Are Wall Street regulators dropping the ball again, only five years after the 2008 market crash? A lawsuit filed last week in federal district court
in Manhattan against the Federal Reserve Bank of New York raises that and other disturbing questions.
Filed by Carmen Segarra, a former senior examiner for the New York Fed, the lawsuit alleges that she was fired after Fed supervisors pressured her to
falsify her findings that Wall Street behemoth Goldman Sachs (2012 revenues: $34.163 billion) had established inadequate conflict of interest policies
that were “full of holes” and failed to meet Fed requirements.
“They wanted me to falsify my findings,” Segarra said recently, “and when I wouldn’t, they fired me.”
An expert in legal compliance who had worked at Citigroup and the French bank Société Générale, Segarra was hired in October 2011 to be a “risk
specialist” along with a cohort of others brought on to enforce the new Dodd-Frank law. Segarra was “assigned…to specifically examine Goldman
Sachs’s conflict of interest program,” focusing on “three transactions discussed in the media – Solyndra, Capmark, and El Paso/Kinder
Morgan” according to the complaint.
Goldman had a record of poor conflict of interest compliance. In 2010, for example, the Securities and Exchange Commission fined Goldman $550 million
over conflicts related to Abacus, a mortgage deal the bank put together. A January 2011 Goldman report even admitted that the firm should “review
and update conflicts-related policies and procedures, as appropriate.”
A Sadist's Viewpoint...
So, the big bullies that run our banking system...with a fiat currency based on DEBT, not on actual VALUE, decide that they don't want the general
public to know that a huge agency like Goldman Sachs isn't running their business the way the gov't has dictated they should be run.
So, when someone is simply doing the job they were given a task to do, they get fired in revenge.
It's because the entire setup is a damned fraud. Yellen has been appointed as Chairmen of the Reserve to replace Ben Bernanke during the "Gov't
Shutdown". Gee, hear much about that on TV? Hear much congressional scrutiny on it? OH, I forgot, the bastards are shut down! They did this ON
I think it's time to get some damned rope. And some PACE brand Salsa, while we're at it....