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Sat Feb 6, 2016, 09:13 AM

Goldman Sachs Secret Tapes Interview

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

18 replies, 3634 views

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Arrow 18 replies Author Time Post
Reply Goldman Sachs Secret Tapes Interview (Original post)
rosesaylavee Feb 2016 OP
Live and Learn Feb 2016 #1
peacebird Feb 2016 #2
progressoid Feb 2016 #3
Jenny_92808 Feb 2016 #4
Octafish Feb 2016 #5
Duppers Feb 2016 #15
cantbeserious Feb 2016 #6
Motown_Johnny Feb 2016 #7
mn9driver Feb 2016 #8
Duval Feb 2016 #9
antigop Feb 2016 #10
Rilesome Feb 2016 #11
Enthusiast Feb 2016 #12
antigop Feb 2016 #14
AzDar Feb 2016 #13
Duppers Feb 2016 #16
Plucketeer Feb 2016 #17
eggplant Feb 2016 #18

Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 09:18 AM

1. K&R nt

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 09:23 AM

2. K&R. Tweeted also

Thanks for posting this.

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 09:25 AM

3. I remember this.

K/R

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 09:33 AM

4. K&R

 

This is one of the reasons I will be voting for Bernie.

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 10:10 AM

5. Government by Goldman Sachs

Former SEC regulator Carmen Segarra taped the top federal regulator at Goldman say certain laws don't apply to the rich.



Those interested in justice may want to download a copy before they're gone:



The Secret Recordings of Carmen Segarra

From This American Life:

An unprecedented look inside one of the most powerful, secretive institutions in the country. The NY Federal Reserve is supposed to monitor big banks. But when Carmen Segarra was hired, what she witnessed inside the Fed was so alarming that she got a tiny recorder and started secretly taping.

SOURCE: http://www.thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra



What another economist noted before he got fired and then won the Nobel Prize:



Larry Summers: Goldman Sacked

Monday, September 16, 2013
By Greg Palast for Reader Supported News

Joseph Stiglitz couldn't believe his ears. Here they were in the White House, with President Bill Clinton asking the chiefs of the US Treasury for guidance on the life and death of America's economy, when the Deputy Secretary of the Treasury Larry Summers turns to his boss, Secretary Robert Rubin, and says, "What would Goldman think of that?"

Huh?

Then, at another meeting, Summers said it again: What would Goldman think? A shocked Stiglitz, then Chairman of the President's Council of Economic Advisors, told me he'd turned to Summers, and asked if Summers thought it appropriate to decide US economic policy based on "what Goldman thought." As opposed to say, the facts, or say, the needs of the American public, you know, all that stuff that we heard in Cabinet meetings on The West Wing.

Summers looked at Stiglitz like Stiglitz was some kind of naive fool who'd read too many civics books.

CONTINUED...

http://www.gregpalast.com/larry-summers-goldman-sacked/



Then there's Goldman Sach's legendary generosity, not limited to the Executive and Legislative branches.



Here's The REAL Connection Elena Kagan Has To Goldman: Three Days Of Easy Work

Newly nominated Supreme Court Justice Elena Kagan's supposed connection to Goldman Sachs is much ado about nothing.

Reports are flying around that she "worked for Goldman," when she straight up did not.

She was one of many on a council that spent three days (one day each year from 2005-2008) advising on the Research Advisory Council of the Goldman Sachs Global Markets Institute. Kagan was paid $10,000.

Justice Department spokeswoman Tracy Schmaler explains in HuffPo, "They met once a year for a day-long conference organized around public policy matters. The group was not involved in making any investment decisions for the company."

SOURCE: http://www.businessinsider.com/heres-the-real-connection-elena-kagan-has-to-goldman-three-days-of-easy-work-2010-5



Nice people, all, I'm sure, even if Ms. Kagan sided with Karl Rove over Gov. Don Siegelman and 100 former state attorneys general. The thing is, people without money don't get much help from government these days.

OP from 2014: http://www.democraticunderground.com/10025592936

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Response to Octafish (Reply #5)

Sat Feb 6, 2016, 12:18 PM

15. Thanks for the reminders.

I had almost forgotten what a piece of work innocent looking Kagan is.

I look forward to the cabinet and court appointees of Pres. Bernie Sanders!




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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 10:32 AM

6. Goldman - One HRC's Best Buddies

eom

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 10:44 AM

7. Which is why we need Bernie.

 

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 11:08 AM

8. I remember when this story first came out.

I was sure that, finally, something would be done. But nothing happened. The SEC, and our government itself, has been completely co-opted by the finance sector.

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 11:19 AM

9. K&R

 

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 11:40 AM

10. k&r nt

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 11:50 AM

11. No oversight

The crap hits the fan. The taxpayers pay for it. Give them a reset, so they can do it all over again. Unbelievable.

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 11:54 AM

12. Do we really want Wall Street influence to reach this level?

The system cannot function under these circumstances.

This shit must stop. The banks must be held accountable. People should have gone to jail.

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Response to Enthusiast (Reply #12)

Sat Feb 6, 2016, 12:15 PM

14. but, but, but...FIRST FEMALE PREZ!!!!! It's HER TURN. nt

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 12:13 PM

13. They have our Government and Economy in a horrible stranglehold... They are scared to death of

 

Bernie...this makes them extra-dangerous, imho.

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 12:19 PM

16. K & R

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 12:44 PM

17. K&R and THANX for posting this.

I LOVE getting to peek "under the rug" now and then. What an F'd up government we have. Time for a REVOLUTION!

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Response to rosesaylavee (Original post)

Sat Feb 6, 2016, 09:26 PM

18. Wow. Quite a listen. n/t

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