closing statement

Sean:" John " Coffey gives closing statement

Monday, July 29, 2013

FABULOUS FAB TRIAL: Both sides rest

Today at the trial of Fabrice Tourre, we were all in a bit surprised to learn that the defense was not going to call any witnesses.  So after the SEC rested their case, Mr. Tourre's lawyer, John "Sean" Coffey stood up and said "the defense rests".
Tomorrow is closing statements and then the following day is jury instructions.
From the New York Times
The decision to rest, after more than two weeks of testimony and 11 witnesses called by the Securities and Exchange Commission, highlighted the confidence that Mr. Tourre’s lawyers have in their fight against the lawsuit by the government.

NYT Fabrice Tourre trial story link

Fabrice Tourre seated with his lawyers, the last day of testimony, which comprised of a video tape deposition of Michael Nartley. Today I was able to get a different viewpoint in the courtroom, while the key players were looking at the large screen. Got a chance to get the juxtaposition of Tourre against the background of the jury, which  I am not allowed to draw, so they look like they are seated in a mist. EW

Sunday, July 28, 2013

'Manson: The Life and Times of Charles Manson'

'Manson: The Life and Times of Charles Manson' draws portrait of psychopath as a young man

Jeff Guinn's new book details how record producer's snub of aspiring musician sparked Manson's bloody rage, which led to slaughter of Sharon Tate


Illustrations from the Manson trial, never before published, will be in the upcoming book
The Illustrated Courtroom: 50 Years of Court Art

Below is the illustration of Manson's arraignment with Susan Atkins drawn by Bill Robles, almost 44 years ago. The judge in this drawing, is Laurence Rittenband. He was the same judge who handled the Roman Polanski sexual offense case, that lead  Polanski to flee the US in 1978 and never return. That case is also in the upcoming book.

Arraignment of Charles Manson by Bill Robles 1969 

Thursday, July 25, 2013

FABULOUS FAB Day 9 Tourre on the stand continued.....

Today Fabrice Tourre took the stand at trial. For most of the day he was questioned by Matthew Martens from the SEC. He again was very animated and had a range of expressions, which mixed with his French accent, made his testimony interesting to watch. Once his attorney had a chance to ask him questions, he became a bit more controlled, which made him easier to draw.
One of my favorite little details in this courtroom, is from the window you can see the Manhattan Bridge. A visual reminder of the trial's location.

From the Bloomberg story
Love notes, a French song parody and a winking emoticon were used by a government lawyer trying to show that Fabrice Tourre, the former Goldman Sachs Group Inc. (GS) vice president facing civil fraud claims over a failed $1 billion investment, lied to participants in the deal.

From the Bloomberg Bob Vanvoris story
Bloomberg Tourre Testimony story.
Fabrice Tourre questioned by his lawyer Pamela Chipega

From the New York Times:
At his trial Thursday, the jury saw another side of him as his legal team worked to rehabilitate his image.
“I am here to tell the truth and clear my name,” he said to his lawyer Pamela Chepiga after she asked him why he was sitting in a courtroom in Lower Manhattan.
New York Times Susanne Craig Story link

Wednesday, July 24, 2013

FABULOUS FAB TRIAL Day 8 Fabrice Tourre on the stand

Late in the day, Fabrice Tourre took the stand. He is quite animated on the stand, with different expressions, and has a distinctive French accent. Looking from the large screen, to the notebook of exhibits, to the SEC lawyer Matthew Martens, he did not stop moving. Hoping tomorrow with more time, will have a chance to capture the  front view of his face.
Bloomberg Bob Vanvoris story
Bloomberg Bob Vanvoris story link

Fabrice Tourre on stand, answerng questions about a Paulson  related email
to SEC lawyer Matthew Martens

Tuesday, July 23, 2013

Fabrice Tourre

I have been watching Fabrice Tourre on and off during this trial, and he has a range of emotions
as one can imagine. He has an amazing face to draw and it is a challenge to really get the profile correct.
Tomorrow is the big day for him in this trial, when he is called to the witness stand. It will be interesting
to draw his full face. The courtroom is a tough spot due to numerous monitors, and it is narrow and deep.
So tomorrow the court artists will be using binoculars, for sure. EW.
Fabrice Tourre with his defense team

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

Monday, July 22, 2013

FABULOUS FAB TRIAL Day 6 Gail Kreitman on stand continued

Today Gail Kreitman, the articulate and poised former Goldman Sachs saleswoman, took the stand. Her testimony took most of the day and she was pretty unflappable during cross examination. Tomorrow  ACA rep Laura Schwartz is slated to take the stand, then on Wednesday star witness and defendant Fabrice Tourre will be called by the SEC.
Bob Vanvoris story from Bloomberg
Bloomberg Bob Vanvoris story link
Gail Kreitman, former Goldman Sachs saleswoman 

Saturday, July 20, 2013

JACKSON WRONGFUL DEATH TRIAL Week 8 Sleep expert drawn by Bill Robles

Here is a run down of the last week of trial in the wrongful death lawsuit of Michael Jackson.
Week 8 Jackson Trial synopsis

Charles Czeisler, an expert sleep researcher from Harvard University, told jurors that Jackson was totally sleep-deprived by the time of his death because the singer's use of propofol was not giving him actual sleep but was akin to being in a drug-induced coma.
Harvard Sleep Expert Charles Czeisler by Bill Robles

Sleep Expert Charles Czeisler 

Friday, July 19, 2013

FABULOUS FAB TRIAL Day 5 Gail Kreitman former Goldman Sachs employee

Today Gail Kreitman a former saleswoman at Goldman Sachs testified about her understanding of Paulson's role in the deal at issue.  She was very engaged with the jury at the beginning of her testimony telling them about her humble beginnings and her family background. She continues her testimony on Monday.
from the Wall Street Journal
“As part of her testimony, the SEC is expected to play a tape recorded by ACA’s phone system in which Ms. Kreitman reportedly says that Paulson was taking a “hundred percent of the equity” in the deal, implying it was betting the instrument’s value would rise, not fall.” 
That tape was played and below is a pic of the transcript with Tourre and his defense team, 
who were clearly not happy about the tape ending the week's testimony.

More about today's testimony from 
Bob Vanvoris @ Bloomberg:

Gail Kreitman former Goldman Sachs saleswoman on the stand
Fabrice Tourre with defense team with transcript of  Gail Kreitman call 

Thursday, July 18, 2013

FABULOUS FAB TRIAL, Day 4 Goldman Sachs Exec Jonathan Egol

Jonathan Egol on stand 
Today the Goldman Sachs Managing director Jonathan Egol testified for the entire day. He was very careful and deliberate,  a complete contrast to the previous witness Paolo Pellegrini, who gave quite a performance on the witness stand.
From the Wall Street Journal
On Thursday, Matthew Martens, a lawyer for the SEC, chipped away at Mr. Tourre's defense through a series of questions he asked Jonathan Egol. Mr. Egol worked alongside Mr. Tourre at the Goldman trading desk that structured and marketed the transaction central to the regulator's civil complaint.
WSJ Chad Bray story
Wall Street Journal Story Jonathan Egol
SEC Attorney Matthew Martens examining Goldman Sachs exec Jonathan Egol, Fabrice Tourre is far left

Wednesday, July 17, 2013

FABULOUS FAB TRIAL, Paolo Pellegrini continued

Today continued the testimony of Paolo Pellegrini, who was involved in the CDO deal in question and ended up making 20 million dollars from that deal.  He sparred with the SEC lawyer during most of his testimony, and must have caused a few reporters to get a hand cramp, they were writing so furiously. At one point during his testimony I heard someone gasp from the audience.  The jury did not sleep today.

From the New York Times
Barely veiled contempt colored many of the exchanges between Mr. Pellegrini and Mr. Martens. When the S.E.C. lawyer asked the witness to find a particular section of a document, Mr. Pellegrini leaned back in his chair, casually sipped from a cup of water, and drily asked, “Do you mind locating it for me?”

New York Times story:
NYT Pellegrini testimony story link
Paolo Pellegrini on stand 

SEC Lawyer Matthew Martens questioning Paolo Pellegrini

Tuesday, July 16, 2013

FABULOUS FAB TRIAL Hedge fund exec testifies in NYC case

Hedge fund exec testifies in NYC case
Today the former Managing Director at the Paulson hedge fund Paolo Pellegrini, testified.

Quote from the WSJ article:
 Mr. Pellegrini was one of the architects of Mr. Paulson's wager against subprime mortgages that netted $15 billion in 2007 for his hedge-fund firm, Paulson & Co. Mr. Pellegrini subsequently left to launch his own hedge fund, before pulling the plug nearly two years ago to focus on investing his own money.
WSJ article link:
WSJ Pellegrini article
Amazingly Pellegrini initially could not define what CDO meant, 
( CDO is a collateralized debt obligation and is key to this case)
but, he took a guess at the term, and got it right.
Fabrice Tourre looks on as Paolo Pellegrini testifies at the Fabrice Tourre trial
Note outside the window of the courtroom, is a nice view of the Manhattan Bridge, EW

Monday, July 15, 2013


Today in Manhattan Federal Court, the trial of former Goldman Sachs trader Fabrice Tourre opened to a packed courtroom. The trial is a civil trial,  the SEC v Tourre and is expected to last 3 weeks.
Judge Kathleen Forrest presided over jury selection, opening statements and the first witness, Dr Dwight Jaffee.  He tried to explain the complex financial instruments that are all part of this trial, CDOs etc. to the jury who had no background in the investment banking world.
Tourre is a slight little fellow with a distinctive profile. He is expected to take the stand; the SEC will  call him. John Paulson who made a billion dollars off the deal in question will also take the stand, but for the defense.
Below is an opening shot, Tourre and the SEC's opening slide, one of six illustrations drawn yesterday.
Also on this case, as in many high profile cases, we were not allowed to draw the jurors' faces. 9 jurors were chosen because it was a civil case. The jury is made up of a wide variety of people, including a woman who is an Episcopal priest.
Fabrice Tourre seated at the defense table with his legal team by Elizabeth Williams
Story by Wall Street Journal reporter Chad Bray
WSJ Chad Bray story link

Jury selection at the Tourre trial, jurors seated in the courtroom,
standing room only for the press and spectators
Tourre Jury story by Bob Vanvoris, of Bloomberg
Bloomberg Bob Vanvoris story link

Friday, July 12, 2013

Bernard Madoff in court, goes to jail and court art of white collar defendants

Approximately 4 years ago Bernard Madoff was sentenced to 150 years in prison. At that time there
was a rash of Ponzi schemers and white collar criminals being indicted and tried by the US Attorney.
On Monday, Goldman Sachs trader Fabrice Tourre goes on trial for fraud in regard to a failure to disclose important parts of a CDO deal to a key Goldman client.  That deal bet against the housing market and made John Paulson a billion dollars, while the US economy was on the verge of collapse.
On top of this SEC case, the United States Attorney is focused on insider trading.
Insider trading is now the focus of most white collar prosecutions,
but no one will forget the lives that these various Ponzi schemers destroyed.
Here is a selection of some of the worst white collar criminals in recent history.

Wednesday, July 10, 2013


Defendant Joseph Massino (aka "Big Joey") appeared with the girth of a hoola hoop waist. He 
moved sluggishly to his seat in court. The defendant listened intently as defense and prosecution seemed 
to collude in requesting a sentence of "Time Served". His defense was wary of his age and ill health, citing 
Massino's invaluable information to US gov.

Former head of the Bonnano Crime Family Joseph ( Big Joey) Masssino in Brooklyn Federal Court by Aggie Kenny 

Meshing with this concern, US atty argued that and if he were to languish and die in jail, this would 

discourage other gov informants from signing on. 


Judge Denise Cote handed down her 160 page ruling today in the US v Apple trial.
The ruling against Apple will be most certainly be appealed.

She is seated here during the Apple trial.

Story by Philip Elmer Dewitt
CNN Fortune story by Philip Elmer Dewitt

Judge Denise Cote by Elizabeth Williams

Tuesday, July 2, 2013