Fabrice “Fabulous Fab” Tourre to Teach Economics Class at University of Chicago

Just in case you thought for a second that the sorry discipline we call economics couldn’t stoop any further into the gutter of academic idiocy and irrelevance, think again. It’s now being reported that ex-Goldman Sachs trader Fabrice “Fabulous Fab” Tourre (recently convicted on six counts of securities fraud) will be teaching an honors economics class at the “prestigious” University of Chicago.

There’s nothing like an esteemed University setting the already culturally accepted example that ethics are for suckers. Stealing, cheating and corruption are the values most exalted in today’s world. It doesn’t matter how you achieve your wealth, as long as you attain it. After all, it’s not as if you’ll ever get in trouble for it as long as you work for a “Too Big to Jail” bank.

From the UK’s Telegraph:

Fabrice Tourre, the former Goldman Sachs trader convicted on six counts of securities fraud six months ago, will teach an honours class in economics at the University of Chicago this spring.

Mr Tourre’s weekly Thursday afternoon seminar, called “Elements of Economic Analysis”, is part of his studies for a PhD in economics, after he completed a masters in operations research at Stanford University.

Last August, a federal court found “Fabulous Fab”, as he famously styled himself in emails to his girlfriend, liable for six of seven counts of securities fraud relating to the Abacus 2007-AC1 mortgage-linked collateralised debt obligation.

At the time, The New Yorker magazine wrote that Mr Tourre was the “only Wall Street banker to be found guilty of any charges having to do with the financial crisis” of 2008.

Don’t worry Fab, modern economics essentially bases its principles on your behavior. A match made in crony heaven.

Full article here.

In Liberty,
Michael Krieger

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10 Comments

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  1. Indicative of the insanity that’s taken hold in the US. Torture memo author Jon Yoo is teaching at Berkely Law, torture whistleblower Kiriakou sits in prison while the guy who carried it out and then illegally destroyed the evidence tapes is on tour selling his book, and our President who has remarkably done more damage to the Constitution and rule of law than even Bush could do is credited as a “constitutional scholar”.

    It’s out of control. It’s disheartening watching it happen.

    • Your observations are spot on! My worry is it will have to get a lot worse to rattle the majority of people from their hypnotized state of mind, and then things could get quite ugly, this is a violent society with no good sense of group solidarity, if people aren’t pursuing their self interest, they are easily manipulated to fight for the wrong cause.

  2. Do employers hire criminals ? I thought there is a big section on most job application forms that ask the individual to specify past convictions or criminal records.

  3. My question reminds me, Did University of Chicago violate its academic integrity guidelines by hiring this individual ?

    • what integrity?…they’re all twist and turn

      Milton Friedman – Morality & Capitalism

      • I looked up University of Chicago’s policies on hiring individuals with criminal proceedings. Seems like its treated on a case by case basis along with Legal Counsel.

        Point 14 :

        http://humanresources.uchicago.edu/fpg/policies/200/p204.shtml

        I suspect it would be different with other universities and other states.

        • he was the fall guy, gotta pay him off with something.
          the masses will only wake up when the shelves are empty… expect mayhem (remember the hollow points? coincidence)

        • nah, you were right the first time:

          Chicago Boys: The University of Chicago economists brought to Chile in 1974 by its military dictatorship to turn economic control over to the junta’s supporters. Euphemizing their policy as introducing “free markets,” the Chicago Boys engineered a free lunch by giving away public enterprises. To silence criticism, they shut down every economics department in Chile except that of the Catholic University where the Chicago School had gained control. (See Labor Capitalism, Privatization and Washington Consensus.)

          Chicago School: Named after the University of Chicago’s Business School where Milton Friedman and other monetarists established an early beachhead. The essence of their ideology is that government has no positive role, being only a deadweight burden. Starting with John D. Rockefeller, substantial funding for these economists came from rentiers seeking to replace the tax burden on property, monopoly power and finance with a tax shift onto the rest of the economy and give free reign for the FIRE sector to charge rent and interest free of regulation. Hence the euphemism “free-market school.” (See Free Lunch and Market Fundamentalism.)

          http://michael-hudson.com/2013/08/c-is-for-camouflage/

          Fabrice will fit right in there.

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