27.09.2014 - 04:06 [ Techdirt ]

How The Federal Reserve‘s Own Culture Lets Wall Street Get Away With Anything

ProPublica and This American Life teamed up this week to reveal the the secret recordings of Carmen Segarra, a bank examiner of the Fed, who was supposed to be watching over Goldman Sachs. When she realized what was truly going on (basically, her bosses keep suggesting she tone down her criticism and concerns of Goldman), she bought a hidden recorder and started recording. The resulting story is astounding and incredibly revealing — even if you already assumed much of it was true. Michael Lewis — who‘s been reporting on Wall Street for decades — describes the recordings as the „Ray Rice video for the financial sector“, which may be a slight exaggeration, but the story is still quite telling.