Tag Archives: Federal Reserve

Inside the New York Fed: Secret Recordings and a Culture Clash

Inside the New York Fed: Secret Recordings and a Culture Clash
Above: Carmen Segarra joined the New York Fed in late 2011 as part of a new wave of bank examiners. Seven months later, she was fired amid differences about her negative examination of Goldman Sachs. A supervisor told her, “I’m here to change the definition of what a good job is.” (Adam Lerner/AP for ProPublica). A confidential report and a fired examiner’s hidden recorder penetrate the cloistered world of Wall Street’s top ... Read more

Fed knew about Libor rigging in 2008

Fed knew about Libor rigging in 2008
The US Federal Reserve knew about Libor rigging three years before the financial scandal exploded but did not take any firm action, documents have revealed. According to newly published transcripts of the central bank’s meetings in the run-up to and immediate aftermath of the collapse of Lehman Brothers, a senior Fed official first flagged the issue at a policy meeting in April 2008. Read more