They will operate in the dark as long as we let them.
There are huge financial incentives at the New York Federal Reserve to go along, get along, and keep your mouth shut about fraud. Or more succinctly put, FUMU – “f**k up, move up.”
By Pam Martens and cross-posted from Wall Street on Parade
The underlying theme that Wall Street’s Federal regulators have become whores for the industry permeates most of the well-researched books that have been written about Wall Street over the past decade. But no book has connected the dots to the nuances and subtleties of how this whoring works as effectively as Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street.
Written by Carmen Segarra, the petite lawyer turned bank examiner turned whistleblower turned one-woman swat team, the 340-page tome takes the reader along on her gut-wrenching workdays for an entire seven months inside one of the most powerful and corrupted watchdogs of the powerful and…
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