For Carmen Segarra, the failure of regulators to regulate is personal. She came to work for the Federal Reserve Bank of New York after time spent in private banking, tasked with keeping an eye on Wall Street. She became a whistleblower, citing “a web of incompetence, corruption, rampant mismanagement, secrets and lies” inside her institution. No one should be startled by her revelations of the New York Fed’s cozy relations with Goldman Sachs. However, after being fired for challenging her bosses, she sued, setting out the surprising case that the New York Fed actually works against the Federal Reserve Board in the interest of its Wall Street friends. The reader of Noncompliant must swim against a sea of quotidian detail from her personal life (a film deal in the works?), but the core of her story is a disturbing look at power without conscience.
