NY Fed sued for allegedly firing examiner over Goldman claims


A former senior bank examiner at the New York Fed has sued the bank for allegedly firing her because she refused to back down from her assertion that Goldman Sachs (GS) didn't have a company wide conflict-of-interest policy that conformed with federal rules.

Carmen Segarra alleges that one of the defendants, Michael Silva, said the Fed "possessed information about Goldman that could cause Goldman to 'explode.'" Silva argued that the bank did have a written conflict-of-interest policy.

Segarra also says she found that Goldman Sachs fabricated information about due diligence on a deal involving Banco Santander and misrepresented the New York Fed's authorization of the transaction.

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Comments (1)
  • Edward Ulysses Cate
    , contributor
    Comments (80) | Send Message
     
    I'm certain this is just the tip of the iceberg, which is why we have no regulated markets. It's kinda like cops protecting bullies of the neighborhood, rather than their victims. It's gonna get ugly.
    11 Oct 2013, 11:30 AM Reply Like
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