SEC Cites Emails in Making Case Against Goldman

The Wall Street Journal reports:

Fabrice Tourre, the Goldman Sachs executive accused by the Securities and Exchange Commission of making misleading statements about toxic investments, conveyed a grandiose view of his own position in the financial system, according to emails the SEC said he wrote.

An email by Mr. Tourre, according to the SEC's civil complaint against him and Goldman Sachs, proclaimed, "More and more leverage in the system. The whole building is about to collapse anytime now.…Only potential survivor, the fabulous Fab(rice Tourre)…standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!!" (Sic)