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Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ
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Regulatory Capture Firsthand

05 October 2014 | Pago Pago, American Samoa
Kimball Corson
The NY Fed Doth Protest Too Much

On its own, sort of, Goldman Sachs changed its policy to address a conflicts of interest problem that Carmen Segarra raised. Now, instead of needing approval before GS employees and partners can invest in individual stocks, they are altogether prohibited.

The change came on the same day that a former Federal Reserve Bank of New York examiner’s recordings of her ex-colleagues’ dealings with Goldman Sachs were featured in reports by public radio and ProPublica. The former examiner, Carmen Segarra, sued the New York Fed last year, alleging that she was fired in 2012 because she refused to change her finding that Goldman Sachs did not have a conflict-of-interest policy. Her case was dismissed in April and she’s appealing.

The radio program “This American Life” released a transcript of a broadcast that includes excerpts of conversations it said were secretly recorded by Segarra. In the transcript, Segarra described how she felt that her Fed colleagues handled Goldman Sachs with kid gloves.

“What I was sort of seeing and experiencing was this level of deference to the banks, this level of fear,” she said, in the face of the fact the NY Fed was supposed to be regulating those banks.

The New York Fed said it “categorically rejects” Segarra’s allegations. Uh Hum.
Comments
Vessel Name: Altaira
Vessel Make/Model: A Fair Weather Mariner 39 is a fast (PHRF 132), heavily ballasted (43%), high-aspect (6:1), stiff, comfortable, offshore performance cruiser by Bob Perry that goes to wind well (30 deg w/ good headway) and is also good up and down the Beaufort scale.
Hailing Port: Lake Pleasant, AZ
Crew: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
About:
Kimball Corson: I am a 75 year old solo sailor, by choice. However, I did take on a personable, but high maintenance female kitten, now a full grown cat, named KiKiPoo when she is sweet, or KatKatPo after she has just killed something like a bird or bat. [...]
Extra:
Although I was a lawyer and practiced law with good success for thirty years, creating significant new law, I never really believed in the law, the politics of law or in the over reaching self-interest of most lawyers I met. Too much exposure to Nietzsche and other good and seriously thoughtful [...]
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Profile

Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ