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.