This is a unprecedented report on one of the most powerful and secretive institutions in America. The New York Federal Reserve is supposed to monitor big banks and their activity.
But what is happening was the the regulators who were supposed to be regulating the big banks, like Goldman Sachs for example, actually got captured by these institutions. Regulatory capture is when a regulator gets too cozy with the company that he’s supposed to be monitoring.
They found regulators had an unwillingness to take action and displayed extreme passivity toward the very institutions they were supposed to be regulating.
This all followed the financial crisis of 2008. There was a lot of blame heaped on the one institution that was in a position to notice the problems that led to the meltdown and to do something about them before disaster hit.
That institution is the Federal Reserve– the Fed. And in particular, its office in New York City– the Federal Reserve Bank of New York. It’s responsible for regulating the banks on Wall Street, which is to say some of the biggest banks in the world.
What happened next is epic. In fact, one footnote of where one of the senior officers said that he had been only working at the Fed for three weeks on a particular account, when quote, “I saw the capture set in.”
So the Federal Reserve hired Carmen Segarra, an attorney, a new kind of employee– outspoken, unafraid, somebody who would not get captured.
They got exactly what they asked for in Carmen Segarra, she couldn’t be bought by the big banks and actually was fired for not wavering in doing her job.
The video below is from The American Life Podcast where Carmen blows the lid off the corruption within the Federal Reserve. They have tried to block this report and fired Carmen once they figured out she would do her job with integrity and couldn’t be bought off.
Carmen was so alarmed at what she witnessed behind the closed doors of the Federal Reserve that she bought a tape recorder and went undercover to document the criminal activety she was caught in the middle of.
The information in this report will never be seen on mainstream media. I have also included the transcript to this video from This American Life below. It’s clear from this report and the recorded sound bites directly from Fed officials, that America needs to end the Fed at all costs.
The Secret Recordings of Carmen Segarra
Note: This American Life is produced for the ear and designed to be heard, not read. We strongly encourage you to listen to the audio, which includes emotion and emphasis that’s not on the page. Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio before quoting in print.