I finally had a chance to listen to the hour long interview of former bank examiner and whistleblower, Carmen Segarra, with “This American Life.†In the event you haven’t taken the time to listen for yourself, I can’t emphasize enough how important it is that you do.
Whether you listen to it yourself or not, I think it’s worthwhile to share what I believe are the most important takeaways from the “Goldman Tapes,†since you cannot solve a problem unless you understand it clearly at its core.
First, a little background. Carmen Segarra is the woman who worked at the Federal Reserve Bank of New York as a bank examiner. She was assigned specifically to Goldman Sachs, and was ultimately fired for asking too many questions. These employees are positioned within certain banks in order to oversee them and alert their bosses about any unscrupulous activities. At least that is what is claimed.
The most incredible thing you realize from Segarra’s account of her brief stint at the Fed, is that when push came to shove and non-compliance issues were revealed, her bosses had no backbone whatsoever and in fact scrambled to protect the banks and coverup their malfeasance. Incredibly, this was still business as usual just a couple of years after the banks destroyed the global economy, ripped apart the rule of law, and demanded and received trillions in taxpayer backstops and bailouts.
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