It is, as the Guardian noted on Monday morning, a topsy-turvy world when Goldman Sachs takes to bragging about its losses at the height of the mortgage crisis.

But we are, where we are, and over the weekend Goldman released another batch of emails in response to a selection published by the Senate Permanent Subcommittee.

These exchanges cover the period 2006-07 and are no doubt intended to place the Senate release in some (badly needed) context – i.e. Goldman could not possibly have shorted the residential housing market in the way it is claimed.

(H/T WSJ).

Meanwhile, Reuters reports on another batch of emails (also released by Goldman over the weekend) which feature among other things exchanges between Mr Fabulous and his girlfriend Marine Serres.

They emailed back and forth about how they wanted to curl up in each other’s arms and how they looked forward to tender moments together. Tourre, a Goldman Sachs bond trader, also wrote in the emails of the impending collapse of the subprime mortgage market and how he was masterminding ways at Goldman to make money from it.

Little did they know that three years later these very personal emails written through Tourre’s Goldman Sachs e-mail account would become part of one of the biggest investigations into the subsequent financial crisis.

In the email exchanges between Tourre and his girlfriend, Marine Serres, Tourre comes off as a young, hotshot trader who foresaw the subprime meltdown while still selling shoddy subprime-backed products so prolifically he could peddle them to “widows and orphans.”

The context here (in case you are wondering) is that Fabrice is due to appear before the Senate Subcommittee tomorrow along with Goldman boss Lloyd Blankfein.

According to the Wall Street Journal signs of stress have emerged in the relationship between Mr Fab and his employer.

The scope of the released documents led to widespread speculation that Goldman was seeking to make more-senior executives who also are caught in an uncomfortable political and public-relations spotlight look better by comparison to the 31-year-old trader.

“Although the emails are unfortunate and embarrassing to the firm, we have consistently said and continue to say Mr. Tourre did nothing improper in connection to the transaction,” a Goldman spokesman said Sunday. Mr. Tourre’s lawyers didn’t respond to requests for comment.

And that’s hardly surprising, is it?

This is getting very dirty.

This entry was posted by Neil Hume on Monday, April 26th, 2010 at 9:25 and is filed under Capital markets, People. Tagged with Fabrice Tourre, goldman sachs, Marine Serres, Senate Permanent Subcommittee on Investigations. Edit this entry.