English | Italian

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

show list
related videos
Notre Dame Mendoza College of Business Graduation, May 2010 part 1
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
Club Divine Chicago at Loyola Business School May 31, 2014
Continue »
Pop theme

MAVEN spacecraft,LABOUR CONFERENCE,Gordon Brown,John Key,Taliban,Ahmadzai,Larry Ellison,Alan Pardew,Scottish independence,Pennsylvania State Police

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


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!



      Share one Sentence

      Manage my submission

      [{"b":"d","i":"871344","t":"Telormedix Granted European Patent for Vesimune","a":1},{"b":"d","i":"871335","t":"Pakistan's powerful spy agency gets new chief","a":2},{"b":"c","i":"1823040","t":"Car flips, lands upside-down on Jersey City street","a":3},{"b":"d","i":"871296","t":"Charm Communications Inc. Announces Shareholders' Approval of the Merger Agreement","a":4},{"b":"d","i":"871303","t":"Abhinav Bindra announces retirement","a":5},{"b":"d","i":"871316","t":"President Xi Jinping's visit removed 'some suspicions' in China-India ties: China","a":6},{"b":"a","i":"1245472","t":"BACARDI\u00ae Rum Unveils U.S. Sweepstakes For BACARDI Triangle Tickets - Yahoo Finance Canada","a":7},{"b":"a","i":"1245493","t":"Finalists for Toy Hall of Fame To Be Announced Today","a":8},{"b":"a","i":"1245458","t":"Superyacht plus: The new millionaire water toys","a":9},{"b":"a","i":"1245461","t":"African nations unite for lifesaving training to tackle drowning epidemic","a":10},{"b":"f","i":"1081510","t":"Today's Streaming Content On The WWE Network","a":11},{"b":"d","i":"871248","t":"Alrosa Says Fyodor Andreev Steps Down as CEO for Health Reasons","a":12},{"b":"a","i":"1245450","t":"A 25 Basis-Point Polish Rate Cut? Too Puny. We\u2019ll Take 50","a":13},{"b":"d","i":"871235","t":"Madani asks Modi to stop the 'rumour' of Love Jihad","a":14},{"b":"d","i":"871243","t":"West Bengal names panel to probe Jadavpur molestation","a":15},{"b":"c","i":"1822977","t":"The case for paying off your mortgage before retirement","a":16},{"b":"d","i":"871202","t":"Trevena Enters into $35 Million Tranched Term Loan Credit Facility","a":17},{"b":"d","i":"871206","t":"Serendipity Starts "Co-working for Grown-Ups"","a":18},{"b":"d","i":"871207","t":"Facilities Mgmt. Growing More Complex","a":19},{"b":"d","i":"871212","t":"j2 Global Acquires Web24 Group Pty Ltd.","a":20},{"b":"d","i":"871182","t":"Nam Tai Property Inc. Announces Date of Report of Third Quarter 2014 Results and Payment of Quarterly Dividend","a":21},{"b":"d","i":"871185","t":"China Nepstar Chain Drugstore Schedules Annual General Meeting of Shareholders for October 22, 2014","a":22},{"b":"d","i":"871177","t":"Enzo Pastor's family wants his ashes, custody of his sons","a":23},{"b":"d","i":"871133","t":"Gold extends losses, down Rs 120 on global cues, weak demand","a":24},{"b":"d","i":"871115","t":"The need for a national urban development policy in Indonesia","a":25},{"b":"d","i":"871116","t":"Tax reforms should be next year's top priority, says Indonesian","a":26},{"b":"c","i":"1822918","t":"Valls Takes Deficit Defiance to Merkel in Euro Conflict","a":27},{"b":"c","i":"1822919","t":"Here's Your Eye-Popping, Leaf-Peeping Fall Foliage Forecast","a":28},{"b":"d","i":"871109","t":"Nano-threads can help realise 'space elevator' dream","a":29},{"b":"a","i":"1245361","t":"Sinking of Mediterranean Migrant Boat Amounts to Mass Murder","a":30},{"b":"a","i":"1245369","t":"Ghosal 1st Indian to make Asiad final, Pallikal gets bronze","a":31},{"b":"c","i":"1822905","t":"West Papua: A no-go zone for foreign journalists","a":32},{"b":"d","i":"871049","t":"Aricept Approved In Japan As Treatment For Dementia With Lewy Bodies","a":33},{"b":"a","i":"1245292","t":"Amid seat-sharing tussle, Sena backs Modi for praising Muslims","a":34},{"b":"c","i":"1822850","t":"Affluence eludes poor crowding into Asian cities as elites capture increasing share of wealth","a":35},{"b":"d","i":"870919","t":"ICAC chief to visit Mainland","a":36},{"b":"a","i":"1245259","t":"Alps Group of Hotels Opening Holiday Inn Carlsbad and StayBridge Suites Carlsbad in Dec. 2014","a":37},{"b":"d","i":"870898","t":"Luke hoping to extend his Joy with back-to-back wins","a":38},{"b":"d","i":"870901","t":"UAE space agency approves budget for Mars probe","a":39},{"b":"d","i":"870881","t":"Online Grocer Door to Door Organics Expands Chicago Operations","a":40},{"b":"d","i":"870890","t":"Register Today: Project Management Institute, Chicagoland Hosts Knowledge Sharing Event on "Project Failure ...","a":41},{"b":"d","i":"870860","t":"What's News Today, Monday, September 22, 2014","a":42},{"b":"d","i":"870811","t":"Epson Now Shipping Next-Generation SureColor T-Series Large-Format Color Printers","a":43},{"b":"d","i":"870814","t":"Tony Kelly Joins TaKaDu's Advisory Board","a":44},{"b":"d","i":"870819","t":"WPP, Xaxis And AppNexus Announce Strategic Transaction","a":45},{"b":"d","i":"870842","t":"Foster Wheeler Selected As A Preferred Engineering Partner By Plaxica","a":46},{"b":"a","i":"1245241","t":"Klubschule Migros Lucerne Partners with Noser Engineering AG to Develop Mobile App","a":47},{"b":"a","i":"1245244","t":"Newsela begins publishing Scientific American content adapted for K-12 readers","a":48},{"b":"a","i":"1245210","t":"Luzon, Visayas may face 800MW power shortage in 2015","a":49},{"b":"a","i":"1245213","t":"Two-year-old boy now "stable" after plunging from balcony at Liverpool's Hilton hotel","a":50},{"b":"a","i":"1245224","t":"Plane makes emergency landing","a":51},{"b":"a","i":"1245192","t":"Profit shock hits Tesco shares","a":52},{"b":"a","i":"1245202","t":"Workers on site to demolish Shrewsbury Flax Mill silo","a":53},{"b":"c","i":"1822801","t":"UPI Almanac for Monday, Sept. 22, 2014","a":54},{"b":"c","i":"1822804","t":"Affluence Eludes Poor Crowding Into Asian Cities","a":55},{"b":"f","i":"1081374","t":"Today in sports history","a":56},{"b":"a","i":"1245176","t":"Vinotemp Announces Issuance of U.S. Patent for Uniquely Designed Black Wine Racking - Yahoo India Finance","a":57},{"b":"a","i":"1245189","t":"FM Arun Jaitley to launch revamped website for taxpayers today","a":58},{"b":"a","i":"1245174","t":"Free Headlines:","a":59},{"b":"a","i":"1245126","t":"PM to hold talks on 'English votes' - Yahoo News UK","a":60},{"b":"a","i":"1245140","t":"PM Holds Talks On English Votes For English Law - Yahoo News UK","a":61},{"b":"a","i":"1245058","t":"Crime stats: more rapes and robberies, fewer assaults in past 20 years","a":62},{"b":"a","i":"1245085","t":"OT Announces Appointment of Christophe Fontaine as Head of Identity Division - Yahoo Finance Canada","a":63},{"b":"a","i":"1245088","t":"\u201cHeadwayExec\u201d Launches New Programs for First Time Executives","a":64},{"b":"a","i":"1245096","t":"'Friends' 20th Anniversary: 11 Shows That Tried to Replace It (And Failed)","a":65},{"b":"a","i":"1245063","t":"Pima County celebrates World Car-Free Day","a":66},{"b":"a","i":"1245074","t":"New coalition brings differing political opinions together","a":67},{"b":"a","i":"1245037","t":"Free Headlines:","a":68},{"b":"g","i":"24462","t":"NeoSleeve Published FAQ Page on Their Website","a":69},{"b":"a","i":"1244999","t":"Sony Develops Transparent Lens Eyewear \"SmartEyeglass\"","a":70},{"b":"e","i":"505599","t":"Today in History for September 22nd","a":71},{"b":"f","i":"1081387","t":"Your Top Plays for Today","a":72},{"b":"a","i":"1244924","t":"Watch the official Pride of Birmingham Awards video - voiced by comedy legend Jasper Carrott","a":73},{"b":"g","i":"24448","t":"Kingsbuying Supplies Latest Android tablet PCs with Advanced Configurations Available at Affordable Prices with Worldwide Free Shipment","a":74},{"b":"c","i":"1822558","t":"Kenyans Recall Mall Attack Terror","a":75},{"b":"c","i":"1822559","t":"Like this topic? You may also like these photo galleries:","a":76},{"b":"e","i":"505561","t":"Siemens to Buy Dresser-Rand for $7.6 Billion in Cash Accord","a":77},{"b":"e","i":"505545","t":"How To Find A Great Mentor -- First, Don't Ever Ask A Stranger","a":78},{"b":"e","i":"505546","t":"The Top 25 Universities To Work For In 2014","a":79},{"b":"f","i":"1080852","t":"Pangu-Evad3rs iOS 8 Unlock\/Jailbreak iPhone 4S,5s,5c iOS 7.1.2 Untethered by Quick IMEI Code","a":80},{"b":"c","i":"1822363","t":"Kerry Meets Zarif on Nuclear Negotiations, Islamic State","a":81},{"b":"f","i":"1080596","t":"Plants hearing begins with national spotlight on domestic violence","a":82},{"b":"c","i":"1822290","t":"Siemens to Acquire Dresser-Rand for $7.6 Billion in Cash Deal","a":83},{"b":"f","i":"1080547","t":"NFL Today, Week 3","a":84},{"b":"c","i":"1822212","t":"Music, food fans get their fill at Food Network in Concert","a":85},{"b":"c","i":"1822185","t":"Deutsche Bank Says Currency Trader Dismissed After Misreporting","a":86},{"b":"f","i":"1080668","t":"Pittsburgh Steelers vs. Carolina Panthers: Live Score and Analysis for Carolina","a":87},{"b":"f","i":"1080420","t":"Cary Williams Is Not Happy About How Much The Eagles Are Practicing","a":88},{"b":"c","i":"1822128","t":"France 24 - International news 24\/7","a":89},{"b":"f","i":"1080439","t":"Miami Dolphins fall 34-15 to Kansas City Chiefs, dropping to 1-2","a":90},{"b":"c","i":"1822122","t":"Cops: Robbery suspect fatally stabbed by alleged victim","a":91},{"b":"c","i":"1822058","t":"A wrecking ball erased 129 years of history along Main Street in downtown Dallas Sunday","a":92},{"b":"f","i":"1080342","t":"WATCH!* WWE Night of Champions 2014 Live Stream Online Free PPV","a":93},{"b":"c","i":"1822043","t":"Kerry Meets with Iranian Counterpart on Islamic State","a":94},{"b":"c","i":"1822022","t":"Why 300,000 People Marched For Climate Change Action","a":95},{"b":"f","i":"1080389","t":"Kim Kardashian West's naked photos leak online?","a":96},{"b":"c","i":"1821970","t":"40 Islamic State fighters killed in U.S. air strike","a":97},{"b":"f","i":"1080289","t":"Whisenhunt fittingly upset with Titans","a":98},{"b":"c","i":"1821925","t":"Arrest Warrant Issued for Missing Student Person of Interest Traffic Violation","a":99},{"b":"e","i":"505413","t":"Kendall Jenner's Runway Evolution","a":100}]


      Telormedix Granted European Patent for Vesimune