Inside the New York Fed

This article unveils a series of secret recordings made by Carmen Segarra, a former regulator at the New York Federal Reserve. Segarra's recordings shed light on the close relationship between regulators and the banks they supervise, particularly focusing on Goldman Sachs. The recordings capture conversations that raise concerns about the Fed's willingness to actively address conflicts of interest and enforce regulatory policies. Segarra's account highlights how regulators often prioritize the interests of the banks over their duty to protect the public. This exposé offers a rare glimpse into the inner workings of the financial industry and the challenges faced by regulatory bodies.