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Mortgage Bonds: Fab’s Fine Line Between Illegal and Idiotic

The picture you get from reading about the testimony in the Fabrice “Fabulous Fab” Tourre case is of a bunch of people behaving like idiots. Tourre appears willing to say anything to potential buyers to close the deal. The people buying his mortgage bonds don’t inquire as to whether hedge-funder John Paulson’s “equity perspective” is equivalent to an “equity investment”; they just assume it is, and give Fab Tourre a bunch of money.

via Fab’s Fine Line Between Illegal and Idiotic – Bloomberg.

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