Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

FDL Book Salon Welcomes Dylan Ratigan, Greedy Bastards: How We Can Stop Corporate Communists, Banksters, and Other Vampires from Sucking America Dry

By: Sunday January 15, 2012 1:59 pm

Dylan Ratigan is well positioned to author a book, designed to be an enjoyable and informative read by normal humans, on the ongoing financial crisis. He is the wunderkind who became Global Managing Editor for Corporate Finance of Bloomberg, the premier news service that specializes in finance, at an exceptionally young age. He was at CNBC while that network was hyping the housing bubble as a non-bubble offering fantastic investment opportunities.

FDL Book Salon Welcomes Matthew Richardson, Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance

By: Sunday August 14, 2011 1:59 pm

Any analysis that ignores control fraud is certain to distract us from the reforms essential to prevent our recurrent, intensifying financial crises. Ignoring fraud led the authors to propose reforms that are criminogenic.

The Five Stages of Grief, MOTU Edition

By: Saturday October 16, 2010 9:00 am

Watching the MOTUs as their financial services universe shakes and shudders around them reminds me of the five stages of death and dying. There’s lots of denial and anger coming out of the MOTUs, and hints of bargaining, but little sign of depression and acceptance. But it’ll come . . .

FDL Book Salon Welcomes Simon Johnson, 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

By: Sunday April 4, 2010 2:00 pm

[Welcome Simon Johnson, and Host William Black, author of The Best Way to Rob a Bank is to Own One [As a courtesy to our guests, please keep comments to the book.  Please take other conversations to a previous thread.] Thirteen Bankers: The Wall Street Takeover and the Next Financial Meltdown The authors begin their book [...]

Spitzer, Partnoy, Black Call for AIG Open Source Investigation (and Goldman Implications)

By: Sunday December 20, 2009 4:00 pm

An op-ed in the Sunday New York Times by former investigators and prosecutors Eliot Spitzer, Frank Parnoy, and William Black calls for AIG to put non-privileged e-mails, accounting documents, and financial models on line to allow for an “open source” investigation. The questions they want to examine include:

As fraud investigators, we would like to examine the trading patterns of A.I.G.’s financial products division, and its communications with Goldman Sachs and other bank counterparties who benefited from the bailout. We would like to understand whether the leaders of A.I.G. understood that they were approaching a financial Armageddon, and whether they alerted their counterparties, regulators and shareholders to the impending calamity.

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Upcoming FDL Book Salons

Saturday, April 19, 2014
2:00 pm Pacific
Poison Candy: The Murderous Madam: Inside Dalia Dippolito’s Plot to Kill
Chat with Mark Ebner about his new book. Hosted by Beth Karas.

Sunday, April 20, 2014
2:00 pm Pacific
The Gulf of Tonkin Events – Fifty Years Later: A Footnote to the History of the Vietnam War
Chat with John White about his new book. Hosted by Pulitzer Prize winner Deborah J. Nelson.


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