Fed whistleblower secretly recorded 46h of regulatory capture inside Goldman Sachs

The real lesson of Carmen Segarra: if you do business with Goldman Sachs you are a fool.

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I wished this was a little more juicy. Like, in 46 hours of recording I wish she had someone saying something clearly corrupt or illegal. Unfortunately bureaucracies are pretty good at arriving at certain ends by structure alone without anyone every stating an intention to arrive at those ends. It would have been nice if someone was going to get prosecuted, but it doesn’t sound like that will happen.


I don’t know if this is the first, or just one of few explicit mentions of the work of Pro Publica that I’ve seen on BoingBoing, but I would think that we’d see much more. As a non-profit journalism organization they are tireless in chasing the boring, slogging, unsexy detail work that reveals corruption in many walks of public life. Their site/app are work to read, though luckily shows like Planet Money and This American Life make easily-digested pieces out of their work on a regular basis. In all the discussions of “what will happen to journalism in this hack-and-slash age” Pro Publica is at least part of the answer.


quite Inevitably with 8 billion people, you should get some diversity on opinions and interests. You may be satisfied with what you have and money can’t buy but you cant possibly expect from everyone else to share your views.
And surely people working in the finance industry most probably put money above all else. I would think that goes with the territory.

I think we all got the sarcasm, its just that it rings as defeatist instead of defiant. Its gotten really hard for sarcasm, satire and irony to make a dent in reality lately since its been co opted by power’s smarm. Snark has some power, but all you can do nowadays is be direct about what you mean.

I miss sarcasm though.

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its not the surprise though, its the proof. We all know about the corruption, but with the way things are its really easy for corrupt people to dismiss these accusations because:
a) They are lying
b) The people that oversee their behavior encourage them to lie
c) The lying is tolerated by everybody as long as they are not personally inconvenienced
d) Good people are principled and will (rightly) want proof in order to be convinced that this is happening.
e) Attached to this last point is a bit of willful ignorance that corruption has taken a hold in American institutions. That this only happens in third world countries.
f) If all else fails, “Its not illegal if you don’t get prosecuted for it anyways, and morality’s for suckers anyways.”

Basically, it doesn’t matter if people are surprised or not, the point has always been action, as in what to do with this?


Placing material gain above all else is not diversity of opinion & interests, it is considered the territory of sociopaths. That industry may have a higher percentile of those, but many of the people are just people whose only fault is accepting & following the direction of those who claim your realism.

Look, I didn’t want to point this out to you, but your comment “He’s just being a realist.”?

The “He” in question, was being sarcastic.

I’ll leave it to you to connect the dots, except to point you at yourself & what you find to be acceptable.

I’ve been thinking the same thing. I think it’s not more juicy because it’s a really complicated story that’s hard to relate. Also, the regulatory capture has been so complete that juicy stuff isn’t on the menu.

It’s sobering to contrast law enforcement at this level, with law enforcement at street level. One suspects that there is no way to improve things working within the system.

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Cop: “we really fussed at that guy when we noted that the law requires you to obey our orders and it sounds like that dropped off at some point or…”

No, the GOP wouldn’t do anything different, but at least the corruption would be getting some media attention, and liberals would be raising hell about it.

What Obama (and Hillary) have decisively proven is that as long as you spin a line of bullshit about “income inequality” during the day, you can fellate Wall Street all night, and millions of selfstyled “progressives” won’t even notice.

Eventually medical science will be forced to create a name for this condition some people suffer from,

this sad compulsion that they can’t control, the need to introduce practically unrelated partisan nonsense to a discussion, as though it had been the topic being discussed.

And then, then, someone can say “Thanks Obama”, and it will mean something.

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Recent financial history teaches me just that. People in this “industry” are sociopaths.
The he in question, could be sarcastic seeing things from the outside. I seriously doubt people working in this “industry” would find the comment sarcastic. More like stating the facts.
The fact that reality is shaped some way and I am able to see it for what it is, doesn’t mean I have to like it, or agree with it, does it? Why would you think I do? As far as acceptable goes, well there are a billion things not acceptable in this world and still happening anyway

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