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Monday, September 29, 2014

If You're Upset About Big Banks, You Have to Listen to This Podcast

Monday, September 29, 2014 Posted by Unknown No comments
For anyone that's ever been furious over the financial meltdown in 2008 and you've wondered why Big Banks never seem to get punished, This American Life's most recent podcast discusses the massive conflict of interest that exists between the Fed and large banks. Specifically, Ira Glass listens to and provides commentary on the the secret recordings of Carmen Segarra, an employee at the Fed who recorded her private meetings with her clients and bosses after realizing that corruption was running rampant.

This particular conversation between Carmen and her boss, Johnathan Kim, almost made me lose it:

Johnathan Kim: I think the message has come back to me saying that you really need to make these changes quickly in order for you to be--

Carmen Segarra: Not fired?

Johnathan Kim: --successful as part of the team.

Carmen Segarra: Not fired, basically.

Johnathan Kim: Well, I don't even want to get there, because-- and here's why.

Carmen Segarra: Well, I think that it would be unfair to fire me when I am, at the end of the day, doing a good job.

Johnathan Kim: Well, there's-- look. I'm here to change sort of the definition of what a good job is, right? Couple of things that could--

Carmen Segarra: I can see it a mile away.

Johnathan Kim: OK. Couple of things that I would suggest-- have a sense of humility, because a lot of the things that you say-- and this is the way you're coming across, right? I think I know you well enough that that's not what you're saying, but if I were to be a new person, I would say, Carmen, you're very arrogant"

The entire podcast is pure gold, and if you've ever been upset at the big banks and you have an hour to spare, you have to give this a listen: