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Fired FED regulator releases 47 hours of meeting recodings with Goldman Sachs

Accepted submission by mtrycz mailto:foma84@yahoo.it at 2014-09-27 09:17:19
Business

mtrycz writes:

BloombergView [bloombergview.com], ThisAmericanLife [thisamericanlife.org] and ProPublica [propublica.org] (prequel [propublica.org]) are running a story on a FED employee, Carmen Segarra, tasked with regulating GoldmanSachs. Segarra attended regular meetings with GoldmanSachs representatives and her fellow regulators. The meetings would often include things like:

For instance, in one meeting a Goldman employee expressed the view that "once clients are wealthy enough certain consumer laws don't apply to them." After that meeting, Segarra turned to a fellow Fed regulator and said how surprised she was by that statement -- to which the regulator replied, "You didn't hear that."

Segarra decided to tape the meetings.

After the a confrontation with her boss about not faking a report about the fact that Goldman doesn't have a conflict of interest policy, Segarra got fired. She has released 47 hours of the recordings she's made over time. BloombergView concludes:

You sort of knew that the regulators were more or less controlled by the banks. Now you know.

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