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Inside the Fed: Secret Recordings and a Culture Clash

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After the 2008 financial crisis, the Fed hired Carmen Segarra and placed her inside Goldman Sachs, one of the "too-big-to-fail" banks central to the crisis.

She was an examiner: paid by the Fed to supervise what was going on inside the financial behemoth. She was fired after a few months. She claimed she was fired for refusing to back down from a negative finding about Goldman and unsuccessfully tried to sue.

From the story:

"At the bottom of a document filed in the case, however, her lawyer disclosed a stunning fact: Segarra had made a series of audio recordings while at the New York Fed. Worried about what she was witnessing, Segarra wanted a record in case events were disputed. So she had purchased a tiny recorder at the Spy Store and began capturing what took place at Goldman and with her bosses."

The recordings reveal the inner workings of the nation's financial regulatory body.

Read the full story at ProPublica

Hear the full story at This American Life


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