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Ear to the Ground

Regulator Says She Was Fired for Not Covering Up Goldman Sachs’ Conflicts of Interest

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Posted on Oct 10, 2013
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Goldman Sachs Tower in New Jersey.

Carmen M. Segarra, formerly of the New York Fed, says she was fired after she refused to change her mind about Goldman Sachs, an investment firm that, she found, put its own greed ahead of its clients.

Segarra filed a lawsuit Thursday.

The New York Times explains:

At a March 2012 meeting, a group of examiners at the Federal Reserve Bank of New York agreed that Goldman Sachs had inadequate procedures to guard against conflicts of interest — guidelines aimed at stopping firms from putting their pursuit of profit ahead of their clients’ best interests.

The examiners voted to downgrade a confidential rating assigned by the New York Fed that could have spurred costly enforcement actions and other regulatory penalties. It is not known whether the vote in fact led to a rating change. The former examiner who pushed for a downgrade, Carmen M. Segarra, now contends in a lawsuit filed on Thursday that just weeks after the vote, her superiors asked her to change her findings on Goldman and fired her after she refused.

The vote to downgrade, which has not been previously reported, could have been a big blow for Goldman.

—Posted by Peter Z. Scheer

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