{"id":2868,"date":"2014-09-26T15:55:29","date_gmt":"2014-09-26T22:55:29","guid":{"rendered":"https:\/\/scotshonor.com\/?p=2868"},"modified":"2014-09-26T15:55:29","modified_gmt":"2014-09-26T22:55:29","slug":"on-the-record","status":"publish","type":"post","link":"https:\/\/scotshonor.com\/?p=2868","title":{"rendered":"ON THE RECORD"},"content":{"rendered":"

It turns out that a NY Fed worked was so disgusted at the lack of oversight of Goldman Sachs that she started recording things.\u00a0 According to the following she has over 45 hours of tape and the contents are devastating:<\/p>\n

http:\/\/nypost.com\/2014\/09\/26\/tapes-showing-meek-oversight-of-goldman-are-about-to-rock-wall-street\/<\/a><\/p>\n

So how bad is this.\u00a0 The following two quotes are pretty remarkable:<\/p>\n

David Beim, the Columbia University business professor whose 2009 report on how the NY Fed could improve its oversight of banks \u2014 a report which led to Segarra\u2019s hiring \u2014 called the ability of banks to co-opt and tame NY Fed workers \u201cregulatory capture.\u201d<\/em><\/strong><\/p>\n

Michael Lewis, best-selling author of \u201cFlash Boys: A Wall Street Revolt\u201d and \u201cLiar\u2019s Poker,\u201d said after listening to the tapes: \u201cThe Ray Rice video for the financial sector has arrived.\u201d<\/em><\/strong><\/p>\n

This reminded me of an opinion in the NY Times written in 2012.\u00a0 It was by Greg Smith, a Goldman Sachs executive director, who wrote an op-ed explaining why his conscience would no longer allow him to work Goldman Sachs:<\/p>\n

http:\/\/www.nytimes.com\/2012\/03\/14\/opinion\/why-i-am-leaving-goldman-sachs.html?pagewanted=all&_r=0<\/a><\/p>\n

The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for\u2026<\/em><\/strong><\/p>\n

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as \u201cmuppets,\u201d sometimes over internal e-mail.<\/em><\/strong><\/p>\n

People who care only about making money will not sustain this firm \u2014 or the trust of its clients \u2014 for very much longer.<\/em><\/strong><\/p>\n

Goldman Sachs already got bailed out big time in 2008 and 2009.\u00a0 At a minimum, some people are going to be very embarrassed.\u00a0 If this causes something like a stock market crash or another financial meltdown Democrats in office may become scarcer than the California Tiger Salamander.<\/p>\n

Before Republicans gloat too much remember that people like Goldman Sachs donate big time to whichever party happens to be in power at the moment.\u00a0 There are certain to be some big name Republicans who are also embarrassed by these disclosures.<\/p>\n

TDM<\/p>\n","protected":false},"excerpt":{"rendered":"

It turns out that a NY Fed worked was so disgusted at the lack of oversight of Goldman Sachs that she started recording things.\u00a0 According to the following she has over 45 hours of tape and the contents are devastating: … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-2868","post","type-post","status-publish","format-standard","hentry","category-latest-headlines"],"yoast_head":"\nON THE RECORD - SCOTS HONOR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scotshonor.com\/?p=2868\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ON THE RECORD - SCOTS HONOR\" \/>\n<meta property=\"og:description\" content=\"It turns out that a NY Fed worked was so disgusted at the lack of oversight of Goldman Sachs that she started recording things.\u00a0 According to the following she has over 45 hours of tape and the contents are devastating: … Continue reading →\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scotshonor.com\/?p=2868\" \/>\n<meta property=\"og:site_name\" content=\"SCOTS HONOR\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-26T22:55:29+00:00\" \/>\n<meta name=\"author\" content=\"TDM\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TDM\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868\"},\"author\":{\"name\":\"TDM\",\"@id\":\"https:\\\/\\\/scotshonor.com\\\/#\\\/schema\\\/person\\\/f189003fdcb2b335f3de16a2756e8e24\"},\"headline\":\"ON THE RECORD\",\"datePublished\":\"2014-09-26T22:55:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868\"},\"wordCount\":357,\"commentCount\":0,\"articleSection\":[\"Headlines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/scotshonor.com\\\/?p=2868#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868\",\"url\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868\",\"name\":\"ON THE RECORD - SCOTS HONOR\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/scotshonor.com\\\/#website\"},\"datePublished\":\"2014-09-26T22:55:29+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/scotshonor.com\\\/#\\\/schema\\\/person\\\/f189003fdcb2b335f3de16a2756e8e24\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/scotshonor.com\\\/?p=2868\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/scotshonor.com\\\/?p=2868#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/scotshonor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ON THE RECORD\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/scotshonor.com\\\/#website\",\"url\":\"https:\\\/\\\/scotshonor.com\\\/\",\"name\":\"SCOTS HONOR\",\"description\":\"What is obviously true, is obviously true\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/scotshonor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/scotshonor.com\\\/#\\\/schema\\\/person\\\/f189003fdcb2b335f3de16a2756e8e24\",\"name\":\"TDM\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4e8ed801b1c503263fb6547c8f9faf3a4cea6964d874cd2797ac10a766c37d0d?s=96&d=mm&r=pg\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4e8ed801b1c503263fb6547c8f9faf3a4cea6964d874cd2797ac10a766c37d0d?s=96&d=mm&r=pg\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4e8ed801b1c503263fb6547c8f9faf3a4cea6964d874cd2797ac10a766c37d0d?s=96&d=mm&r=pg\",\"caption\":\"TDM\"},\"url\":\"https:\\\/\\\/scotshonor.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"ON THE RECORD - SCOTS HONOR","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/scotshonor.com\/?p=2868","og_locale":"en_US","og_type":"article","og_title":"ON THE RECORD - SCOTS HONOR","og_description":"It turns out that a NY Fed worked was so disgusted at the lack of oversight of Goldman Sachs that she started recording things.\u00a0 According to the following she has over 45 hours of tape and the contents are devastating: … Continue reading →","og_url":"https:\/\/scotshonor.com\/?p=2868","og_site_name":"SCOTS HONOR","article_published_time":"2014-09-26T22:55:29+00:00","author":"TDM","twitter_card":"summary_large_image","twitter_misc":{"Written by":"TDM","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/scotshonor.com\/?p=2868#article","isPartOf":{"@id":"https:\/\/scotshonor.com\/?p=2868"},"author":{"name":"TDM","@id":"https:\/\/scotshonor.com\/#\/schema\/person\/f189003fdcb2b335f3de16a2756e8e24"},"headline":"ON THE RECORD","datePublished":"2014-09-26T22:55:29+00:00","mainEntityOfPage":{"@id":"https:\/\/scotshonor.com\/?p=2868"},"wordCount":357,"commentCount":0,"articleSection":["Headlines"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/scotshonor.com\/?p=2868#respond"]}]},{"@type":"WebPage","@id":"https:\/\/scotshonor.com\/?p=2868","url":"https:\/\/scotshonor.com\/?p=2868","name":"ON THE RECORD - SCOTS HONOR","isPartOf":{"@id":"https:\/\/scotshonor.com\/#website"},"datePublished":"2014-09-26T22:55:29+00:00","author":{"@id":"https:\/\/scotshonor.com\/#\/schema\/person\/f189003fdcb2b335f3de16a2756e8e24"},"breadcrumb":{"@id":"https:\/\/scotshonor.com\/?p=2868#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/scotshonor.com\/?p=2868"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/scotshonor.com\/?p=2868#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/scotshonor.com\/"},{"@type":"ListItem","position":2,"name":"ON THE RECORD"}]},{"@type":"WebSite","@id":"https:\/\/scotshonor.com\/#website","url":"https:\/\/scotshonor.com\/","name":"SCOTS HONOR","description":"What is obviously true, is obviously true","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/scotshonor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/scotshonor.com\/#\/schema\/person\/f189003fdcb2b335f3de16a2756e8e24","name":"TDM","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4e8ed801b1c503263fb6547c8f9faf3a4cea6964d874cd2797ac10a766c37d0d?s=96&d=mm&r=pg","url":"https:\/\/secure.gravatar.com\/avatar\/4e8ed801b1c503263fb6547c8f9faf3a4cea6964d874cd2797ac10a766c37d0d?s=96&d=mm&r=pg","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4e8ed801b1c503263fb6547c8f9faf3a4cea6964d874cd2797ac10a766c37d0d?s=96&d=mm&r=pg","caption":"TDM"},"url":"https:\/\/scotshonor.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/scotshonor.com\/index.php?rest_route=\/wp\/v2\/posts\/2868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scotshonor.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scotshonor.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scotshonor.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scotshonor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2868"}],"version-history":[{"count":1,"href":"https:\/\/scotshonor.com\/index.php?rest_route=\/wp\/v2\/posts\/2868\/revisions"}],"predecessor-version":[{"id":2869,"href":"https:\/\/scotshonor.com\/index.php?rest_route=\/wp\/v2\/posts\/2868\/revisions\/2869"}],"wp:attachment":[{"href":"https:\/\/scotshonor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scotshonor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scotshonor.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}