Michael Lewis is the former Wall Streeter who wrote the bestselling books Liar’s Poker, Moneyball and Flash Boys (among others). His dissection for Bloomberg View of the Carmen Segarra tapes (listen here) recorded while she was employed by the Federal Reserve is well worth a read. For those who don’t know, the main revelation is a recording of a discussion at the Fed in which a Goldman Sachs deal is described as “legal but shady”:
… Read the rest
…First, a bit of background — which you might get equally well from today’s broadcast as well as from this article by ProPublica. After the 2008 financial crisis, the New York Fed, now the chief U.S. bank regulator, commissioned a study of itself. This study, which the Fed also intended to keep to itself, set out to understand why the Fed hadn’t spotted the insane and destructive behavior inside the big banks, and stopped it before it got out of control.