patrick.net

Wow, this stuff is powerful.

The radio program with excerpts of the tapes is here

http://www.thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra

Here is an Bloomberg article written by Michael Lewis:

http://www.bloombergview.com/articles/2014-09-26/the-secret-goldman-sachs-tapes

QUOTE:

It's an extraordinary document. There is not space here to do it justice, but the gist is this: The Fed failed to regulate the banks because it did not encourage its employees to ask questions, to speak their minds or to point out problems.

Just the opposite: The Fed encourages its employees to keep their heads down, to obey their managers and to appease the banks. That is, bank regulators failed to do their jobs properly not because they lacked the tools but because they were discouraged from using them.