Posts Tagged ‘Goldman Sachs’
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Not regulating the “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”Posted: 26 September 2014 in Uncategorized
Tags: Federal Reserve, Goldman Sachs, regulators, Wall Street
Throughout the day, many students and readers of this blog have been sending me the link to the Michael Lewis’s story about the secret Goldman Sachs tapes. Basically, ProPublica reporter Jake Bernstein has obtained 46 hours of tape recordings, made secretly by Carmen Segarra, a bank examiner for the Federal Reserve in New York, of conversations within the Fed and between the Fed and Goldman Sachs.
Bernstein’s report will be aired later today on This American Life.
Here’s the transcript [pdf] of the report.
Here’s a link to the story about Segarra’s being fired in 2012, after she complained that her Fed bosses asked her to change conclusions concerning Goldman’s evident violation of conflict-of-interest standards. (Segarra’s wrongful termination lawsuit was dismissed in April of this year.)
As Lewis reports,
1. You sort of knew that the regulators were more or less controlled by the banks. Now you know.
2. The only reason you know is that one woman, Carmen Segarra, has been brave enough to fight the system. She has paid a great price to inform us all of the obvious. She has lost her job, undermined her career, and will no doubt also endure a lifetime of lawsuits and slander.
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NEW YORK—Claiming that enough time had surely passed since they last caused a global economic meltdown, top executives from the U.S. financial sector told reporters Monday that they are just about ready to completely destroy the world again.
Representatives from all major banking and investment institutions cited recent increases in consumer spending, rebounding home prices, and a stabilizing unemployment rate as confirmation that the time had once again come to inflict another round of catastrophic financial losses on individuals and businesses worldwide.
“It’s been about five or six years since we last crippled every major market on the planet, so it seems like the time is right for us to get back out there and start ruining the lives of billions of people again,” said Goldman Sachs CEO Lloyd Blankfein. “We gave it some time and let everyone get a little comfortable, and now we’re looking to get back on the old horse, shatter some consumer confidence, and flat-out kill any optimism for a stable global economy for years to come.”
“People are beginning to feel at ease spending money and investing in their futures again,” Blankfein continued. “That’s the perfect time to step in and do what we do best: rip the heart right out of the world’s economy.”