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first_imgThis story was co-published with This American Life, from WBEZ Chicago.Hear the radio version on these stations or download the episode now.Barely a year removed from the devastation of the 2008 financial crisis, the president of the Federal Reserve Bank of New York faced a crossroads. Congress had set its sights on reform. The biggest banks in the nation had shown that their failure could threaten the entire financial system. Lawmakers wanted new safeguards.The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown.New York Fed President William Dudley had to answer two questions quickly: Why had his institution blown it, and how could it do better? So he called in an outsider, a Columbia University finance professor named David Beim, and granted him unlimited access to investigate. In exchange, the results would remain secret.After interviews with dozens of New York Fed employees, Beim learned something that surprised even him. The most daunting obstacle the New York Fed faced in overseeing the nation’s biggest financial institutions was its own culture. The New York Fed had become too risk-averse and deferential to the banks it supervised. Its examiners feared contradicting bosses, who too often forced their findings into an institutional consensus that watered down much of what they did.The report didn’t only highlight problems. Beim provided a path forward. He urged the New York Fed to hire expert examiners who were unafraid to speak up and then encourage them to do so. It was essential, he said, to preventing the next crisis.A year later, Congress gave the Federal Reserve even more oversight authority. And the New York Fed started hiring specialized examiners to station inside the too-big-to fail institutions, those that posed the most risk to the financial system.One of the expert examiners it chose was Carmen Segarra.Segarra appeared to be exactly what Beim ordered. Passionate and direct, schooled in the Ivy League and at the Sorbonne, she was a lawyer with more than 13 years of experience in compliance 2013 the specialty of helping banks satisfy rules and regulations. The New York Fed placed her inside one of the biggest and, at the time, most controversial banks in the country, Goldman Sachs.It did not go well. She was fired after only seven months.As ProPublica reported last year, Segarra sued the New York Fed and her bosses, claiming she was retaliated against for refusing to back down from a negative finding about Goldman Sachs. A judge threw out the case this year without ruling on the merits, saying the facts didn’t fit the statute under which she sued.At the bottom of a document filed in the case, however, her lawyer disclosed a stunning fact: Segarra had made a series of audio recordings while at the New York Fed. Worried about what she was witnessing, Segarra wanted a record in case events were disputed. So she had purchased a tiny recorder at the Spy Store and began capturing what took place at Goldman and with her bosses.Segarra ultimately recorded about 46 hours of meetings and conversations with her colleagues. Many of these events document key moments leading to her firing. But against the backdrop of the Beim report, they also offer an intimate study of the New York Fed’s culture at a pivotal moment in its effort to become a more forceful financial supervisor. Fed deliberations, confidential by regulation, rarely become public.The recordings make clear that some of the cultural obstacles Beim outlined in his report persisted almost three years after he handed his report to Dudley. They portray a New York Fed that is at times reluctant to push hard against Goldman and struggling to define its authority while integrating Segarra and a new corps of expert examiners into a reorganized supervisory scheme.Segarra became a polarizing personality inside the New York Fed—and a problem for her bosses—in part because she was too outspoken and direct about the issues she saw at both Goldman and the Fed. Some colleagues found her abrasive and complained. Her unwillingness to conform set her on a collision course with higher-ups at the New York Fed and, ultimately, led to her undoing.In a tense, 40-minute meeting recorded the week before she was fired, Segarra’s boss repeatedly tries to persuade her to change her conclusion that Goldman was missing a policy to handle conflicts of interest. Segarra offered to review her evidence with higher-ups and told her boss she would accept being overruled once her findings were submitted. It wasn’t enough.“Why do you have to say there’s no policy?” her boss said near the end of the grueling session.“Professionally,” Segarra responded, “I cannot agree.”The New York Fed disputes Segarra’s claim that she was fired in retaliation.“The decision to terminate Ms. Segarra’s employment with the New York Fed was based entirely on performance grounds, not because she raised concerns as a member of any examination team about any institution,” it said in a two-page statement responding to an extensive list of questions from ProPublica and This American Life.The statement also defends the bank’s record as regulator, saying it has taken steps to incorporate Beim’s recommendations and “provides multiple venues and layers of recourse to help ensure that its employees freely express their views and concerns.”“The New York Fed,” the statement says, “categorically rejects the allegations being made about the integrity of its supervision of financial institutions.”****In the spring of 2009, New York Fed President William Dudley put together a team of eight senior staffers to help Beim in his inquiry. In many ways, this was familiar territory for Beim.He had worked on Wall Street as a banker in the 1980s at Bankers Trust Company, assisting the firm through its transition from a retail to an investment bank. In 1997, the New York Fed hired Beim to study how it might improve its examination process. Beim recommended the Fed spend more time understanding the businesses it supervised. He also suggested a system of continuous monitoring rather than a single year-end examination.Beim says his team in 2009 pursued a no-holds-barred investigation of the New York Fed. They were emboldened because the report was to remain an internal document, so there was no reason to hold back for fear of exposure. The words “Confidential Treatment Requested” ran across the bottom of the report.“Nothing was off limits,” says Beim. “I was told I could ask anyone any question. There were no restrictions.”In the end, his 27-page report laid bare a culture ruled by groupthink, where managers used consensus decision-making and layers of vetting to water down findings. Examiners feared to speak up lest they make a mistake or contradict higher-ups. Excessive secrecy stymied action and empowered gatekeepers, who used their authority to protect the banks they supervised.“Our review of lessons learned from the crisis reveals a culture that is too risk-averse to respond quickly and flexibly to new challenges,” the report stated. “A number of people believe that supervisors paid excessive deference to banks, and as a result they were less aggressive in finding issues or in following up on them in a forceful way.”One New York Fed employee, a supervisor, described his experience in terms of “regulatory capture,” the phrase commonly used to describe a situation where banks co-opt regulators. Beim included the remark in a footnote. “Within three weeks on the job, I saw the capture set in,” the manager stated.Confronted with the quotation, senior officers at the Fed asked the professor to remove it from the report, according to Beim. “They didn’t give an argument,” Beim said in an interview. “They were embarrassed.” He refused to change it.The Beim report made the case that the New York Fed needed a specific kind of culture to transform itself into an institution able to monitor complex financial firms and catch the kinds of risks that were capable of torpedoing the global economy.That meant hiring “out-of-the-box thinkers,” even at the risk of getting “disruptive personalities,” the report said. It called for expert examiners who would be contrarian, ask difficult questions and challenge the prevailing orthodoxy. Managers should add categories like “willingness to speak up” and “willingness to contradict me” to annual employee evaluations. And senior Fed managers had to take the lead.“The top has to articulate why we’re going through this change, what the benefits are going to be and why it’s so important that we’re going to monitor everyone and make sure they stay on board,” Beim said in an interview.Beim handed the report to Dudley. The professor kept it in draft form to help maintain secrecy and because he thought the Fed president might request changes. Instead, Dudley thanked him and that was it. Beim never heard from him again about the matter, he said.In 2011, the Financial Crisis Inquiry Commission, created by Congress to investigate the causes behind the economic calamity, publicly released hundreds of documents. Buried among them was Beim’s report.Because of the report’s candor, the release surprised Beim and New York Fed officials. Yet virtually no one else noticed.*****Among the New York Fed employees enlisted to help Beim in his investigation was Michael Silva.As a Fed veteran, Silva was a logical choice. A lawyer and graduate of the United States Naval Academy, he joined the bank as a law clerk in 1992. Silva had also assisted disabled veterans and had gone into Iraq after the 2003 invasion to help the country’s central bank. Prior to working on Beim’s report, he had been chief of staff to the previous New York Fed president, Timothy Geithner.In declining through his lawyer to comment for this story, Silva cited the appeal of Segarra’s lawsuit and a prohibition on disclosing unpublished supervisory material. The rule allows regulators to monitor banks without having to worry about the release of information that could alarm customers and create a run on a bank that’s under scrutiny.Silva had been in the room with Geithner in September 2008 during a seminal moment of the financial crisis. Shares in a large money market fund—the Reserve Primary Fund—had fallen below the standard price of $1, “breaking the buck” and threatening to touch off a run by investors. The investment firm Lehman Brothers had entered bankruptcy, and the financial system appeared in danger of collapse.In Segarra’s recordings, Silva tells his team how, at least initially, no one in the war room at the New York Fed knew how to respond. He went into the bathroom, sick to his stomach, and vomited.“I never want to get close to that moment again, but maybe I’m too close to that moment,” Silva told his New York Fed team at Goldman Sachs in a meeting one day.Despite his years at the New York Fed, Silva was new to the institution’s supervisory side. He had never been an examiner or participated as part of a team inside a regulated bank until being appointed to lead the team at Goldman Sachs. Silva prefaced his financial crisis anecdote by saying the team needed to understand his motivations, “so you can perhaps push back on these things.”In the recordings, Silva then offered a second anecdote. This one involved the moments before the Lehman bankruptcy.Silva related how the top bankers in the nation were asked to contribute money to save Lehman. He described his disappointment when Goldman executives initially balked. Silva acknowledged that it might have been a hard sell to shareholders, but added that “if Goldman had stepped up with a big number, that would have encouraged the others.”“It was extraordinarily disappointing to me that they weren’t thinking as Americans,” Silva says in the recording. “Those two things are very powerful experiences that, I will admit, influence my thinking.”*****Silva’s stories help explain his approach to a controversial deal that came to the New York Fed team’s attention in January 2012, two months after Segarra arrived. She said the Fed’s handling of the deal demonstrated its timidity whenever questions arose about Goldman’s actions. Debate about the deal runs through many of Segarra’s recordings.On Friday, Jan. 6, 2012, at 3:54 p.m., a senior Goldman official sent an email to the on-site Fed regulators—including Silva, Segarra and Segarra’s legal and compliance manager, Johnathon Kim. Goldman wanted to notify them about a fast-moving transaction with a large Spanish bank, Banco Santander. Spanish regulators had signed off on the deal, but Goldman was reaching out to its own regulators to see whether they had any questions.At the time, European banks were shaky, particularly the Spanish ones. To shore up confidence, the European Banking Authority was demanding that banks hold more capital to offset potential future losses. Meeting these capital requirements was at the heart of the Goldman-Santander transaction.Under the deal, Santander transferred some of the shares it held in its Brazilian subsidiary to Goldman. This effectively reduced the amount of capital Santander needed. In exchange for a fee from Santander, Goldman would hold on to the shares for a few years and then return them. The deal would help Santander announce that it had reached its proper capital ratio six months ahead of the deadline.In the recordings, one New York Fed employee compared it to Goldman “getting paid to watch a briefcase.” Silva states that the fee was $40 million and that potentially hundreds of millions more could be made from trading on the large number of shares Goldman would hold.Santander and Goldman declined to respond to detailed questions about the deal.Silva did not like the transaction. He acknowledged it appeared to be “perfectly legal” but thought it was bad to help Santander appear healthier than it might actually be.“It’s pretty apparent when you think this thing through that it’s basically window dressing that’s designed to help Banco Santander artificially enhance its capital position,” he told his team before a big meeting on the topic with Goldman executives.The deal closed the Sunday after the Friday email. The following week, Silva spoke with top Goldman people about it and told his team he had asked why the bank “should” do the deal. As Silva described it, there was a divide between the Fed’s view of the deal and Goldman’s.“[Goldman executives] responded with a bunch of explanations that all relate to, ‘We can do this,’ ” Silva told his team.Privately, Segarra saw little sense in Silva’s preoccupation with the question of whether “should” applied to the Santander deal. In an interview, she said it seemed to her that Silva and the other examiners who worked under him tended to focus on abstract issues that were “fuzzy” and “esoteric” like “should” and “repetitional risk.”Segarra believed that Goldman had more pressing compliance issues—such as whether executives had checked the backgrounds of the parties to the deal in the way required by anti-money laundering regulations.*****Segarra had joined the New York Fed on Oct. 31, 2011, as it was gearing up for its new era overseeing the biggest and riskiest banks. She was part of a reorganization meant to put more expert examiners to the task.In the past, examiners known as “relationship managers” had been stationed inside the banks. When they needed an in-depth review in a particular area, they would often call a risk specialist from that area to come do the examination for them.In the new system, relationship managers would be redubbed “business-line specialists.” They would spend more time trying to understand how the banks made money. The business-line specialists would report to the senior New York Fed person stationed inside the bank.The risk specialists like Segarra would no longer be called in from outside. They, too, would be embedded inside the banks, with an open mandate to do continuous examinations in their particular area of expertise, everything from credit risk to Segarra’s specialty of legal and compliance. They would have their own risk-specialist bosses but would also be expected to answer to the person in charge at the bank, the same manager of the business-line specialists.In Goldman’s case, that was Silva.Shortly after the Santander transaction closed, Segarra notified her own risk-specialist bosses that Silva was concerned. They told her to look into the deal. She met with Silva to tell him the news, but he had some of his own. The general counsel of the New York Fed had “reined me in,” he told Segarra. Silva did not refer by name to Tom Baxter, the New York Fed’s general counsel, but said: “I was all fired up, and he doesn’t want me getting the Fed to assert powers it doesn’t have.”This conversation occurred the day before the New York Fed team met with Goldman officials to learn about the inner workings of the deal.From the recordings, it’s not spelled out exactly what troubled the general counsel. But they make clear that higher-ups felt they had no authority to nix the Santander deal simply because Fed officials didn’t think Goldman “should” do it.Segarra told Silva she understood but felt that if they looked, they’d likely find holes. Silva repeated himself. “Well, yes, but it is actually also the case that the general counsel reined me in a bit on that,” he reminded Segarra.The following day, the New York Fed team gathered before their meeting with Goldman. Silva outlined his concerns without mentioning the general counsel’s admonishment. He said he thought the deal was “legal but shady.”“I’d like these guys to come away from this meeting confused as to what we think about it,” he told the team. “I want to keep them nervous.”As requested, Segarra had dug further into the transaction and found something unusual: a clause that seemed to require Goldman to alert the New York Fed about the terms and receive a “no objection.”This appeared to pique Silva’s interest. “The one thing I know as a lawyer that they never got from me was a no objection,” he said at the pre-meeting. He rallied his team to look into all aspects of the deal. If they would “poke with our usual poker faces,” Silva said, maybe they would “find something even shadier.”But what loomed as a showdown ended up fizzling. In the meeting with Goldman, an executive said the “no objection” clause was for the firm’s benefit and not meant to obligate Goldman to get approval. Rather than press the point, regulators moved on.Afterward, the New York Fed staffers huddled again on their floor at the bank. The fact-finding process had only just started. In the meeting, Goldman had promised to get back to the regulators with more information to answer some of their questions. Still, one of the Fed lawyers present at the post-meeting lauded Goldman’s “thoroughness.”Another examiner said he worried that the team was pushing Goldman too hard.“I think we don’t want to discourage Goldman from disclosing these types of things in the future,” he said. Instead, he suggested telling the bank, “Don’t mistake our inquisitiveness, and our desire to understand more about the marketplace in general, as a criticism of you as a firm necessarily.”*****To Segarra, the “inquisitiveness” comment represented a fear of upsetting Goldman.By law, the banks are required to provide information if the New York Fed asks for it. Moreover, Goldman itself had brought the Santander deal to the regulators’ attention.Beim’s report identified deference as a serious problem. In an interview, he explained that some of this behavior could be chalked up to a natural tendency to want to maintain good relations with people you see every day. The danger, Beim noted, is that it can morph into regulatory capture. To prevent it, the New York Fed typically tries to move examiners every few years.Over the ensuing months, the Fed team at Goldman debated how to demonstrate their displeasure with Goldman over the Santander deal. The option with the most interest was to send a letter saying the Fed had concerns, but without forcing Goldman to do anything about them.The only downside, said one Fed official on a recording in late January 2012, was that Goldman would just ignore them.“We’re not obligating them to do anything necessarily, but it could very effectively get a reaction and change some behavior for future transactions,” one team member said.In the same recorded meeting, Segarra pointed out that Goldman might not have done the anti-money laundering checks that Fed guidance outlines for deals like these. If so, the team might be able to do more than just send a letter, she said. The group ignored her.It’s not clear from the recordings if the letter was ever sent.Silva took an optimistic view in the meeting. The Fed’s interest got the bank’s attention, he said, and senior Goldman executives had apologized to him for the way the Fed had learned about the deal. “I guarantee they’ll think twice about the next one, because by putting them through their paces, and having that large Fed crowd come in, you know we, I fussed at ’em pretty good,” he said. “They were very, very nervous.”Segarra had worked previously at Citigroup, MBNA and Société Générale. She was accustomed to meetings that ended with specific action items.At the Fed, simply having a meeting was often seen as akin to action, she said in an interview. “It’s like the information is discussed, and then it just ends up in like a vacuum, floating on air, not acted upon.”Beim said he found the same dynamic at work in the lead up to the financial crisis. Fed officials noticed the accumulating risk in the system. “There were lengthy presentations on subjects like that,” Beim said. “It’s just that none of those meetings ever ended with anyone saying, ‘And therefore let’s take the following steps right now.’”*****The New York Fed’s post-crisis reorganization didn’t resolve longstanding tensions between its examiner corps. In fact, by empowering risk specialists, it may have exacerbated them.Beim had highlighted conflicts between the two examiner groups in his report. “Risk teams … often feel that the Relationship teams become gatekeepers at their banks, seeking to control access to their institutions,” he wrote. Other examiners complained in the report that relationship managers “were too deferential to bank management.”In the new order, risk specialists were now responsible for their own examinations. No longer would the business-line specialists control the process. What Segarra discovered, however, was that the roles had not been clearly defined, allowing the tensions Beim had detailed to fester.Segarra said she began to experience pushback from the business-line specialists within a month of starting her job. Some of these incidents are detailed in her lawsuit, recorded in notes she took at the time and corroborated by another examiner who was present.Business-line specialists questioned her meeting minutes; one challenged whether she had accurately heard comments by a Goldman executive at a meeting. It created problems, Segarra said, when she drew on her experiences at other banks to contradict rosy assessments the business-line specialists had of Goldman’s compliance programs. In the recordings, she is forceful in expressing her opinions.ProPublica and This American Life reached out to four of the business-line specialists who were on the Goldman team while Segarra was there to try and get their side of the story. Only one responded, and that person declined a request for comment. In the recordings, it’s clear from her interactions with managers that Segarra found the situation upsetting, and she did not hide her displeasure. She repeatedly complains about the business-line specialists to Kim, her legal and compliance manager, and other supervisors.“It’s like even when I try to explain to them what my evidence is, they won’t even listen,” she told Kim in a recording from Jan. 6, 2012. “I think that management needs to do a better job of managing those people.”Kim let her know in the meeting that he did not expect such help from the Fed’s top management. “I just want to manage your expectations for our purposes,” he told Segarra. “Let’s pretend that it’s not going to happen.”Instead, Kim advised Segarra “to be patient” and “bite her tongue.” The New York Fed was trying to change, he counseled, but it was “this giant Titanic, slow to move.”Three days later, Segarra met with her fellow legal and compliance risk specialists stationed at the other banks. In the recording, the meeting turns into a gripe session about the business-line specialists. Other risk specialists were jockeying over control of examinations, too, it turned out.“It has been a struggle for me as to who really has the final say about recommendations,” said one.“If we can’t feel that we’ll have management support or that our expertise per se is not valued, it causes a low morale to us,” said another.*****On Feb. 21, 2012, Segarra met with her manager, Kim, for their weekly meeting. After covering some process issues with her examinations, the recordings show, they again discussed the tensions between the two camps of specialists.Kim shifted some of the blame for those tensions onto Segarra, and specifically onto her personality: “There are opinions that are coming in,” he began.First he complimented her: “I think you do a good job of looking at issues and identifying what the gaps are and you know determining what you want to do as the next steps. And I think you do a lot of hard work, so I’m thankful,” Kim said. But there had been complaints.She was too “transactional,” Kim said, and needed to be more “relational.”“I’m never questioning about the knowledge base or assessments or those things; it’s really about how you are perceived,” Kim said. People thought she had “sharper elbows, or you’re sort of breaking eggs. And obviously I don’t know what the right word is.”Segarra asked for specifics. Kim demurred, describing it as “general feedback.”In the conversation that followed, Kim offered Segarra pointed advice about behaviors that would make her a better examiner at the New York Fed. But his suggestions, delivered in a well-meaning tone, tracked with the very cultural handicaps that Beim said needed to change.Kim: “I would ask you to think about a little bit more, in terms of, first of all, the choice of words and not being so conclusory.”Beim report: “Because so many seem to fear contradicting their bosses, senior managers must now repeatedly tell subordinates they have a duty to speak up even if that contradicts their bosses.”Kim: “You use the word ‘definitely’ a lot, too. If you use that, then you want to have a consensus view of definitely, not only your own.”Beim report: “An allied issue is that building consensus can result in a whittling down of issues or a smoothing of exam findings. Compromise often results in less forceful language and demands on the banks involved.”In Segarra’s recordings, there is some evidence to back Kim’s critique. Sometimes she cuts people off, including her bosses. And she could be brusque or blunt.A colleague who worked with Segarra at the New York Fed, who does not have permission from their employer to be identified, told ProPublica that Segarra often asked direct questions. Sometimes they were embarrassingly direct, this former examiner said, but they were all questions that needed to be asked. This person characterized Segarra’s behavior at the New York Fed as “a breath of fresh air.”ProPublica also reached out to three people who worked with Segarra at two other firms. All three praised her attitude at work and said she never acted unprofessionally.In the meeting with Kim, Segarra observed that the skills that made her successful in the private sector did not seem to be the ones that necessarily worked at the New York Fed.Kim said that she needed to make changes quickly in order to succeed.“You mean, not fired?” Segarra said.“I don’t want to even get there,” Kim responded.It would be unfair to fire her, Segarra offered, since she was doing a good job.“I’m here to change the definition of what a good job is,” Kim said. “There are two parts it: Actually producing the results, which I think you’re very capable of producing the results. But also be mindful of enfolding people and defusing situations, making sure that people feel like they’re heard and respected.”Segarra had thought her job was simple: Follow the evidence wherever it led. Now she was being told she had to “enfold” business-line specialists and “defuse” their objections.“What does this have to do with bank examinations,” Segarra wondered to herself, “or Goldman Sachs?”*****Segarra worked on her examination of Goldman’s conflict-of-interest policies for nearly seven months. Her mandate was to determine whether Goldman had a comprehensive, firm-wide conflicts-of-interest policy as of Nov. 1, 2011.Segarra has records showing that there were at least 15 meetings on the topic. Silva or Kim attended the majority. At an impromptu gathering of regulators after one such meeting early that December, her contemporaneous notes indicate Silva was distressed by how Goldman was dealing with conflicts of interest.By the spring of 2012, Segarra believed her bosses agreed with her conclusion that Goldman did not have a policy sufficient to meet Fed guidance.During her examination, she regularly talked about her findings with fellow legal and compliance risk specialists from other banks. In April, they all came together for a vetting session to report conclusions about their respective institutions. After a brief presentation by Segarra, the team agreed that Goldman’s conflict-of-interest policies didn’t measure up, according to Segarra and one other examiner who was present.In May, members of the New York Fed team at Goldman met to discuss plans for their annual assessment of the bank. Segarra was sick and not present. Silva recounts in an email that he was considering informing Goldman that it did not have a policy when a business-line specialist interjected and said Goldman did have a conflict-of-interest policy—right on the bank’s website.In a follow-up email to Segarra, Silva wrote: “In light of your repeated and adamant assertions that Goldman has no written conflicts of interest policy, you can understand why I was surprised to find a “Conflicts of Interests Section” in Goldman’s Code of Conduct that seemed to me to define, prohibit and instruct employees what to do about it.”But in Segarra’s view, the code fell far short of the Fed’s official guidance, which calls for a policy that encompasses the entire bank and provides a framework for “assessing, controlling, measuring, monitoring and reporting” conflicts.ProPublica sent a copy of Goldman’s Code of Conduct to two legal and compliance experts familiar with the Fed’s guidance on the topic. Both did not want be quoted by name, either because they were not authorized by their employer or because they did not want to publicly criticize Goldman Sachs. Both have experience as bank examiners in the area of legal and compliance. Each said Goldman’s Code of Conduct would not qualify as a firm-wide conflicts of interest policy as set out by the Fed’s guidance.In the recordings, Segarra asks Gwen Libstag, the executive at Goldman who is responsible for managing conflicts, whether the bank has “a definition of a conflict of interest, what that is and what that means?”“No,” Libstag replied at the meeting in April.Back in December, according to meeting minutes, a Goldman executive told Segarra and other regulators that Goldman did not have a single policy: “It’s probably more than one document—there is no one policy per se.”Early in her examination, Segarra had asked for all the conflict-of-interest policies for each of Goldman’s divisions as of Nov. 1, 2011. It took months and two requests, Segarra said, to get the documents. They arrived in March. According to the documents, two of the divisions state that the first policy dates to December 2011. The documents also indicate that policies for another division were incomplete.ProPublica and This American Life sent Goldman Sachs detailed questions about the bank’s conflict-of-interest policies, Segarra and events in the meetings she recorded.In a three-paragraph response, the bank said, “Goldman Sachs has long had a comprehensive approach for addressing potential conflicts.” It also cited Silva’s email about the Code of Conduct in the statement, saying: “To get a balanced view of her claims, you should read what her supervisor wrote after discovering that what she had said about Goldman was just plain wrong.”Goldman’s statement also said Segarra had unsuccessfully interviewed for jobs at Goldman three times. Segarra said that she recalls interviewing with the bank four times, but that it shouldn’t be surprising. She has applied for jobs at most of the top banks on Wall Street multiple times over the course of her career, she said.*****The audio is muddy but the words are distinct. So is the tension. Segarra is in Silva’s small office at Goldman Sachs with his deputy. The two are trying to persuade her to change her view about Goldman’s conflicts policy.“You have to come off the view that Goldman doesn’t have any kind of conflict-of- interest policy,” are the first words Silva says to her. Fed officials didn’t believe her conclusion—that Goldman lacked a policy—was “credible.”Segarra tells him she has been writing bank compliance policies for a living since she graduated from law school in 1998. She has asked Goldman for the bank’s policies, and what they provided did not comply with Fed guidance.“I’m going to lose this entire case,” Silva says, “because of your fixation on whether they do or don’t have a policy. Why can’t we just say they have basic pieces of a policy but they have to dramatically improve it?”It’s not like Goldman doesn’t know what an adequate policy contains, she says. They have proper policies in other areas.“But can’t we say they have a policy?” Silva says, a question he asks repeatedly in various forms during the meeting.Segarra offers to meet with anyone to go over the evidence collected from dozens of meetings and hundreds of documents. She says it’s OK if higher-ups want to change her conclusions after she submits them.But Silva says the lawyers at the Fed have determined Goldman has a policy. As a comparison, he brings up the Santander deal. He had thought the deal was improper, but the general counsel reined him.“I lost the Santander transaction in large part because I insisted that it was fraudulent, which they insisted is patently absurd,” Silva said, “and as a result of that, I didn’t get taken seriously.”Now, the same thing was happening with conflicts, he said.A week later, Silva called Segarra into a conference room and fired her. The New York Fed, he told Segarra, who was recording the conversation, had “lost confidence in [her] ability to not substitute [her] own judgment for everyone else’s.”Producer Brian Reed of This American Life contributed reporting to this story. ProPublica intern Abbie Nehring contributed research.ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for their newsletter. Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York last_img read more

first_imgBoys SoccerBatesville Varsity blanked Jac-Cen-Del 4-0 on WRBI.Girls SoccerBatesville winners over Seymour.  Varsity score was 3-2.  JV 6-0.Batesville vs. Seymour (9-5)Articles submitted by Tracy Meyer, Lauren Green, and Kyle Laker.Oldenburg Academy defeats Centerville 8-2.Oldenburg Academy vs. Centerville Girls Soccer (9-5)Submitted by Var Vee.South Ripley whitewashed Southwestern Hanover 7-0.South Ripley vs. SW-H Girls SoccerJeff Cumberworth recorded stats for the game.  Submitted by Caroline Cumberworth.Greensburg and Madison battled to a 2-2 tie.Greensburg at Madison Consolidated (9-5)Submitted by Var Vee.VolleyballEast Central won against Lawrenceburg 17-25, 25-18, 25-20, 25-18.East Central at Lawrenceburg (9-5)Submitted by Var Vee.Batesville and St. Nicholas Middle School teams split matches.St. Nicholas 7th won by the scores 25-22; 9-25.Batesville 8th rallied in the second and third games to win by the scores 15-25; 25-19; 15-7.Submitted by Batesville Coach Shelly Prickel.FootballBatesville 7th victorious over Shelbyville 28-0.For Batesville, Quinn Werner opened the scoring with a 7 yard TD run.  Luke Belter ran in the 2 point conversion.  Trey Heidlage followed with a 20 yard TD run and Austin Siefert ran in the conversion for a 16-0 halftime lead.  Werner had another TD run, this time going for 24 yards.  Belter finished the scoring on a 40 yard TD run. The defense was led by the consistent pass rushing of Zach Jones, Adam Bedel, and Tyler Myers.  Werner added an interception.  Submitted by Batesville Coach Tony Gausman.SwimmingSunman Dearborn Middle School Boys beat South Dearborn 112-35.Sunman Dearborn Middle School Girls won 110-46.Another record setting night by the SDMS Trojans as two school records we’re broken on Thursday against the South Dearborn Squires.  The boys were victorius 112-35 while the girls won 110-46.  Alexis deLong broke the 50 backstroke and the 100 freestyle school records.  Individual Winners include:   Mackenzie Schantz-200 Freestyle; Alex Ketcham-100 Individual Medley, 100 Freestyle; Alexis deLong-50 Freestyle, 100 Freestyle; Jackson Ketcham-50 Freestyle, 400 Freestyle; Courtney Robbins-50 Butterfly;Grace Crane- 400 Freestyle, 100 Backstroke;Noah Arnold-100 Backstroke;Alex Disbro-100 Breaststroke; and Klay Shipman-100 Breaststroke. SDMS won all four relays and are a combined 8/8 on relays this season.  Our next meet is at home against Richmond Middle School on Tuesday.  Come out and Suppor the SDMS Aqua Trojans.  Submitted by SDMS Coach Brandon Loveless.Cross CountryBatesville Boys and Girls Ripley County Champs.Boys:  Batesville 25, South Ripley 47, JCD 64, Milan Inc.For Batesville, Cole Nuhring was the third different Bulldog to lead the pack to the finish line this season crossing in second place in a time of 18:20.  The county Championship team also included Garrett Yorn (18:37, 4), Caleb Moster (18:42, 5), Connor Bell (18:42, 6), Alex Batta (19:13, 8), Peter Heil (19:29, 9) and Trent Barnett (19:54, 12).  The Bulldogs had 6 runner in the top 10 receiving All County honors (Nuhring, Yorn, Moster, Bell, Batta, and Heil).  9 out of the 11 Bulldogs ran season’s best times with Batta, Heil, Clay Yeaton, and Elliot Main setting new personal records. Calvin Lehman was the individual race winner in the Open/Reserve race in a time of 18:27.  Coaches Comments:  ‘Another good night for our team.  We were glad to see some faster times and now we hope to continue to improve.’  Batesville Coach Thomas Barnett.Batesville Girls Cross Country Team scored a perfect score of 15  points.  Grace Yeaton was the individual County Champ crossing the line at a personal best of 20:51.  5 other Bulldogs were awarded to the All County team by placing in the top 10 of the race and they were Kelsey Gausman, 2nd, Mary Poltrack, 3rd, Sarah Poltrack, 4th, Maria Wessel, 5th and Kylie Lehman, 7th.  Liz Cuttle also  ran in the varsity race and placed a respectable 12th.  Lauren Eckstein was the  overall winner of the reserve race with a winning time of 23:33.  Besides Grace, 7 other Bulldogs ran personal bests and they were Kylie Lehman, Katie Baumer, Heidi Shaw, Destini Taylor-Fathman, Jamie Day, Pilar Bermejo Garcia and Candice Roell.  The Bulldogs next competition will be Tuesday for the East Central Invitational.  Submitted by Batesville Coach Lisa Gausman.The Batesville Middle School boys won their cross country meet against Milan, Jac-Cen-Del and Rising Sun.  Isaac Barker won the boys race followed by Jackson Wooldridge, 3rd, Grant Meyers, 4th, Ethan Grossman, 8th, Henry Lipinski, 9th, Adam Moster, 10th, Evan Vogelsang, 11th, Nate Robinson, 12th, and Jayden Beal 13th.The Batesville Middle School girls finished 2nd to Jac-Cen-Del in their meet against Milan, Jac-Cen-Del and Rising Sun.  Emma Gausman won the girls race, followed by Audrey Weigel, 4th, Audrey Maupin, 7th, Gabby Gibbs, 8th, Liz Loichinger, 10th, Sydney Jorgensen, 11th, Tasha Mayer, 12th, Carly Fitzpatrick, 14th, and Melanie Werner 16th.Submitted by Batesville Coach  Derek Suits.last_img read more

first_imgThe league has introduced blanket coronavirus testing at clubs and is eager to finish the season by the end of June. That is when some player contracts expire.The push to resume has faced a backlash. There have been at least 11 positive tests of players and staff since testing began last week and Hertha Berlin forward Salomon Kalou was suspended after posting a video showing social distancing measures being flouted at the club.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Paris Saint-Germain has donated 100,000 euros ($108,000) to the Action Against Hunger charity amid the coronavirus pandemic.The money provides charity workers helping those at risk with protective equipment such as surgical masks, goggles, gloves, gowns, gels and thermometers.The Parc des Princes has been operating as a support base for the charity in the Greater Paris region.PSG says club volunteers have helped charity staff “make, assemble and store hygiene kits and health equipment for those most at risk.” More than 2,000 people have benefited from hygiene and household kits.PSG president Nasser al-Khelaïfi says the charity’s “wide-ranging work in many fields is more essential than ever.” Most of the other Italian league clubs are resuming training on an individual basis this week before full team training restarts on May 18.___The Croatian soccer federation says it wants to restart the season on May 30 with the cup semifinals.The country’s 10-team league is set to resume with all games in empty stadiums on June 6 amid the coronavirus pandemic.The Croatian federation is led by former player and UEFA executive committee member Davor Suker. It says final approval must come from public authorities. Lower-level leagues will not be completed. The Belgian soccer league says it will respect the national security council’s decision. The league recommended last month ending its season with the current standings declared final.The league says “the working group’s proposals will be presented to the Pro League clubs at the general assembly on May 15.”Club Brugge stands to be awarded the title and qualify for next season’s Champions League if the advice is confirmed. Brugge is currently 15 points ahead of second-place Gent with one game to go before the season-ending playoffs.___The Russian anti-doping agency plans to resume testing this month. The Latest: Belgium says all sports suspended until July 31 Dinamo Zagreb leads the league by 18 points over Rijeka with 10 matches remaining.Four clubs are in contention for the runner-up spot and a place in the qualifying rounds of the Champions League.___Soccer players in Spain are going back to their team’s training camps for the first time since the country entered a lockdown nearly two months ago because of the coronavirus outbreak.Players for Barcelona, Real Madrid and other clubs arrived for medical tests and to start preparing for the return to training this week. ___The Turkish soccer league plans to resume on June 12, finish its season by the end of July and host the Champions League final in Istanbul in August.Turkey suspended its soccer, basketball and volleyball leagues because of the coronavirus outbreak on March 20.Turkish soccer federation president Nihat Ozdemir says “we are aiming to end the season on July 26 by playing seven weekends and one weekday game.”Ozdemir says the games will be played without spectators and the Turkish health ministry and its scientific advisory council will determine the conditions and guidelines under which the games will go ahead. ___Inter Milan has postponed the return of its players to the training field because not everyone on the team has been tested for the coronavirus.Serie A players are set to resume practice this week under a strict set of guidelines amid the pandemic and Inter was slated to restart on Wednesday.But Inter’s Suning Center remains closed and is now expected to reopen at the end of the week.Inter’s team doctor was one of three Serie A physicians who were hospitalized with the virus. CEO Yuri Ganus says testing will start again in the last 10 days of May with a “balanced, selective and focused” approach as the agency tries to make up for a lengthy stoppage.Testing was suspended at the end of March when Russian President Vladimir Putin asked people to stay home unless they were working in designated essential sectors.Ganus says that during the stoppage “we have been carrying out all the work of a national anti-doping agency except for the testing.” That covers areas such as education, investigations and planning for future tests.Anti-doping work worldwide has come to a near-standstill during the coronavirus pandemic. That has raised fears that some athletes could take advantage and cheat.The Russian agency issued staff with disinfectant wipes and face masks before the stoppage and also offered athletes masks to wear while being tested. Associated Press Purslow says “we have six home games left to play so any Villa fan would agree that giving up that advantage is a massive decision for somebody running Aston Villa and I certainly wouldn’t agree to that unless the circumstances are right.”Villa is in next-from-last place in the Premier League and two points from safety with 10 games remaining.___German soccer could be cleared to resume when Chancellor Angela Merkel meets with the governors of the country’s 16 states.The dpa news agency reports that May 15 and 21 are being considered by the federal government as start dates for the Bundesliga. ___Aston Villa chief executive Christian Purslow says Premier League clubs have yet to settle on protocols to ensure a safe return to playing during the coronavirus pandemic.The league is trying to find a way to resume in June but group practice sessions have not yet started.Purslow tells talkSPORT radio that “we haven’t got to the crucial protocols that relate to actually playing football. Until we crack the code of making our great contact sports safe then the conversation we’re having is hypothetical.”Aston Villa has joined Brighton and West Ham in expressing public opposition to the current “Project Restart” plan that would see all remaining games played at neutral stadiums. May 6, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Belgian Prime Minister Sophie Wilmes says all sporting competitions in the country will remain suspended until July 31 because of the coronavirus pandemic. The majority did not wear masks or gloves. Lionel Messi and Luis Suárez were among those without masks when they drove into Barcelona’s training center. Antoine Griezmann, Arturo Vidal and Ivan Rakitic had masks on.Real Madrid players Gareth Bale, Luka Modric and Karim Benzema arrived without masks like most of their teammates.The training centers of all clubs were disinfected in the last couple of days. All players and members of the coaching staff are going to be tested for COVID-19 before training can resume.Players will initially train individually. The league wants a training period of about a month before it can restart in empty stadiums. It hopes to resume sometime in June.___last_img read more

first_img From sponsorship to the ever-expanding world of football media coverage, when it comes to the business of football, SBC has you covered. This edition looks at the sale of AC Milan, a new MLS team and a bizarre transfer deal from Turkey.____________________Becks launches plans for Miami expansionFormer England captain, David Beckham has launched his plan to form a Major League Soccer side in Miami.The team, which will be formed after Beckham utilised an option in his 2014 contract with LA Galaxy allowing him buy an MLS expansion franchise will play its home games in front of a 25,000 seater stadium.The former Manchester United player optimistically stated: “I’m excited to bring this great team to this great city – it has been a hell of a journey, I promise you the team we will bring into the league will be the best team.”The MLS is continually expanding with Los Angeles FC’s presence bringing the total number of teams to 23. Additionally, Nashville will also gain an extra franchise later in the year. Beckham’s plans won’t come without challenges, the 42 year old’s franchise will be the first Miami based football side since the unsuccessful Miami Fusion went under in 2001. 21st Club to oversee Evolution of Aussie top flight The Football Federation Australia (FFA) has announced a partnership with 21st Club, a leading international football management software developer and consultancy business. 21st Club will support all 10 Hyundai A-League clubs in the management of their salary cap requirements and provide support in strategic squad planning. The partnership will see 21st Club adapt Evolution – their platform that helps clubs manage their player costs, strategically plan the player pipeline and analyse the impact of future scenarios, in addition to rationalising processes across the clubs – to better support the league to monitor compliance with regulations. Questions to answer over Milan sale?  A daily Italian newspaper has reported that former Italian Prime Minister, Silvio Berlusconi is facing questions over his sale of AC Milan to Chinese entrepreneur, Li Yonghong, for €740 million last April.The questions, which related to possible money laundering in the lucrative sale last year prompted senior Milan public prosecutor, Francesco Greco to hastily issue a statement outlining that there was no enquiry of this nature “at the moment.” The accusations come amid a backdrop of a Serie A revival for Milan, under the tenure of iconic manager Gennaro Gattuso, as well as an impending Italian election, in which Berlusconi is unable to run after a 2013 conviction for tax fraud. Uncertainty at the top of Italian football Turmoil at the top of Italian football continues as the Italian Olympic Committee (CONI),  further postponed the election of a new Italian Football Federation President (FIGC) by three months.In a statement to the Italian media, CONI president Giovanni Malago stated: “I hope that there is an awareness on the part of the three candidates so that the election does not take place, I wish it as do 90 percent of Italians.“For now the assembly is convened. But the candidates have acknowledged the difficulties and are considering with their supporters the path to take.”He added: “none of the candidates can count on the vast majority that everyone considers indispensable for the revival of Italian football and there is the risk that the new president does not even have a simple majority in the Federal Council.”Cryptospor: Turkish youngster is new kid on the Blockchain A Turkish club has completed the country’s first ever transfer using Bitcoin, broadcaster CNN Turk reported on Tuesday.Harunustaspor, a local amateur league club, reportedly signed 22-year old Omer Faruk Kiroglu for 2000 liras (£377.6) worth of Bitcoin and 2500 liras in cash, for a sum total of 4500 liras.Club chairman Haldun Sehit declared that the move was the first of its kind by a sports club in Turkey and worldwide. “We did it to make a name for ourselves in the country and the world. We are proud of this,” he was quoted as saying._________________The Betting industry’s relationship with Football and its wider stakeholders will be discussed at the ‘Betting on Football 2018’ (#bofcon2018) conference. Click on the below banner for more information… StumbleUpon Submit Marek Suchar: “As esports betting grows, we will no longer speak about it as one sport” June 18, 2020 Related Articles LiveScore adds new leagues to streaming offering August 12, 2020 Share GVC responds to ‘press speculation’ on former Turkish business   July 30, 2020 Sharelast_img read more

first_imgIt’s not often that you see a house in Co Donegal and wish you could spend just one night there.But Tuath Na Mara in Fanad is one such house. It is an impressive and unique house, striking in appearance and designed to appear free-floating amongst its stunning rugged coastal landscape surroundings.And it’s on the market for €475,000.But we’re certainly not the first to notice its outstanding design and uniqueness.In recognition of its striking design, the property has won a number of architectural awards, including the Royal Institute of the Architects of Ireland ‘Best House’ prize, the Institute’s first-ever ‘Public Choice Award’.The property is designed to act as a channel by encapsulating and mirroring its natural surroundings with splendid views of Lough Swilly to the East and sea views to the North. Designed by award-winning MacGabhann Architects, the blueprint design was to release a meditative mood throughout which is immediately realised upon arrival at the property, as it is hidden and accessed from high ground.AccommodationVestibule * library/interconnecting hallway * living room/dining room/kitchen * living room/kitchen * master bedroom suite * two further bedrooms *bathroom * utility room * two decking areasThe house extends to about 145 sq m / 1,556 sq ft. Approached via a hidden raised driveway, this leads into a pebbled forecourt with ample parking. A raised step leads up to the front entrance which opens into a vestibule and hallway.The hallway doubles as a library with feature fitted bookshelves and also connects to the two separate living areas of the house. On the south facing section of the property is a spacious open-plan living/dining/kitchen area. It includes two bedrooms and a shared bathroom. The north facing section features a similar compact style open-plan living/kitchen room. Off this is the master bedroom with en-suite shower room. A reading nook is situated in the hallway/library and there is also a utility room.The house can be divided into two separate self-contained units or as one combined space. There are decks on either side of the house.Features include a zig-zag style roof, designed to catch both the rising and the setting sun. The zinc cladding and roof was specifically designed to blend in with the hues of the nearby rocks between high and low tides and also with the natural tones of the flora and fauna on the grounds.Grounds The grounds extend to about 7.9 acres and are bound on the east side by the beach. Grazing land to the north and east of the house give protection and a countryside feel. To the side of the house is a planted wood, pond and a garden with mature tree fern and Rhedodendrons. There is natural scrubland and rocky outcrops to the westerly elevation of the property which shelter the house. BeachOne of the most special and truly unique features of Tuath Na Mara is direct access to a sandy beach. The beach is complete with inlet caves and coastal rock features. It includes about 180 metres of water frontage.For a full listing and numerous pictures of this amazing property see https://www.dngbg.ie/agent/29784/property/671353/Tuath-Na-Mara-Doaghbeg-Fanad-F92E640-Fanad-DonegalSimply glass! Amazing Fanad house put on the market was last modified: August 5th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:DNG Boyce GallagherdonegalFanadfor saleTuath na Maralast_img read more