The Courageous Whistleblower Against Goldman Sachs Publishes Her Book
Book Report Blog
Courage comes in all sizes and genders. "Non-Compliant" is another David and Goliath story, with David being the small-framed female lawyer of Puerto Rican ancestry, taking on the investment banking Goliath, Goldman Sachs.
In 2013, former bank examiner Carmen Segarra vaulted into public consciousness when she filed a wrongful termination lawsuit alleging that the Federal Reserve Bank of New York fired her after she refused to go soft on investment banking behemoth Goldman Sachs.
Segarra's career path seemed to make her a perfect fit. Segarra, 41, was born in Indiana, raised mostly in Puerto Rico and graduated from Harvard. Her father, a doctor, encouraged a life-long love of learning. She is a polyglot, fluent in Spanish and French, conversant in German and Italian. Even in the midst of preparing her lawsuit, she continued with classes in Dutch.
After getting a master's degree in French cultural studies at Columbia's campus in Paris, she went on to law school at Cornell. She then spent 13 years working at different financial firms, including Citigroup and Société Générale. Outside of the office, she held leadership positions in the Hispanic National Bar Association. Hired by the Fed as a legal and compliance specialist, she was told to pay particular attention to how Goldman was complying with the Fed's requirements on conflicts of interest.
Segarra shares excerpts from her book on C-SPAN's Book TV. She says she was fired after she found that Goldman lacked an adequate company-wide policy to manage conflicts of interest — and after her superiors urged her to change this finding and she refused. The Fed has denied any wrongdoing in the case, as has Goldman, which is not a defendant in Segarra’s lawsuit.
In 2015, Sarah Dahlgren, the head of bank supervision at The Federal Reserve Bank of New York resigned from her position.
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