BREAKING: Secret Tapes Released on NPR By Federal Regulator Show Feds Literally Giving Goldman-Sachs Dominance Over Law An unprecedented look inside one of the most powerful, secretive institutions in the country. The NY Federal Reserve is supposed to monitor big banks. But when Carmen Segarra was hired, what she witnessed inside the Fed was so alarming that she got a tiny recorder and started secretly taping. thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra Segarra became a polarizing personality inside the New York Fed — and a problem for her bosses — in part because she was too outspoken and direct about the issues she saw at both Goldman and the Fed. Some colleagues found her abrasive and complained. Her unwillingness to conform set her on a collision course with higher-ups at the New York Fed and, ultimately, led to her undoing. In a tense, 40-minute meeting recorded the week before she was fired, Segarras boss repeatedly tries to persuade her to change her conclusion that Goldman was missing a policy to handle conflicts of interest. Segarra offered to review her evidence with higher-ups and told her boss she would accept being overruled once her findings were submitted. It wasnt enough. Why do you have to say theres no policy? her boss said near the end of the grueling session. Professionally, Segarra responded, I cannot agree. The New York Fed disputes Segarras claim that she was fired in retaliation. propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed Recorded Tapes Confirm Goldman Sachs Controls Bank Regulation I dont want to spoil the revelations of This American Life: Its far better to hear the actual sounds on the radio, as so much of the meaning of the piece is in the tones of the voices -- and, especially, in the breathtaking wussiness of the people at the Fed charged with regulating Goldman Sachs. But once you have listened to it -- as when you were faced with the newly unignorable truth of what actually happened to that NFL running backs fiancee in that elevator -- consider the following: 1. You sort of knew that the regulators were more or less controlled by the banks. Now you know. 2. The only reason you know is that one woman, Carmen Segarra, has been brave enough to fight the system. She has paid a great price to inform us all of the obvious. She has lost her job, undermined her career, and will no doubt also endure a lifetime of lawsuits and slander. So what are you going to do about it? At this moment the Fed is probably telling itself that, like the financial crisis, this, too, will blow over. It shouldnt. bloombergview/articles/2014-09-26/the-secret-goldman-sachs-tapes
Posted on: Sat, 27 Sep 2014 02:15:58 +0000
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