Then there are those tapes.

No, not the ones where Mitt Romney got caught denigrating 47% of Americans as lazy, and not the ones where Mitch McConnell was heard to say that if Republicans take over the Senate they will hold the budget hostage unless they get everything they want even if it leads to another government shut-down.

These are the tapes of conversations between Federal Reserve officials that show how cozy the Federal Reserve is with Wall Street.

Remember Carmen Segara?

For those who don’t, she was the bank examiner for the Federal Reserve in 2012, who, after only seven months on the job, lost it because she had made a negative report on Goldman Sachs.

However, what no one knew at the time was that she had made secret recordings of meetings after noticing the lack of regulation of banks of which the New York Fed was guilty, and one of the things she managed to record was the Feds discussing an action of Goldman Sachs that may not have been illegal, but was certainly not correct and for which GS should have been disciplined.

The release of the contents of the meetings now wasn’t a one shot deal way after the fact as Segara says there were a number of times that she had told her bosses about questionable practices at Goldman Sachs.

One statement by an officer of GS, “once clients became wealthy enough, certain consumer laws didn’t apply to them”, really bothered her, but her boss told her to amend the minutes of the meeting in which this was said so there would be no trace of it.
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It was also what validated me in my retirement when the same helped establish that my last principal was, indeed, manipulating student grades and attendance so as to have it appear his methods were working, and not that the teachers he was forcing out of the school were ineffective.

It helps remove the “he said/she said” business.

Hell hath no fury and all that.

Regarding the released tapes, according to Senator Elizabeth Warren, “You really do, for a moment, get to be the fly on the wall that watches all of it, and there it is to be exposed to everyone: the cozy relationship, the fact that the Fed is more concerned about its relationship with a too-big-to-fail bank than it is with protecting the American public”.

Warren believes, and rightly so, that regulators work for the American people not the banks.

As she said on NPR, “A regulator doesn’t say to a big financial institution: ‘Hey! Step right up here. Get your toes on the line, and so long as you can make a legal argument that you have not crossed the line then, hey, we’re — we’re all cool here. That’s not the way regulation of large financial institutions is supposed to work — they’re supposed to be using judgment. And remember, part of this judgment is about whether or not there has been compliance with the law. The fact that Goldman could mount a legal defense here is not really the point of these tapes. The point of these tapes is that the regulators are backing off long before anyone’s in court making a legal argument about whether or not they came right up to the line or they crossed over the line.”

What does Warren want?

“Congress must hold oversight hearings on the disturbing issues raised by today’s whistleblower report when it returns in November, because it’s our job to make sure our financial regulators are doing their jobs. When regulators care more about protecting big banks from accountability than they do about protecting the American people from risky and illegal behavior on Wall Street, it threatens our whole economy. We learned this the hard way in 2008.”