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Saturday, August 3, 2013

By Nate Raymond

NEW YORK (Reuters) - A jury found former Goldman Sachs Group Inc vice president Fabrice Tourre liable for fraud for his role in a failed mortgage deal that cost investors $1 billion, giving the U.S. Securities and Exchange Commission a big victory.

Tourre was found liable on six of seven counts by a Manhattan federal jury, in the SEC's highest-profile trial to spill out of its investigations into causes of the 2008 financial crisis.

"We are gratified by the jury's verdict," said Andrew Ceresney, co-director of the regulator's enforcement division. "We will continue to vigorously seek to hold accountable, and bring to trial when necessary, those who commit fraud on Wall Street."

Tourre left court without talking to reporters.

The SEC had accused Tourre, 34, in a civil lawsuit with misleading investors in a product known as Abacus 2007-AC1 by failing to disclose that hedge fund billionaire John Paulson helped choose, and intended to bet against, mortgage securities underlying the 2007 deal.

It also alleged that Tourre misled ACA Capital Holdings Inc, a company also involved in selecting assets for Abacus, into believing Paulson & Co would be an equity investor in the synthetic collateralized debt obligation.

Paulson went on to make billions of dollars in 2007 betting against the U.S. housing market.

The SEC said he made about $1 billion from his short position on Abacus, while investors including ACA and IKB Deutsche Industriebank AG lost about the same amount.

Tourre is pursuing a doctorate in economics at the University of Chicago after formally parting ways with Goldman at the end of 2012.

Goldman agreed in July 2010 to pay $550 million to settle with the SEC over Abacus, without admitting or denying wrongdoing. Tourre was the only individual charged.

The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. 10-03229.

(Reporting by Nate Raymond; Additional reporting by Bernard Vaughan; Editing by Steve Orlofsky)

Source: http://news.yahoo.com/jurors-ask-questions-fraud-trial-ex-goldman-vice-174549544.html

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New type of protein modification may play a role in cancer and diabetes

[unable to retrieve full-text content]Scientists have discovered a new type of chemical modification that affects numerous proteins within mammalian cells. The modification appears to work as a regulator of important cellular processes including the metabolism of glucose. Further study of this modification could provide insights into the causes of diabetes, cancer and other disorders.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_health/~3/uS0ZTQj2ye0/130801155716.htm

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Some US embassies to close Sunday over security (The Arizona Republic)

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This multi-tool lets you pop open a soda while you check your tire pressure

Once again ThinkGeek arrives with the perfect thing that you never knew you needed until you see it. ?This little keychain fob with the quick-release is actually a 6-in-1 Tire Pressure Gauge Multi-Tool. ?It has a tire pressure gauge and color-coded depth gauge. ?The depth gauge can also be used as a bottle opener and [...]

Source: http://the-gadgeteer.com/2013/08/02/this-multi-tool-lets-you-pop-open-a-soda-while-you-check-your-tire-pressure/

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Friday, August 2, 2013

Berlin: We Will See You At Our First German Meet-Up And Pitch-Off Tonight

TechCrunch has been expanding its European presence - and my beer belly - by hitting country after country this summer with some exciting meetups + pitch-offs. The result? A plethora of great companies that are doing some amazing stuff and loads of great groups that have won tickets and exhibition space at TechCrunch Disrupt. Now we want more companies doing more amazing stuff in Berlin and we want to see you this Friday.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/H4Xy4wvPyi8/

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We're answering your Moto X questions on the Android Central forums!

Moto X

We've got the phone, you've got questions

The Moto X is finally officially official, and our own Phil Nickinson has been playing around with Motorola's latest for the past day or so. We've already brought you hands-ons, unboxings, full specs and more, but if you've still got unanswered questions you'll want to head over to the AC forums, where Phil's doing a little Q&A.

So hit the link below to visit the forums and pose your burning questions to one of the few live humans in possession of a Moto X. If you're not yet a forum member, registration is free, quick and easy.