Goldman Sachs is under a lot of pressure as it is facing a case after being charged by the Securities and Exchange Commission for committing a fraud. The authorities have accused the Company of making wrong statements that led to the investors losing a lot of money. It is also being charged with fraud and regulators have stressed that it did not tell investors about its schemes that were bound to fail.
It has also agreed to pay $550 million to settle these cases and has also admitted its mistakes in this affair to the Securities and Exchange Commission.
On the other hand, Fabrice Tourre, the Vice President of Goldman Sachs, has argued that he is not responsible for any fraud and denied that he made any wrong statements or indulged in any inappropriate activities.
The lawyers representing him have stressed that their client was not expected to decide what could be communicated to the investors by Goldman Sachs.
Tourre also stressed that he did not play any part in deciding this thing and instead he allowed Goldman Sachs to decide what should be told to the investors.
Some of the people familiar with this case agree that Tourre is being used as a pawn by Goldman Sachs and he cannot be held accountable for the wrongful actions of the Company.