Goldman Sachs Secret Tapes Interview [View all]

[rosesaylavee]

This is an 'This American Life' episode that covers the experience of Carmen Segarra, a one-time Federal Reserve regulator who was assigned to regulate Goldman Sachs after the 2008 global financial crisis. Her experience in this job shocked her to the point that she started recording meetings.

This is important I think in understanding WHY Goldman Sachs is not to be trusted. Yes, as I pointed out in another thread here, they do a lot of great charity work, they support women's rights, education issues. BUT, they are unscrupulous and ruthless financial hawks and need to be see in a clear light.

a senior executive from Goldman was talking about all sorts of things and mentioned that Goldman's view was that once clients were wealthy enough, certain consumer laws didn't apply to them.

Carmen told them she wanted to follow up on that comment, and then a Fed examiner piped up.
Carmen Segarra

This colleague at the Fed basically said, "Oh, that point? Oh, you didn't hear that." And I looked over at the New York bank examiner and the FDIC bank examiner, and we looked at each other. And we said, "Yes, we did. We did hear that."
Jake Bernstein

One of the other people in this conversation confirmed this for me. The Fed examiner responded, "Well, he-- the Goldman executive-- he didn't mean it."
Carmen Segarra

I was floored. It was the moment when I realized, oh, so this is what pushback looks like.

Transcript here: http://www.thisamericanlife.org/radio-archives/episode/536/transcript