FABULOUS FAB TOURRE VERDICT

After 2 and 1/2 days of jury deliberations the jury came in with a verdict that found the defendant, Fabrice Tourre libel on the majority of counts.
From the Wall Street Journal
The panel of nine jurors found Mr. Tourre liable on six of seven claims that he violated federal securities law by intentionally misleading investors. The jurors also determined he had aided and abetted an alleged fraud by Goldman.
Wall Street Journal Chad Bray story link
Also the Japan TV station NHK did a story about the trial
link below.
http://www3.nhk.or.jp/nhkworld/english/news/20130802_35.html

He hardly flinched this afternoon, when the verdict was read by the court deputy.

Fabrice Tourre during reading of the verdict by Joe Pecorino the courtroom deputy.
The artist are not  allowed to draw a recognizable jury, so they are a blur. 

When the jury's note in the morning indicated they were leaning toward a decision not in his favor, he became more visibly concerned. ( below)

Fabrice Tourre after the morning note from the jury was read by the judge, which indicated they were leaning toward a libel verdict. He was downcast and pensive, which was unusual because during the deliberations, he was chatting and talking with his lawyers and their staff, lots of friendly interactions.

Also Michael Santoro a professor from Rutgers University attended almost every day of the trial and has a blog about the case.
Michael Santoro blog

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, 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

" FABULOUS FAB" TOURRE TRIAL OPENS

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