Michael Lewis: “The Ray Rice video for the financial sector has arrived.”

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Goldman Sachs Tower, NYC. Photo by Ludovic Bertron via creative commons.

Our financial regulatory system is obviously dysfunctional. But because the subject is so tedious, and the details so complicated, the public doesnt pay it much attention.

That may very well change today, for today — Friday, Sept. 26 — the radio program “This American Life” will air a jaw-dropping story about Wall Street regulation, and the public will have no trouble at all understanding it.

The reporter, Jake Bernstein, has obtained 47½ hours of tape recordings, made secretly by a Federal Reserve employee, of conversations within the Fed, and between the Fed and Goldman Sachs. The Ray Rice video for the financial sector has arrived.

From The Secret Goldman Sachs Tapes – Bloomberg View.

Photo by Ludovic Bertron via Flickr, creative commons license. 

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