A first-hand account of the oversight of the big banks in the wake of the financial crisis, from the Federal Reserve examiner who refused to be silenced
In 2011, Carmen Segarra took a job as at the Federal Reserve Bank of New York supervising for Goldman Sachs. It was an opportunity, she believed, to monitor the big bank's behavior in order to avoid another financial crisis.
Segarra was shocked to discover, however, the full extent of the relationship between Goldman and the Fed. She began making secret recordings that later became the basis of a This American Life episode that exposed the Fed's ineffectiveness in holding banks accountable.
In Noncompliant, Segarra chronicles her experience blowing open the doors on the relationship between the big banks and the government bodies set up to regulate them.
As we mark the tenth anniversary of the 2008 financial crisis, Noncompliant shows us how little has changed, and offers an urgent call for real reforms.
|Product dimensions:||6.30(w) x 9.30(h) x 1.30(d)|
About the Author
Carmen Segarra After her dismissal from the FRBNY, Segarra released audio recordings exposing the Fed's inefficiency in holding the bank accountable. Some of the recordings were featured in a joint ProPublica and This American Life piece (released on Sept 26, 2014). Formerly the National Policy and Outreach Chair at the Hispanic National Bar Association, Segarra now works as an advocate for regulatory transparency and reform. She lives in New York.
Most Helpful Customer Reviews
Segarra explains how the Federal Reserve regulation of banks is bias toward making sure the TBTF banks receive special treatment and ratings. It is a fraud on the American public that the Fed is regulating banks for OUR potectiion. All along Goldman received protection to make sure the Public viewed Goldman as being regulated by the Fed, when actually Goldman set the process of regulating itself. Goldman was a criminal bank and it set the tune for how regulators could show it in compliance of the laws. ‘