Fabrice Tourre - the bond trader at the heart of Goldman Sachs' fraud case - was on Tuesday barred from working in the City of London in the first 'victory' for financial regulators on both sides of the Atlantic.
The Telegraph reports Mr Tourre - accused of mis-selling a complex parcel of toxic mortgages to the bank's own clients while another client was shorting them - was removed from the Financial Services Authority's register, in a move which overshadowed Goldman's bumper $3.46bn (£2.25bn) profits in the first quarter. Although the request to remove him emanated from Goldman, it is understood that the City regulator placed pressure on the investment bank to effectively ban him from working in the Square Mile in a regulatory function. The decision will however have been a difficult one for ...
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