Our Dysfunctional Financial System

In some ways, the most shocking thing about the 46 hours of secret audiotapes made by former Federal Reserve bank examiner Carmen Segarra in 2012 is that they are no shock at all. Did anyone ever doubt that the New York Fed was in hock to Wall Street? Or that Fed bank examiners–the regulators tasked with monitoring the risks banks take–might fear alienating the powerful financiers on whom they depend for information or future jobs? MoreWhy Everyone Who Lives in Alaska Is Getting $1,884 Today‘Fat Finger’ Error Blamed for $617 Billion Stock Orders Scrapped in JapanPro-Democracy Protesters Warned of 'Serious Consequences' NBC NewsMadeleine McCann's Parents Suffer Death Threats NBC News'Low-Key' Drug Lord Nabbed in Seafood Restaurant NBC NewsIt’s one thing to know and another to hear in painful, crackling detail how the Fed’s financial cops slip on their velvet gloves to deal with Goldman Sachs.

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