NPR plays Secretly-Taped Sessions involving Bank Examiners at New York Federal Reserve
Last week, secretly taped sessions of bank examiners at the New York Federal Reserve were played on National Public Radio (NPR). These tapes had depicted nervous and confused bank regulators, especially after Wall Street's flagrant disregard for law, leading to the financial crisis.
Federal Reserve Bank of New York is Wall Street banks' main regulator and has supervisors in Goldman Sachs, an American multinational investment banking firm, and other companies.
The secretly taped sessions had depicted a link between the New York Fed employees embedded in Goldman Sachs and regulatory capture, the form of political corruption.
Carmen Segarra, a member of Fed team who was fired after seven months on the job, had recorded the session. Now, Segarra has been suing the Fed, saying that she doesn't want to go along with timorous form of Federal Reserve Bank of New York supervision that had dismissed her.
In one of the taped sessions, the examining team has been found talking about tactics to probe a Goldman deal. One member of the team could be heard characterizing the deal as 'legal but shady'.
A male member, who is still unidentified, said they don't want to discourage Goldman for revealing these kinds of things in future. The man further said, "and therefore maybe you know some comment that says don't mistake our inquisitiveness, and our desire to understand more about the marketplace in general, as a criticism of you as a firm necessarily".
The session was recorded in 2012 and it has made things clear that why regulatory system of the country is not working properly.
Author Michael Lewis has named the secretly taped sessions as 'Ray Rice video' for country financial sector.
- Tesla’s Model 3 EV with 93-mile range being advertised on Canadian website
- Tesla delays deliveries of refreshed Model S and Model X electric vehicles
- Tesla offering 50% discount on Supercharging at night in California
- GM takes wraps off Hummer EV SUV version; International launch scheduled for 2023
- Toyota’s plug-in car sales in U.S. jump to almost 10,000 in first quarter of 2021
New Zealand News
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- MGE gets six-month extension for South Korea’s Inspire Entertainment Resort development project
- Price of two cheapest trims of Tesla Model 3 electric sedan increased by $500
- Genting Malaysia asks employees to accept reduced pay; executives to take leave without pay
- Tesla to design & build affordable EV in China: Tom Zhu
The Health Department of Northwest Michigan has...Read More
American gaming and hospitality giant Boyd Gaming...Read More
An American citizen who had boasted in front of an...Read More
Pushing the long-awaited Chicago casino project...Read More
A study was conducted to evaluate the effect a...Read More
Tech biggie Google’s recent filing with the US...Read More