English | Italian

"Can a Disgraced Trader Get a..." (Theme) The lastest total: 100+. you can read with page flip.

close
show list
related videos
Digital Marketing Plan For Griffith Business School (GBS)
Ashridge Business School Graduation May 2014
Harvard Business School Commencement 2014
WOX'Opreneur May winner | Woxsen School of Business
Executive MBA in Dubai Graduation Ceremony May 2014
Ashridge Business School - May 2014 Graduation
Continue »
Pop theme

John Cantlie,Republican Party,Ebola Virus,Fireworks Stafford,Burkina Faso,Ukraine gas,David Cameron,Andy Murray,Peshmerga,Marvel Comics

Related theme

professor business,school street

Can a Disgraced Trader Get a Job in Academia?


business school may

2014-01-22 23:06:39

In December, the Securities and Exchange Commission asked U.S. District Judge Katherine B. Forrest to impose financial penalties of more than a million dollars on Fabrice Tourre, the former Goldman Sachs Group trader who, last August, was found liable for misleading investors in an infamous 2007 deal known as Abacus. On Tuesday, Tourre’s lawyers filed a reply brief, asking Forrest to impose a maximum penalty of sixty-five thousand dollars. The brief also noted that, “after receiving his doctorate, Mr. Tourre plans to pursue a career in academia.”

Tourre is pursuing a Ph.D. in economics at the University of Chicago. Observing him in court last August, I couldn’t help wondering what my reaction would be if he were a candidate for a teaching job at the university where I teach. His experience at Goldman Sachs and a Ph.D.

from Chicago would otherwise make him a much sought-after candidate, and it would be natural for him to want to use both his economics degree and Wall Street experience to teach future Wall Street executives. But would any business school be willing to hire Tourre, better known as Fabulous Fab, who has become the face of Wall Street greed?

The Tourre I witnessed in court was a sincere and polite young man, albeit one who had allegedly violated securities laws. I was sympathetic to the fact that he was poorly trained and supervised, and that others shared responsibility for the Abacus fraud; I was also struck by the fact that, even six years later, he seemed, in many ways, naïve—in over his head at Goldman Sachs, and perhaps even unaware that he had helped mislead investors. Accepting blame and showing remorse may not have been appropriate when Tourre was defending himself in court. But, now that he has been found liable for securities fraud, Tourre would do well to take responsibility and apologize for his actions if he wants to maximize his chances of a successful academic career. The brief filed by his lawyers on Tuesday offered no indication that Tourre acknowledged or felt remorse for the violations for which the jury found him liable; he continues to maintain his innocence, perhaps in anticipation of filing an appeal.

Tourre seems to possess the intellect, at least, to be a successful academic. Even in the Chicago program he has stood out. Professor Nancy L. Stokey told the Times, “He was one of my best students.” Another professor, Robert Shimer said, “He’s someone who, if he continues on the same track, is going to be one of our top job market candidates.”

Despite his impressive credentials, Tourre will have a challenging time explaining his past in job interviews. “The shadow of Abacus will follow him forever,” Tom Donaldson, a professor at the University of Pennsylvania’s Wharton School of Business, told me. “I’d advise him to say, ‘I failed as a banker. I’m working hard to become a fabulous professor.’ ”

Some schools would not hire Tourre because of his record. Patricia Werhane, a professor at the University of Virginia’s Darden School of Business, put it bluntly: “We would not hire him at Darden. But I might bring him to speak.” (Business schools often bring in convicted felons and disgraced executives in an effort to scare students straight and warn them about ethical and legal pitfalls.)

Yet it is possible that Tourre could turn his experience into a positive asset. Christine Bader worked as a corporate social-responsibility specialist at BP during a period when the company faced a string of accidents and its C.E.O. was forced to resign after admitting he had been untruthful about a relationship. She now teaches a course on human rights at Columbia University. (Unlike Tourre, who the S.E.C. says “took the lead” in the Abacus deal, Bader bore no responsibility for BP’s wrongdoing.) “I wondered whether considering myself an expert in corporate responsibility based on nine years with BP was ludicrous,” Bader said. “But I realized that being at a company where things have gone horribly wrong is actually much more useful than only having experienced smooth sailing—if you engage in some serious retrospection and reflection.” There’s also a more straightforward asset Tourre can offer his students: “He’s very skilled in pricing highly complex products, which are still very important for the future of finance,” Hervé Alexandre, a finance professor at Université Paris-Dauphine, pointed out.

Tourre may not be interested in a business-school career after getting his doctorate. He may prefer to retreat into pure economic theory; perhaps his options would be less constrained in an economics department than in a business school. If, however, he wants to help fix the problems he helped cause, then he will need to follow an introspective path. He will need to come to terms to what happened to him at Goldman Sachs. He would do well to jettison any lingering loyalty to the place and come to appreciate how poorly he was trained there, and how ineptly he was supervised. Admittedly, this will be hard to do while Goldman Sachs is paying his legal bills. At some point, though, he needs to sever his ties with the people and the institution that led him to ruin, and acknowledge his own role in a fraudulent deal that became an icon of Wall Street greed.

Michael A. Santoro is a professor at Rutgers Business School and the co-author of “Wall Street Values: Business Ethics and the Global Financial Crisis” (Cambridge University Press, 2013).

View Original Article: newyorker.com
Disclaimer statement: The point of this article or rights belongs to the authors and publishers. We take no responsibility for the content of this article and legitimacy.
Do you have any questions about this article, please contact the news source newyorker.com.
Or contact us

Share

Write an article relevant this topic share on facebook share on twitter share on google plus share on oknews share on linkedin share on digg share on reddit share on newsvine share on pinterest share on netlog share on tumblr share on delicious send email print add to favorite

"Can a Disgraced Trader Get a..." IN THE COMMUNITY!

Facebook
    Twitter

      PHOTO

        No results related
      Share one Sentence

      Manage my submission

      [{"b":"d","i":"977429","t":"BJP to raise 'human rights violations' in West Bengal in Parliament","a":1},{"b":"d","i":"977430","t":"NIA announces cash rewards for arrest of Burdwan blast accused","a":2},{"b":"b","i":"1298596","t":"Bow WOW!\r\nStella & Chewy's is on the fast track","a":3},{"b":"a","i":"1361857","t":"Costamare Inc. Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2014","a":4},{"b":"b","i":"1298588","t":"Hurd, Gallego address issues affecting seniors","a":5},{"b":"b","i":"1298563","t":"Armtec Infrastructure Inc. Announces Extension of Covenant Relief and Short-Term Credit Facility","a":6},{"b":"d","i":"977391","t":"New Offers, New Product Lineup, Quarterly Earnings Releases, Branding, and Upcoming Events - Research Reports on ...","a":7},{"b":"a","i":"1361823","t":"RunnersWeb (RRW) Athletics: Despite Pressure, Wilson Kipsang Is Cool Entering TCS NYC Marathon","a":8},{"b":"b","i":"1298545","t":"Harbinger Group Inc. Closes Previously Announced Acquisition of Remaining Interest in Compass Production","a":9},{"b":"b","i":"1298546","t":"Draw Another Circle, LLC Adds MovieStop To Its Portfolio Of Companies To Create A Family Of Specialty Entertainment Retailers\r\n\t\t\t\t\t\t\t\t\t\t\tAcquisition and Synergies with Hastings Entertainment Position Companies for Sustainable Long-Term Value Creatio","a":10},{"b":"a","i":"1361802","t":"Certain BlackRock Closed-End Funds Announce Estimated Sources of \n Distributions","a":11},{"b":"c","i":"1896750","t":"New details released in West Milford fatal bear attack","a":12},{"b":"a","i":"1361788","t":"76ers Also Deny Affiliation With Wingnut Dinesh D'Souza","a":13},{"b":"a","i":"1361793","t":"Barbara Meister, Between the Sheets: Aquarium makes big impact locally and beyond","a":14},{"b":"a","i":"1361794","t":"Police arrest suspected computer hacker after attack on force website","a":15},{"b":"e","i":"535190","t":"Do Teens Know More About Money Than Their Parents?","a":16},{"b":"f","i":"1174455","t":"Varejao signs multi-year extension with Cavaliers","a":17},{"b":"f","i":"1174365","t":"WWE Smackdown (10\/31) Results: Trick or Treat Street Fight","a":18},{"b":"b","i":"1298509","t":"Landrieu Stands By Race, Gender Comment: 'Everyone Knows This Is The Truth' - NBC News","a":19},{"b":"b","i":"1298519","t":"Travel Technology Leader iZento Launches Travel Agent and Agency Training Series for Vacation API + ClientBase Connector","a":20},{"b":"a","i":"1361757","t":"AIG Pays $35 Million to End Lawsky Probe of Former Units","a":21},{"b":"a","i":"1361758","t":"A 19th-Century Novel Explains Quantitative Easing","a":22},{"b":"a","i":"1361774","t":"The First Bancshares, Inc. Reports 3rd Quarter 2014 Earnings and Declaration of Dividend - Yahoo Finance UK","a":23},{"b":"b","i":"1298471","t":"Biz Break: Wall Street roars to record highs as LinkedIn, GoPro soar","a":24},{"b":"b","i":"1298473","t":"Panama Canal at 100 subject of Mint exhibit","a":25},{"b":"a","i":"1361749","t":"Timothy Ash: Many positives in today's Ukraine, but risk of deeper Russian intervention remains","a":26},{"b":"a","i":"1361756","t":"Hundred loved ones attend funeral held for MH17 crash victim John Alder","a":27},{"b":"b","i":"1298481","t":"Ralph Nader: Scott Walker is on the fringe against the minimum wage","a":28},{"b":"b","i":"1298466","t":"OPINION: Governor is playing politics with health care","a":29},{"b":"b","i":"1298446","t":"Harbinger Group Inc. Closes Previously Announced Acquisition of Remaining Interest in Compass Production - Yahoo Finance Canada","a":30},{"b":"b","i":"1298451","t":"Cnova N.V. Launches Initial Public Offering","a":31},{"b":"b","i":"1298454","t":"The American Energy Group, Ltd. Announces Sale of Shares and Loan \n Transaction","a":32},{"b":"e","i":"535162","t":"Tricks, Treats, and 10% off at The Shops in Bryant Park","a":33},{"b":"a","i":"1361717","t":"Four with links to local survivalist group sentenced","a":34},{"b":"d","i":"977287","t":"MIGUEL BARBEYTO NAMED SENIOR DIRECTOR, MAZDA MOTOR DE MEXICO","a":35},{"b":"d","i":"977288","t":"Justice Department reaches agreement to overhaul Albuquerque, New Mexico, police force","a":36},{"b":"b","i":"1298434","t":"North West Owns Halloween, Teresa Giudice’s Teenage Daughter Covers Britney Spears + More in Today’s Last Lap","a":37},{"b":"c","i":"1896691","t":"Czech, Please: Prague\u2019s Restaurant Revival","a":38},{"b":"c","i":"1896692","t":"California crash is setback for space tourism","a":39},{"b":"f","i":"1174401","t":"Hayden Panettiere Shows Off Sex Appeal and Bare Baby Bump in Revealing Halloween Costume","a":40},{"b":"a","i":"1361662","t":"Cause of Virgin Galactic Crash a Mystery","a":41},{"b":"c","i":"1896678","t":"Cars That Have Gone From Bland to Grand","a":42},{"b":"a","i":"1361644","t":"XChange Events to Host Annual Healthcare IT Summit in Los Angeles November 2-4\r\n\t\t\t\t\t\t\t\t\t\t\tConference Features Industry Trends and Analysis from Research Firm IDC Health Insights, Keynote Address by Dr. Robert Pearl, Top Exec at The Permanente Medica","a":43},{"b":"a","i":"1361655","t":"Much at stake for NW in U.S. pivot toward China","a":44},{"b":"a","i":"1361656","t":"The new politics of Khairy Jamaluddin","a":45},{"b":"a","i":"1361657","t":"Cerner to Present Comprehensive Preventive Care Solutions at Cerner Health Conference - Yahoo India Finance","a":46},{"b":"a","i":"1361624","t":"One Lucky Gibsons Recycler Wins a 2014 Smart Car","a":47},{"b":"e","i":"535147","t":"Nurse Wins Fight Against Ebola Quarantine, Free to Leave Home","a":48},{"b":"e","i":"535148","t":"Obama\u2019s Halloween Features \u2018Devilish\u2019 Chocolate Cake","a":49},{"b":"e","i":"535152","t":"Politicians: Millennials Won't Vote Because They Hate You","a":50},{"b":"e","i":"535105","t":"Everything We Know About the Virgin Galactic SpaceShipTwo Crash","a":51},{"b":"e","i":"535121","t":"Bryan Cheung's Liferay Is Doing Well To Do Well","a":52},{"b":"e","i":"535123","t":"Virgin Galactic Spaceship Destroyed During Test Flight","a":53},{"b":"a","i":"1361620","t":"Civil rights commission joins call for end to NFL team's nickname","a":54},{"b":"d","i":"977196","t":"Evercore Private Funds Group Strengthens Asia Pacific Presence","a":55},{"b":"d","i":"977211","t":"Watch New Video of Final Fantasy 15 Massive Open World","a":56},{"b":"d","i":"977213","t":"Catch fall before it goes away","a":57},{"b":"b","i":"1298374","t":"Fall River, New Bedford police conduct raid on Jackson Street; man arrested after drugs, gun confiscated - News - The Herald News, Fall River, MA - Fall River, MA","a":58},{"b":"b","i":"1298362","t":"Woman arrested after allegedly operating brothel out of Ferguson home","a":59},{"b":"a","i":"1361593","t":"Raiders go for state volleyball title, revenge","a":60},{"b":"a","i":"1361595","t":"Extra security for Thomson game","a":61},{"b":"a","i":"1361599","t":"KTVL Top Stories","a":62},{"b":"b","i":"1298369","t":"You Can See a ‘Leash on My Neck’ and More in MuckReads Weekly - ProPublica","a":63},{"b":"e","i":"535102","t":"JK Rowling Releases New, Free Harry Potter Story Today Online","a":64},{"b":"e","i":"535104","t":"Microsoft Is Rising Again","a":65},{"b":"f","i":"1174142","t":"Laura Marano Sends Sweet Birthday Wishes To Sister Vanessa Marano","a":66},{"b":"f","i":"1174134","t":"Greg Moore ... A champion on and off the race track","a":67},{"b":"f","i":"1174153","t":"The Greatest Orange Cars Of All Time","a":68},{"b":"b","i":"1298331","t":"Market Vectors ETFs Announce October 2014 Distributions - Yahoo Finance Canada","a":69},{"b":"b","i":"1298333","t":"Ignyta to Report 2014 Third Quarter Company Highlights and Financial Results and Host Conference Call on November 7, 2014 - Yahoo Finance UK","a":70},{"b":"b","i":"1298335","t":"United Stationers Elects Williams To Its Board Of Directors","a":71},{"b":"b","i":"1298305","t":"Boisterous dive\u2019s saga is the story of S.F.\u2019s seamy side","a":72},{"b":"b","i":"1298306","t":"Priest performs exorcism on child caught up in portal to Hell","a":73},{"b":"b","i":"1298314","t":"MIGUEL BARBEYTO NAMED SENIOR DIRECTOR, MAZDA MOTOR DE MEXICO - Yahoo Finance Canada","a":74},{"b":"b","i":"1298315","t":"Area farmers carry on with beet farming","a":75},{"b":"a","i":"1361528","t":"Governor candidates make final campaign push","a":76},{"b":"b","i":"1298302","t":"California man sentenced to 20 years in prison for sexual abuse of a minor at Ft. Polk","a":77},{"b":"d","i":"977139","t":"Marist Poll: Cuomo leads by 26 points in re-election bid","a":78},{"b":"d","i":"977155","t":"Thanks to This Week's Advertisers","a":79},{"b":"b","i":"1298272","t":"Men's Basketball","a":80},{"b":"a","i":"1361473","t":"Young Boy Drops F-Bomb During San Francisco Giants Parade (Video)","a":81},{"b":"a","i":"1361476","t":"Bill Self Welcomes Media for First Weekly Presser","a":82},{"b":"a","i":"1361462","t":"Human Longevity, Inc. Hires Industry Experts Barry Merriman, Ph.D., and Paul Mola, M.S. to Lead New Global Solutions Initiative","a":83},{"b":"a","i":"1361467","t":"Red River Partners with Veterans Administration and Friends of \n Veterans for a Day of Service","a":84},{"b":"d","i":"977133","t":"Neuberger Berman High Yield Strategies Fund Announces Monthly Distribution","a":85},{"b":"a","i":"1361440","t":"Nordic Games acquires de Blob IP","a":86},{"b":"c","i":"1896622","t":"Two Spacecraft Down: Gravity Has Never Let Us Off Easy","a":87},{"b":"a","i":"1361452","t":"Here\u2019s what happened today: Friday - Yahoo News UK","a":88},{"b":"d","i":"977113","t":"Child killer loses appeal against whole life jail term","a":89},{"b":"a","i":"1361432","t":"President Obama Signs Missouri Disaster Declaration | The White House","a":90},{"b":"d","i":"977088","t":"Luxoft Appoints New Managing Director in Guadalajara, Mexico","a":91},{"b":"b","i":"1298253","t":"UEFA European Football Championship - News","a":92},{"b":"f","i":"1174108","t":"New Orleans Saints building momentum with three-game homestand next | Black and Gold Today","a":93},{"b":"f","i":"1174036","t":"Hunterdon's HART: visibility and predictability are key to Halloween safety","a":94},{"b":"f","i":"1174088","t":"Accused cop killer Eric Frein appears in court","a":95},{"b":"d","i":"977027","t":"New Ebola Treatment Center Opens in Liberia","a":96},{"b":"b","i":"1298194","t":"Virgin Galactic's SpaceShipTwo crashes, 1 pilot killed","a":97},{"b":"b","i":"1298198","t":"Unhappy Halloween! Hocus Pocus Star Sued For Allegedly Hitting Two Women With Her Car!","a":98},{"b":"d","i":"976996","t":"United Security Bancshares, Inc. and First United Security Bank Elect New Directors","a":99},{"b":"d","i":"977001","t":"Modern Travelers Respond to the Style and Substance of One Hotel in Boston, MA","a":100}]

      100

      BJP to raise 'human rights violations' in West Bengal in Parliament