Carmen Segarra publishing salacious book on Goldman Sachs

[bernorange 8377]

Some of you might recall from back in 2014 when Carmen Segarra sued Goldman Sachs and alleged that they fired her because she wouldn't falsify a report.  Her lawsuit went nowhere (surprise!), but now she's publishing a book:

Quote

Fresh dirt has spilled at Goldman Sachs — and this time it has been caught on tape.

David Solomon, who took the helm of the Wall Street giant from Lloyd Blankfein last week, once blew off criticism of Goldman’s double-dealing in a big energy merger as a matter of “perception” — a cheeky dismissal that came despite a class-action lawsuit against the deal that eventually cost Goldman $20 million in fees.

That’s among the cringeworthy quotes that Carmen Segarra claims she secretly recorded behind closed doors for her new book “Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street.” The 340-page exposé expands on her previous claims that Goldman Sachs has long exploited an improperly cozy relationship with Wall Street regulators.
...

https://nypost.com/2018/10/11/whistleblowers-new-book-shares-secret-tapes-of-new-goldman-ceo/

[TwiceHorn 31706]

Tempting read, but I bet she's nowhere as good a writer as Michael Lewis.  Wall Street has really gamed the system to a T.  They're balls deep in the rest of us, but manage to throw us enough crumbs to keep us from revolting (runs to check my brokerage accounts).

[BrazilHorn 6668]

Just walk around DC by White House and see the bank buildings there and you’ll understand why nothing will change. 

[GringoSalado 1652]

Quote

Goldman Sachs has long exploited an improperly cozy relationship with Wall Street regulators.

 

 

water is wet

[Monster 219]

Regulators are often hired directly from the corps they 'regulate'...in every industry.  Corruption on a massive scale is an accepted part of capitalism/democracy.

...but other forms of government have their own fatal flaws.   Somebody from surlyhorns needs to invent a new system of government...

[staboner 5017]

On 10/17/2018 at 9:46 AM, BrazilHorn said:

Just walk around DC by White House and see the bank buildings there and you’ll understand why nothing will change. 

this ^

[GringoSalado 1652]

7 hours ago, Monster said:

 Somebody from surlyhorns needs to invent a new system of government...

ttlp?

[bernorange 8377]

Quote

Carmen Segarra, a former New York Federal Reserve expert examiner who was embedded at Goldman Sachs between November 2011 and May 2012, believes that our banking system is “broken” because of institutionally weak oversight.

“I don’t think that we have appropriately understood how systemically broken the system is,” Segarra told Yahoo Finance’s Final Round on Thursday. “I don’t think that has been baked into the calculations that are made in Wall Street in terms of how the dollar is valued, how much systemic risk is being injected by the failure to supervise banks.”
...
“This is a culture that rewards bad behavior systemically,” she said. “And so because the issue is so systemic, fixing it is going to take a lot of time and a lot of effort.”
...
... In 2014, she provided ProPublica and “This American Life” with 46 hours of recorded conversations with colleagues during her time at the Fed.
...
Segarra says nothing has changed since her termination.

“I would say that the biggest proof that nothing has changed is that you have David Solomon as CEO of Goldman Sachs,” she argues. “I mean, the book lays out a very compelling case for the fact that his unit was in shambles, that he was running a unit that from a legal and compliance standpoint had deep issues.”

She further claims that the Fed was “very well aware of these issues.” Ans she asserts that without the will to rein in the banks, we are not ready in case another crisis hits.
...

More: https://finance.yahoo.com/news/former-bank-regulator-dont-understand-systemically-broken-system-155149941.html

I wasn't aware that she had delivered copies of the recordings that she has referenced to ProPublica and another group.  

Here is her book (@ Amazon):  Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street

[Wally Fairway 5610]

On ‎10‎/‎18‎/‎2018 at 10:42 AM, GringoSalado said:

water is wet

No it really isn't {Nerd Alert!}

Water is a liquid, when it comes in contact with and adheres to a solid then that substance becomes wet.

Being a liquid, water is not itself wet, but can make other solid materials wet.

Wetness is the ability of a liquid to adhere to the surface of a solid, so when we say that something is wet, we mean that the liquid is sticking to the surface of a material.

Whether an object is wet or dry depends on a balance between cohesive and adhesive forces. Cohesive forces are attractive forces within the liquid that cause the molecules in the liquid to prefer to stick together. Cohesive forces are also responsible for surface tension. If the cohesive forces are very strong, then the liquid molecules really like to stay close together and they won't spread out on the surface of an object very much. On the contrary, adhesive forces are the attractive forces between the liquid and the surface of the material. If the adhesive forces are strong, then the liquid will try and spread out onto the surface as much as possible. So how wet a surface is depends on the balance between these two forces. If the adhesive forces (liquid-solid) are bigger than the cohesive forces (liquid-liquid), we say the material becomes wet, and the liquid tends to spread out to maximize contact with the surface. On the other hand, if the adhesive forces (liquid-solid) are smaller than the cohesive forces (liquid-liquid), we say the material is dry, and the liquid tends to bead-up into a spherical drop and tries to minimize the contact with the surface.

Water actually has pretty high cohesive forces due to hydrogen bonding, and so is not as good at wetting surfaces as some liquids such as acetone or alcohols. However, water does wet certain surfaces like glass for example. Adding detergents can make water better at wetting by lowering the cohesive forces . Water resistant materials such as Gore-tex fabric is made of material that is hydrophobic (water repellent) and so the cohesive forces within the water (liquid-liquid) are much stronger than the adhesive force (liquid-solid) and water tends to bead-up on the outside of the material and you stay dry

 

But back to your point - yes Goldman Sacks (just like the rest, only moreso) exploits the system; one which they helped create and refine to fuck us out of our money.

Edited October 26, 2018 by Wally Fairway
spoilering nerdy shit

[huge 3803]

I should neg you for that

[Wally Fairway 5610]

56 minutes ago, huge said:

I should neg you for that

good point - I'd neg myself, if the platform allowed

[tbone_ 14300]

I should neg you for that

Fuck that. That was a solid retort.

[phdhorn 6224]

No, it was a liquid retort.

[tbone_ 14300]

Corruption on a massive scale is an accepted part of capitalism/democracy.

Seems to be pretty prevalent in all other forms of government and economic systems.

I would even hypothesize that’s it much worse nearly everywhere else.

[pyrohornIII 4842]

The flow of this thread is interesting.

[52-80 19291]

On 10/18/2018 at 5:01 PM, Monster said:

Regulators are often hired directly from the corps they 'regulate'...in every industry.  Corruption on a massive scale is an accepted part of capitalism/democracy.

...but other forms of government have their own fatal flaws.   Somebody from surlyhorns needs to invent a new system of government...

wheres sushihorn when we need him

[Trey3216 15382]

1 hour ago, tbone_ said:

 

Seems to be pretty prevalent in all other forms of government and economic systems.

I would even hypothesize that’s it much worse nearly everywhere else.

 

Right!?   When I think of well-constructed, non-corrupt governments I think of places like Rwanda, Ivory Coast and Somalia.   

[gmr548 16647]

7 hours ago, tbone_ said:

 

Seems to be pretty prevalent in all other forms of government and economic systems.

I would even hypothesize that’s it much worse nearly everywhere else.

 

Much worse? In some places, no doubt, but in general? I don't know about that. A lot of what we look down upon as corruption - bribery, nepotism, kleptocracy, whatever - occurs in this country, it just isn't as out in the open and a lot of it is perfectly legal. Lobbying is just legalized bribery. The fact that large corporations and the super rich are allowed unlimited political spending allows them to essentially buy candidates, they just don't flaunt it. The regulatory-private sector conveyor belt has already been touched on. That is no different than a tinpot dictator appointing his idiot cousin finance minister to enrich his own family.

[Monster 219]

2 hours ago, gmr548 said:

Lobbying is just legalized bribery. The fact that large corporations and the super rich are allowed unlimited political spending allows them to essentially buy candidates. 

This.   If you have enough money, you can quite literally buy up candidates and tell them what laws you want them to make. 

This always makes me think of Scott Pruitt, who got caught copy-pasting a letter from an oil company, onto his own stationary/letterhead, then forwarding it to the federal EPA.   

Guess what happened, after he got caught.  He was promoted to the head of the EPA...because that's exactly the kind of man they want.  They want a guy who can copy-paste corporate dictates onto government letterhead, at the federal level.

Maybe it's the same all over.  I just grew up thinking, in a democracy, lawmakers represented 'the people'....but now that I'm older, I can see that's not what this is.  

 

 

[Monster 219]

Personally, I wish they'd do what they did in a book I read, "Making Monsters"....just pass an amendment that replaces states with  corporations.  Instead of 50 states, you create 10 mega conglomerates, that elect their own representatives and senators.   Voters will need to be affiliated with Food corp, Medical Corp, Energy Corp, or one of their million subsidiaries to retain voting rights, but that's not that different than living in a geographic state.   

This would get rid of the creepy lobbyist bribery, super PACs and all of those behind closed doors candidate purchases.  Cut out the middle man and let corps elect/appoint our representatives...out in the open.  

Sure, it might hurtle us toward an apocalyptic environmental collapse, but we are probably fucked anyway at this point, so at least we can have a less 'corrupt' government during our End Days. 

Edited October 29, 2018 by Monster

[52-80 19291]

15 hours ago, Trey3216 said:

Right!?   When I think of well-constructed, non-corrupt governments I think of places like Rwanda, Ivory Coast and Somalia.   

Rwanda's not that bad.  It's not the Congo.

[Trey3216 15382]

31 minutes ago, 52-80 said:

Rwanda's not that bad.  It's not the Congo.

Yeah, the DRC is a well-run place.  I didn’t think 4 examples were needed

[Doc Sam Beckett 5810]

8 hours ago, Monster said:

Personally, I wish they'd do what they did in a book I read, "Making Monsters"....just pass an amendment that replaces states with  corporations.  Instead of 50 states, you create 10 mega conglomerates, that elect their own representatives and senators.   Voters will need to be affiliated with Food corp, Medical Corp, Energy Corp, or one of their million subsidiaries to retain voting rights, but that's not that different than living in a geographic state.   

This would get rid of the creepy lobbyist bribery, super PACs and all of those behind closed doors candidate purchases.  Cut out the middle man and let corps elect/appoint our representatives...out in the open.  

Sure, it might hurtle us toward an apocalyptic environmental collapse, but we are probably fucked anyway at this point, so at least we can have a less 'corrupt' government during our End Days. 

Book sounds interesting, but the only thing that shows up in a search is a book on psychotherapy and false memories.... 

[Monster 219]

3 hours ago, Doc Sam Beckett said:

Book sounds interesting, but the only thing that shows up in a search is a book on psychotherapy and false memories.... 

https://www.amazon.com/Making-Monsters-Joe-Turk/dp/1496063775/ref=sr_1_3?ie=UTF8&qid=1472974860&sr=8-3&keywords=making+monsters

Here you go.  The premise is about corporate statehood, but the story is mostly a sci-fi channel-esque apocalyptic romp...that develops because of it.  

Edited October 29, 2018 by Monster