Inside the New York Fed: Secret Recordings and a Culture Clash

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Published on Friday, 10 October 2014 15:40

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A confidential report and a fired examiner’s hidden recorder penetrate the cloistered world of Wall Street’s top regulator — and its history of deference to banks.

by Jake Bernstein
ProPublica, Sep. 26, 2014, 5 a.m.

Update: Senators react, Goldman changes conflicts of interest policy.

Barely a year removed from the devastation of the 2008 financial crisis, the president of the Federal Reserve Bank of New York faced a crossroads. Congress had set its sights on reform. The biggest banks in the nation had shown that their failure could threaten the entire financial system. Lawmakers wanted new safeguards.

This story was co-published with This American Life, from WBEZ Chicago.

Hear the radio version on these stations or download the episode now.

The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown.

New York Fed President William Dudley had to answer two questions quickly: Why had his institution blown it, and how could it do better? So he called in an outsider, a Columbia University finance professor named David Beim, and granted him unlimited access to investigate. In exchange, the results would remain secret.

After interviews with dozens of New York Fed employees, Beim learned something that surprised even him. The most daunting obstacle the New York Fed faced in overseeing the nation's biggest financial institutions was its own culture. The New York Fed had become too risk-averse and deferential to the banks it supervised. Its examiners feared contradicting bosses, who too often forced their findings into an institutional consensus that watered down much of what they did.

The report didn't only highlight problems. Beim provided a path forward. He urged the New York Fed to hire expert examiners who were unafraid to speak up and then encourage them to do so. It was essential, he said, to preventing the next crisis.

Audio Highlights from Inside the New York Fed

Listen to excerpts from the recordings Carmen Segarra captured at the Federal Reserve Bank of New York.

For more, listen to the radio versionfrom This American Life.

A year later, Congress gave the Federal Reserve even more oversight authority. And the New York Fed started hiring specialized examiners to station inside the too-big-to fail institutions, those that posed the most risk to the financial system.

One of the expert examiners it chose was Carmen Segarra.

Segarra appeared to be exactly what Beim ordered. Passionate and direct, schooled in the Ivy League and at the Sorbonne, she was a lawyer with more than 13 years of experience in compliance – the specialty of helping banks satisfy rules and regulations. The New York Fed placed her inside one of the biggest and, at the time, most controversial banks in the country, Goldman Sachs.

It did not go well. She was fired after only seven months.

As ProPublica reported last year, Segarra sued the New York Fed and her bosses, claiming she was retaliated against for refusing to back down from a negative finding about Goldman Sachs. A judge threw out the case this year without ruling on the merits, saying the facts didn't fit the statute under which she sued.

Read more: Inside the New York Fed: Secret Recordings and a Culture Clash

Google funding Climate Deniers!? What about DON

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Published on Friday, 10 October 2014 15:40

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Google boldly abandoned ties with a US right-wing corporate lobby group, because it "literally lied" about climate change. But behind the scenes, Google is still funding the campaigns of climate deniers.

Tell Google to stop funding climate deniers in the US Congress.

Last week, Google boldly cut ties with a US right-wing corporate lobby group that campaigns tirelessly to prevent any real action to combat the climate crisis.

Google Chairman Eric Schmidt summed it up pretty well: “they’re just literally lying” about climate change.

This is big. Google deserves praise for its leadership. But behind the scenes, Google has donated a whopping $699,195 to the campaigns of climate deniers in the US Congress -- politicians who are intent on blocking any legislation to address climate change. So far, we’ve heard nothing from Google about whether this will continue. One thing’s clear -- Google’s newfound refusal to work with climate deniers isn’t in line with these donations.

Tell Google to stop funding climate deniers in the US Congress now.

Google cut ties with the American Legislative Exchange Council (ALEC), a powerful, organised body of corporations that feeds model bills that benefit those corporations’ bottom lines to US legislators.

This is a great first step, but Google's got a long way to go. SumOfUs' new report "#DisruptDenial", released in collaboration with Forecast the Facts, reveals that Google is donating to climate-denying Senators and members of the US Congress. These climate deniers relentlessly block climate laws in the US -- the biggest barrier to climate action globally.

Read more: Google funding Climate Deniers!? What about DON

Back to normal?

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Published on Friday, 10 October 2014 15:40

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Action Alert

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We can't let things go back to "normal".

As we approach Yom Kippur, we ask that you once again watch and share the #GazaNames video

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via Institute for Middle East Understanding (see full size)

You know, because you’ve seen it again and again, that the world turns away from the Palestinian struggle for freedom when the bombs stop falling and so-called ‘calm’ returns to the region.

But at Jewish Voice for Peace, we have more members, more chapters and more supporters than ever before, and we won’t turn away. We promise, we will redouble our efforts to transform our already changing Jewish community and the U.S political culture that makes such destruction possible.

As we approach Yom Kippur, the Jewish holy day of atonement and repentance, we ask that you once again watch and share this #GazaNames video, which we made with the assistance of the Institute for Middle East Understanding (IMEU). We must continue to bear witness to the over 2,000 lives lost this summer.

While Israelis see things as “calm,” the reality for Palestinians is ongoing crackdowns, arbitrary arrests, unprecedented land grabs, and settlement expansion. It means hundreds of thousands of children in Gaza continue to suffer from psychological trauma and limited access to clean water and electricity, while 100,000 remain newly displaced from their homes.

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Petro-Canada

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Published on Friday, 10 October 2014 15:40

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Alberta is only days away from implementing laws to save the Athabasca River from tar sands destruction.

But petro-giant Suncor is still fighting hard against the laws -- even if that means the river will run dry for the sake of a few more dollars from the tar sands.

Add your name so we can get to 50,000 people calling on Suncor stop its lobbying and save the Athabasca River.

SumOfUs has already exposed Suncor's plans by creating a hard-hitting video and website. Together, SumOfUs supporters signed thousands of petitions calling on the largest tar sands company to stop lobbying against water laws that could save the river, made hundreds of phone calls to Suncor headquarters, and got our campaign written up in the Calgary Herald.

Right now, we're planning petition deliveries across the country at Petro-Canada gas stations, Suncor's public facing brand. When we hit 50,000 signatures, we'll unleash the full force of people power and make sure Suncor stands up for the Athabasca once and for all.

Can you help us get to 50,000 people calling on Suncor stop its lobbying?

Thanks for all that you do,
Angus, Emma, and the rest of us.

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Tar sands giant Suncor has spent million on ads to greenwash the company's dirty reputation. Now, it's lobbying so it can take as much water as it wants from the Athabasca River.

Tell Suncor to stop lobbying against water laws that could save the Athabasca.

Original email:

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Help clean up Parliament Question Period

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Published on Friday, 10 October 2014 15:40

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You can help make House Speaker Andrew Scheer come clean about cleaning up Parliament Question Period -- This email address is being protected from spambots. You need JavaScript enabled to view it.&u=http%3A//democracywatch.ca/campaigns/come-clean-scheer/">click here

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Come Clean Speaker Scheer

Last week, Conservative MP Paul Calandra, supposedly answering questions in the House of Commons for Prime Minister Harper and other Cabinet ministers, refused to answer a simple question three times and instead repeatedly launched a profanity-laden attack on a member of one of the opposition parties.

House of Commons Speaker Andrew Scheer, also a Conservative MP, refused to do anything to ensure Mr. Calandra answered the question.

The next day, Speaker Scheer issued a ruling claiming he has no power to ensure government Cabinet ministers and politicians deal with the subjects raised in questions from opposition MPs.

Speaker Scheer is wrong! The rule book for the House of Commons says that answers in Question Period “are to be as brief as possible, to deal with the subject matter raised and to be phrased in language that does not provoke disorder in the House.”

Read more: Help clean up Parliament Question Period

Monsanto

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Published on Friday, 10 October 2014 15:40

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Monsanto and its allies are suing the tiny, rural state of Vermont to block the labeling of GMOs. With our help, Vermont is fighting back in court. But with other big companies like Starbucks and Coca-Cola joining the fight as well, we need to step it up too.

Will you chip in CA$10 to help fight Monsanto's legal bullying?

Donate CA$10 now

When Monsanto picked a fight with the tiny, rural U.S. state of Vermont, it thought it would be a rout. It didn’t count on us.

Earlier this year, Monsanto sued Vermont to block a law requiring the labeling of foods containing genetically modified ingredients. A costly legal battle could bankrupt the state, but Vermont didn’t back down.

And with a big boost from SumOfUs members, they’ve raised almost a quarter million dollars to defend themselves against Monsanto’s bullying!

But now a whole wave of corporations have joined the fight against Vermont as part of a shadowy corporate lobbying association -- companies like Starbucks, Nestle, and Coca-Cola. So we need to step it up as well. Can you chip in CA$10 to help launch the next phase of our campaign to stop Monsanto’s bullying?

Yes, I'll chip in CA$10 to help Vermont stand up to Monsanto's bullying.

This campaign is a complete game changer. Through the Internet, we’ve proven that people can stand up to multinational corporations and win.

Read more: Monsanto

Canadian Women Deserve Better

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Published on Friday, 10 October 2014 13:40

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Last year, Canadian historian Merna Forster launched this petition calling on the Bank of Canada to include images of women on some of our bills. Since then over 30,000 Canadians have joined her campaign, and as the Bank begins consulting Canadians on the design of future bills, will you mark Women's History Month in Canada by adding your voice to this growing movement to properly honour some of the women who've made this country great?

Bank of Canada: Add women from Canadian history to Canadian bank notes

Merna Forster
Victoria, BC, Canada Sign Merna's petition

When Mark Carney was governor of the Bank of Canada, the Bank decided to remove the images of the first notable Canadian women who finally made it onto our bank notes. While Queen Elizabeth II appears on $20 notes, the result is that there are again no women from Canadian history on our bills. It is unacceptable that female historical figures are not featured on the Polymer Series or another series - just male prime ministers and the Queen.

Read more: Canadian Women Deserve Better

Che executed by CIA.. 47 years ago today...9/10/67... He still lives on!

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Published on Friday, 10 October 2014 13:40

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CHE LIVES IN ALL OF US!! Che Mcvara.. Hasta siempre, Comandante! Che Guevara’s ideas flourish decades on

John Wight is a writer and commentator specializing in geopolitics, UK domestic politics, culture and sport.

Get short URL Published time: October 09, 2014 06:12

Ernesto Che Guevara (AFP Photo)

Read more: Che executed by CIA.. 47 years ago today...9/10/67... He still lives on!

"Stop destroying the Earth's lungs", Amazon Indians plead in Europe</strong> - News from Survival

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Published on Thursday, 09 October 2014 10:40

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Hundreds of Bushmen abused in Botswana – new report

Mogolodi Moeti is just one of hundreds of Bushmen to have suffered abuse by wildlife officers and police. He said, 'They told me that even if they kill me no charges would be laid against them because what they were doing to me was an order from the government.'© Survival

A new report from Survival International, the global movement for tribal peoples’ rights, has revealed hundreds of cases of beatings, arrests and abuses suffered by the Kalahari Bushmen in Botswana at the hands of wildlife officers and police.

The report, “They have killed me: the persecution of Botswana’s Bushmen 1992- 2014” details over 200 cases of violent abuse recorded between 1992 and 2014, including a Bushman who died after being tortured; a child shot in the stomach after his father refused police entry to his hut without a warrant; and a Bushman who was buried alive for killing an antelope.

The Bushmen were illegally evicted from their ancestral homeland in the Central Kalahari Game Reserve in the name of “conservation”. They are accused of “poaching” because they hunt their food, and face arrests and beatings, torture and death at the hands of wildlife officers and paramilitary police.

Xoroxloo Duxee died of dehydration in 2005. She was one of several Bushmen who managed to remain in the reserve, resisting eviction. But the government cut off any access to water for residents who refused to leave their homes.© Survival

Read more: "Stop destroying the Earth's lungs", Amazon Indians plead in Europe - News from Survival

5 graphs that show Canada's job market moving in wrong direction

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Published on Thursday, 09 October 2014 09:40

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Statistics Canada is set to release latest job numbers tomorrow, and we wanted to set the scene about the overall trend lines.
Economist Miles Corak examined key benchmarks going back to 2005, and it's not a pretty picture.
Here's our new post:
http://www.pressprogress.ca/en/post/these-trend-lines-show-canadas-job-market-moving-wrong-direction

Please share on FB and twitter if you can.
Thanks,
Sarah

ITUC OnLine: Swaziland – Monarchy Bans All Union and E

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Published on Thursday, 09 October 2014 08:20

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INTERNATIONAL TRADE UNION CONFEDERATION

ITUC OnLine

068/091014

Swaziland – Monarchy Bans All Union and Employer Federations

Brussels, 9 October 2014 (ITUC OnLine): Swaziland’s government, one of the world’s last remaining absolute monarchies, has announced an immediate ban on all trade union and employer federations. With one of the worst industrial relations records of any country, the decision announced yesterday constitutes an absolute violation of ILO Convention 87, which guarantees freedom of association for workers and employers.

Sharan Burrow, ITUC General Secretary, said “The Swaziland authorities have for many years shown their contempt for fundamental workers’ rights, and this latest decision, which abolishes workers’ and employers’ organisations, is absolutely shocking. The government claims that a technical oversight in existing legislation needs to be fixed to allow the registration of union and employer federations, but there is no justification whatsoever in...

Read more: ITUC OnLine: Swaziland – Monarchy Bans All Union and E

Moving Forward After the People's Climate March

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Published on Wednesday, 08 October 2014 20:40

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~~~~~~~~~~~~~~~(((( T h e B u l l e t ))))~~~~~~~~~~~~~~
A Socialist Project e-bulletin .... No. 1046 .... October 9, 2014
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Moving Forward After the People's Climate March

Kamran Nayeri

The September 21 People's Climate March in New York City was a huge success. Over 310,000 people consisting of hundreds of contingents of various origins and interests marched in New York (some have put the number of marchers as high as 400,000). The organizers report that 2,807 similar actions took place in 166 countries during that weekend. In New York, contingents representing environmentalists, trade unionists, students and youth, indigenous activists, community organizations, religious and political groups and many others represented the breadth of support for immediate effective action to stop and reverse global warming and catastrophic climate change. Although dozens of similar protests took place elsewhere in the U.S., thousands of participants came to New York...

Read more: Moving Forward After the People's Climate March

Vast majority of Canadians support assisted dying

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Published on Wednesday, 08 October 2014 17:40

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r1 ...

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ITUC Newsletter 50: Hong Kong, WDDW, Fiji.. Latest News from the ITUC

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Published on Wednesday, 08 October 2014 06:00

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ITUC r1 ...

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