Overview

In 2011, Carmen Segarra took a job as a regulator at Goldman Sachs for the New York Fed. It was an opportunity, she believed, to monitor the big bank's behavior in order to avoid another financial crisis. Shocked to discover that Goldman did not have a conflict of interest policy, she immediately issued a report. But her superiors pressured her to modify the report, covering up her discovery. It was then that she realized the full extent of the collusion between Goldman and the Fed and began to record meetings and conversations with her superiors. When she refused to change her report, Segarra was dismissed from her job. Shortly thereafter she released her audio recordings, exposing the Fed's inefficiency in holding the bank accountable. In this hard-hitting expose, Segarra chronicles her experience blowing open the doors on the macro-level corruption, ineffectiveness, and illegal behavior of the big banks and the government bodies set up to regulate them. From the moment she became a whistleblower, countless employees of regulatory bodies and banks have come to Segarra to share testimonies of cover-ups they have witnessed. In Noncompliant, she reveals how common these practices are, and shows how the culture of corruption that is not only accepted but encouraged in these companies filters down to the individual employees. In the process of unraveling these connections, she explains to readers how, ultimately, this systemic corruption affects us all.

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9781568588452

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Reviews

In Noncompliant, gutsy whistleblower Carmen Segarra detonates a metaphorical explosive device inside the previously impenetrable limestone facade of the powerful Federal Reserve Bank of New York. In a gripping and highly personal narrative, Segarra reveals the depths of the shameful regulatory capture that exists between the New York Fed and the Wall Street banks it is meant to supervise -- and the high price she paid for doing the right thing.--William D. Cohan, author of Money and Power: How Goldman Sachs Came to Rule the World

In Noncompliant, gutsy whistleblower Carmen Segarra detonates a metaphorical explosive device inside the previously impenetrable limestone facade of the powerful Federal Reserve Bank of New York. In a gripping and highly personal narrative, Segarra reveals the depths of the shameful regulatory capture that exists between the New York Fed and the Wall Street banks it is meant to supervise -- and the high price she paid for doing the right thing. --William D. Cohan, author of Money and Power: How Goldman Sachs Came to Rule the World

Author Information

Carmen Segarra After her dismissal from the FRBNY, Segarra released audio recordings exposing the Fed's inefficiency in holding the bank accountable. Some of the recordings were featured in a joint ProPublica and This American Life piece (released on Sept 26, 2014). Formerly the National Policy and Outreach Chair at the Hispanic National Bar Association, Segarra now works as an advocate for regulatory transparency and reform. She lives in New York.

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