Fabrice Tourre, the former Goldman Sachs Group Inc (GS) mid-level executive found liable for defrauding investors in one mortgage-backed securities case, won't be teaching honors economics at the University of Chicago.
Abrupt change considering course about to begin
"As preparations continue for the Spring Quarter, Fabrice Tourre will no longer be assigned as an instructor for Honors Elements of Economic Analysis in the College," Jeremy Manier, a university spokesman, was quoted as saying in the Wall Street Journal. The report said the move "was an abrupt change, considering Mr. Tourre, nicknamed as the "Fabulous Fab," had been slated to begin teaching the course during the spring quarter, which begins later this month."According to a report in The Chicago Maroon, the student newspaper which first broke the story, Fabrice Tourre, an economics Ph.D. student, will instead teach the graduate-level curriculum. According to the economics department's graduate program policy cited in the report, "pedagogical training is a component of our doctoral education and for all students beginning in the autumn quarter of 2007 and later, the degree program requires compensated service equivalent to five appropriate teaching assistantships."
Student who signed up for course disappointed, wanted to learn from Fabrice Tourre’s “experience”The report notes that Allan Zhang, a fourth year student, was disappointed that Fabrice Tourre would no longer be teaching the honors section of the macroeconomics course. "I was hoping that his experience in the private sector and [investment] banking would add something to the class," he said. Fabrice Tourre, who has worked as a teaching assistant for other professors at the school, is studying to obtain a doctorate in economics at the university. In August of 2013, he was found liable for securities fraud for misleading investors over mortgage investments during the financial crisis and the SEC has asked that he pay over $1 million without receiving reimbursement from his former employer, the report noted.
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