Goldman Sachs Tapes Show Fed Deference to Big Banks

The transcript discusses secret tapes made by New York Fed investigator Carmen Segarra, revealing a culture of deference to banks among regulators. A Goldman Sachs employee suggested that wealthy clients are exempt from certain consumer laws, which a Fed regulator dismissed. Goldman denied these allegations. The tapes were part of a joint project by NPR and Pro Publica. Segarra was ultimately fired from the New York Fed.

What was the main concern raised by the secret tapes made by a New York Fed regulator?

• Banks were not following any regulations.

• Regulators were too lenient with banks.

• Banks were unaware of the regulations.

• Regulators were too strict with banks.

What did a Goldman employee claim about consumer laws?

• They apply to all clients equally.

• They are irrelevant to banking operations.

• They don't apply to wealthy clients.

• They are strictly enforced by regulators.

How did a Fed regulator respond to the Goldman's employee's statement?

• By agreeing with the statement.

• By saying it was not heard.

• By reporting it to higher authorities.

• By dismissing it as a joke.

What was Goldman's response to the allegations made in the tapes?

• They confirmed the tapes' authenticity.

• They admitted to the claims.

• They ignored the accusations.

• They denied the allegations.

What was the outcome for Carmen Segarra after the tapes were made public?

• She was transferred to another department.

• She was promoted within the New York Fed.

• She was fired from the New York Fed.

• She received a commendation for her work.