Goldman Trader Jury Verdict Nothing for the SEC to Brag About
“Today’s jury verdict finding former Goldman Sachs’ trader Fabrice Tourre liable in connection with a single derivatives deal is nothing for the SEC to brag about. Obscuring its record of failing to go after Wall Street’s senior executives, you would think the SEC convicted the Al Capone of Wall Street today when all it did was scapegoat a single mid-level Goldman Sachs’ trader who bragged in emails to his girlfriend,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“Wall Street crashed the global financial system and almost caused a second Great Depression. Yet, the SEC failed to go after Wall Street’s bonus-bloated executives who ran the banks that sold trillions of dollars of worthless securities,” Mr. Kelleher said.
“While this individual may be liable, may have broken the law and may have gotten what he deserved, this one case should fool no one: the SEC has an embarrassing record of non-enforcement on Wall Street, which is a high crime area and has been on a crime spree for years. No one should be allowed to break the law, but the SEC must stop chasing minnows while letting the whales of Wall Street go free. That only rewards and incentivizes more crime. The American people deserve better,” said Mr. Kelleher.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.