Tags: US | Goldman | Sachs | Testimony

Goldman Trader in Alleged Fraud to Testify on Hill

Thursday, 22 Apr 2010 02:11 PM

A Senate panel investigating the financial crisis will hear next week from the Goldman Sachs trader at the center of fraud charges filed by the Securities and Exchange Commission.

The Permanent Subcommittee on Investigations says Fabrice Tourre will testify at a hearing about the role of investment banks in the financial crisis.

The SEC says Tourre marketed an investment that officials say was designed to lose value. The SEC says he failed to tell investors that the mortgage securities in the deal were selected by a hedge fund that was betting they would fail.

Goldman denies the charges.

The subcommittee says Goldman CEO Lloyd Blankfein also will appear at the hearing.

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