A first-hand account of the oversight of the big banks in the wake of the financial crisis, from the Federal Reserve examiner who refused to be silenced
In 2011, Carmen Segarra took a job as a regulator at Goldman Sachs for the Federal Reserve Bank of New York. It was an opportunity, she believed, to monitor the big bank’s behavior in order to avoid another financial crisis.
Segarra was shocked to discover, however, the full extent of the cozy relationship between Goldman and the Fed. She began making secret recordings, which later became the basis of a This American Life episode that exposed the Fed’s inefficiency in holding banks accountable.
In Noncompliant, Segarra chronicles her experience blowing open the doors on the negligence of the big banks and the government bodies set up to regulate them. As Segarra discovered, these practices are widespread in a culture where cutting corners is not only accepted; it is encouraged.
As we mark the tenth anniversary of the 2008 financial crisis, Noncompliant shows us how little has changed, and offers an urgent call for real reforms.