Fabrice Tourre, a former Goldman Sachs bond trader known for his colorful nickname “Fabulous Fab,” was found liable for fraud Thursday for his role in a failed mortgage deal that cost investors $1 billion in a debacle that foreshadowed the financial crisis. The verdict represents the most high-profile court victory related to the subprime mortgage meltdown for the Securities and Exchange Commission, which has faced criticism for failing to hold Wall Street bankers accountable for their role in creating the complex financial products that helped plunge the U.S. into the worst recession in decades. Tourre was found ... (full story)