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![[Post New]](/s/i/i.gif) 2014/09/26 19:32:55
Subject: Wallstreet's influence over Fed Regulator
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5th God of Chaos! (Ho-hum)
Curb stomping in the Eye of Terror!
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Wo.
Tapes showing meek oversight of Goldman are about to rock Wall Street
Wall Street is about to be rocked by secretly recorded audio tapes that purport to show a too-cozy relationship between the New York Federal Reserve Bank and the financial institutions it is supposed to regulate.
The 45 hours of tapes, made by Carmen Segarra, a former NY Fed worker, capture former co-workers, whose job was to keep banks like Goldman Sachs in line, instead deferring to the banks, being unwilling to take action and being extremely passive, according to NPR’s “This American Life,” and ProPublica which obtained the tapes and is scheduled to air a program about the matter Friday night.
Segarra, ironically, was hired by the NY Fed in October 2011 to help toughen up their oversight. She was fired in 2013 after, she claims in a lawsuit, she tried to get Goldman to toe the line on regulations.
The NY Fed has regulators embedded at each of the large banks it oversees. On her first day on the job, Segarra was assigned to Goldman.
The pushback from Goldman started right away. At one of her first meetings, a senior compliance officer at Goldman said certain consumer laws didn’t apply to the bank’s wealthier clients.
“I was shocked,” Segarra tells a reporter for the NPR show, adding that her notes on the meeting had that exact line.
Goldman, through a more seasoned Fed regulator also embedded at the Wall Street bank, told Segarra her notes were wrong.
Segarra said they weren’t.
Her more senior colleague asked her to change the notes.
She refused.
That senior colleague would later tell Segarra, according to a transcript of the NPR program, that “credibility at the Fed is about subtleties and about perceptions, as opposed to reality.”
Said Segarra: “I found it to be completely incredible.”
Goldman and the NY Fed, as an answer to her lawsuit, have denied the charges.
David Beim, the Columbia University business professor whose 2009 report on how the NY Fed could improve its oversight of banks — a report which led to Segarra’s hiring — called the ability of banks to co-opt and tame NY Fed workers “regulatory capture.”
This isn't surprising...right?
You sort of knew that the regulators were more or less controlled by the banks.
Well... this story is about to break big...OWS to be resurrected?
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Live Ork, Be Ork. or D'Ork!
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![[Post New]](/s/i/i.gif) 2014/09/26 19:37:58
Subject: Wallstreet's influence over Fed Regulator
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Kid_Kyoto
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“credibility at the Fed is about subtleties and about perceptions, as opposed to reality.”
Oh man, that is sort of delicious.
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![[Post New]](/s/i/i.gif) 2014/09/26 19:47:30
Subject: Wallstreet's influence over Fed Regulator
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Secret Force Behind the Rise of the Tau
USA
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Isn't that basically all credibility? XD
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![[Post New]](/s/i/i.gif) 2014/09/26 20:01:10
Subject: Wallstreet's influence over Fed Regulator
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Depraved Slaanesh Chaos Lord
Inside Yvraine
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I wonder if the media will actually give a gak about this.
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![[Post New]](/s/i/i.gif) 2014/09/26 20:08:22
Subject: Wallstreet's influence over Fed Regulator
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Last Remaining Whole C'Tan
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Would it matter? I do not believe the problem with lax Wall Street regulation is voter ignorance of the issue. I think the average American already knows that finance is a rigged game overseen by a captured regulatory apparatus.
I think the public just accepts this as a normal state of affairs that they are powerless to change, and are content to continue voting for politicians who have a financial interest in continuing this state of affairs as long as they stamp the right buzzwords while stumping the campaign trail.
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lord_blackfang wrote:Respect to the guy who subscribed just to post a massive ASCII dong in the chat and immediately get banned.
Flinty wrote:The benefit of slate is that its.actually a.rock with rock like properties. The downside is that it's a rock |
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![[Post New]](/s/i/i.gif) 2014/09/27 03:39:55
Subject: Wallstreet's influence over Fed Regulator
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Decrepit Dakkanaut
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Ouze wrote:
Would it matter? I do not believe the problem with lax Wall Street regulation is voter ignorance of the issue. I think the average American already knows that finance is a rigged game overseen by a captured regulatory apparatus.
I think the public just accepts this as a normal state of affairs that they are powerless to change, and are content to continue voting for politicians who have a financial interest in continuing this state of affairs as long as they stamp the right buzzwords while stumping the campaign trail.
The irony there is that it's fairly easy to look around on the Net and see how Iceland handled its own financial crisis... Sadly, only the "Crazier" of the Americans who've seen those articles are very vocal about their desire for that particular outcome in the US.
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![[Post New]](/s/i/i.gif) 2014/09/27 16:55:06
Subject: Wallstreet's influence over Fed Regulator
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Wolf Guard Bodyguard in Terminator Armor
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Yeah, I do think it's time for another revolution in the USA. Between banks and other big corporations buying and selling the government as they please and said government making increasingly morally dubious decisions and policies, methinks a clean sweep is needed.
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![[Post New]](/s/i/i.gif) 2014/09/27 17:09:52
Subject: Wallstreet's influence over Fed Regulator
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5th God of Chaos! (Ho-hum)
Curb stomping in the Eye of Terror!
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Bran Dawri wrote:Yeah, I do think it's time for another revolution in the USA. Between banks and other big corporations buying and selling the government as they please and said government making increasingly morally dubious decisions and policies, methinks a clean sweep is needed.
Yup... it's called corporatism, which is a symptom of a deeper problem... and that problem is a government operating waaaaaay outside it's proper boundaries.
The cure for corporatism is limited constitutional government.
But in the current media over-saturation and political angst... I'm very pessimistic that's happening anytime soon.
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Live Ork, Be Ork. or D'Ork!
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