Carmen Segarra
By Elaine Magliaro
I have already written two posts about Carmen Segarra (The Case of the Secret Recordings: A Tale about Bank Examiner Carmen Segarra, the New York Fed, and Goldman Sachs and My Second Post about Former Bank Examiner Carmen Segarra Who Was Fired by the New York Fed for Doing Her Job), a former bank examiner who had been hired by the NY Fed in late 2011 “as part of a group of examiners brought on to monitor systemically important banks in the aftermath of the Dodd-Frank regulatory overhaul. Just seven months after being hired, she was fired by the Fed. Segarra claims that she was fired because she refused to change her finding that Goldman Sachs “lacked an adequate company-wide policy to manage conflicts of interest…” when asked to do so by her superiors at the Fed.
After her firing, Segarra filed a wrongful termination suit. She sued the New York Fed and her bosses—claiming that “she was retaliated against for refusing to back down from a negative finding about Goldman Sachs.”
On Friday, Jake Bernstein of ProPublica announced that a U.S. Senate banking “subcommittee will hold a hearing Nov. 21 on issues of regulatory capture following stories by ProPublica and This American Life about secret recordings made by an examiner at the Federal Reserve Bank of New York.” He said that the subcommittee plans to “explore the case of fired examiner Carmen Segarra and whether the Federal Reserve Bank of New York is too soft on institutions it supervises.”
Bernstein:
Sen. Tim Johnson, D-S.D., chairman of the Senate Committee on Banking, Housing and Urban Affairs and Sen. Sherrod Brown, D-Ohio, who chairs the panel’s Financial Institutions and Consumer Protection subcommittee, announced the hearing today.
Witnesses have not been named. In a statement, Johnson said the ProPublica and This American Life reports “are troubling because they raise new questions about regulators being captured by the financial institutions they regulate.”
In October, Senator Brown told ProPublica “that while he believes the New York Fed and other financial regulators have taken some steps to improve their supervision of Wall Street, Segarra’s recordings make clear that more oversight is needed.” Brown said, “It kind of emphasizes what we have thought all along, that the regulators are too cozy toward the industry they are meant to police.”
I wonder if anything will come of this Senate hearing???
SOURCE
Senate Hearing Set on Secret Recordings at N.Y. Fed (ProPublica)
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Frankly Mike if something did happen it would start to restore my faith in our system a little bit. Part of me is saying unfortunately this is not going to happen however. The overall manipulation of our regulatory system and all the other components that should be involved will most likely not allow it.
When you think that our system is so mired in it’s own detritus and connections that it has taken this long for it to finally capture notice at all again is a sign that we are dangerously close to a total sham of representation and checks and balances within the numerous agencies used to police the various aspects of this travesty
.Embarrassing how quickly we lose sight of the thieves that robbed us I think. But yet we as a society dwell on celebrity issues for months or longer?
“It kind of emphasizes what we have thought all along, that the regulators are too cozy toward the industry they are meant to police,” said Brown.
The issue stands a real chance of a fair hearing in a subcommittee Sherrod Brown chairs.
blouise,
I like Sherrod Brown. I’m sure he’ll do his best to have a fair hearing. But who knows what will come of it…in these days of revolving doors and Citizens United.
When one is a victim of organized crime by Wall Street, you find little hope in the quest for justice; because most of this show and tell is mere window dressing. There may be hearings; but there won’t be much that changes.
On October 18, 2013, we sued Bain Capital and Goldman Sachs (among others relative) for Racketeering; and though the story wasn’t reported by main stream – it received over 2 million web views and more than 200,000 FB likes and Twitter Tweets on just 3 minor websites (Rmuse PoliticusUSA.com – Ann Werner at Liberals Unite – Nathan at Addicting Info).
When the Los Angeles District Ct. made an effort to close the case on a 130 precedent;
the updates stories received less than 10,000 web views.
Everyone – in the public – wants to see justice!
Be that as it may, I informed Eric Holder that I would sue his office if he didn’t do something; because we have CONFESSIONS to 33 acts of perjury (including admittance of intentional fraud on the court). So Eric Holder is stepping down and the new person can wait 2 years to review.
That is what they do – make a fuss – take T I M E – to deliberate;
and then do nothing!
Where’d my comment go?
When one is a victim of organized crime by Wall Street white collar frauds, you find little hope in the quest for justice; because most of this show and tell is mere window dressing. There may be hearings; but there won’t be much that changes.
On October 18, 2013, we sued Bain Capital and Goldman Sachs (among others relative) for Racketeering; and though the story wasn’t reported by main stream – it received over 2 million web views and more than 200,000 FB likes and Twitter Tweets on just 3 minor websites (Rmuse PoliticusUSA.com – Ann Werner at Liberals Unite – Nathan at Addicting Info).
When the Los Angeles District Ct. made an effort to close the case on a 130 precedent;
the updates stories received less than 10,000 web views.
Everyone – in the public – wants to see justice!
Be that as it may, I informed Eric Holder that I would sue his office if he didn’t do something; because we have CONFESSIONS to 33 acts of perjury (including admittance of intentional fraud on the court). So Eric Holder is stepping down and the new person can wait 2 years to review.
That is what they do – make a fuss – take T I M E – to deliberate;
and then do nothing!
Let’s try the short version.
Hearings may transpire; but nothing will change in the status quo.
Of this, I personally do know!
“It kind of emphasizes what we have thought all along, that the regulators are too cozy toward the industry they are meant to police,” said Brown.
The issue stands a real chance of a fair hearing in a subcommittee Sherrod Brown chairs.”Blouise
The way this election is looking it should read the subcommittee that Sherrod Brown once chaired.
Elaine,
There are some good representatives in D.C. but they face the same problems, as you’ve identified. Sherrod Brown has been fighting the good fight for years without losing sight of the core values to which his constituents subscribe. He and Elizabeth Warren have joined forces on this one. Brown and Warren have joined forces on several issues and I know he was exceptionally glad to welcome her to the Senate.
(Between you and me [tell no one] that’s my 2016 dream ticket … Warren/Brown)
SwM,
Sad, but true … that’s what all the respectable polls are showing. Let’s hope they’re wrong.
GOP gains the Senate control and maintains the House;
which is a very sad state of affairs.
And I think we know a certain law professor who has firmly tied his horse to that wagon.
Speaking of wagons, it was a common practice for prostitutes to follow wagons out west to ply their trade.
Just sayin’.
Political prostitution is a risky business.
Yep. Sure is, Blouise. It can get you a case of somethin’ a shot of penicillin can’t cure.
Often one’s reputation gets nick-ed
I think the Professor is beyond caring who nicks what..
just sayin……
Laser,
Agree
Well, POTUS Obama is now hamstrung…..
I’m sending a letter to Senator Brown today;
and will post a link to it – once reception is confirmed.