Secret Fed Tapes Recorded Goldman’s Capital Game


By Matt Levine – Do read/listen to the story though! It’s fascinating …

… wait. Is that not how it’s supposed to go?

One conclusion you might draw from the tapes is that the regulators and the banks had a very different conception of what social practice they were engaged in.

Goldman was helping Santander play a game against its regulators, while the New York Fed just wanted to be friends with Goldman and not make too much trouble.

It certainly makes it easier to win a game if the other side doesn’t know it’s playing. more> http://tinyurl.com/lq9l238

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