#536: The Secret Recordings of Carmen Segarra by This American Life: "The Secret Recordings of Carmen Segarra--An unprecedented look inside one of the most powerful, secretive institutions in the country. The NY Federal Reserve is supposed to monitor big banks and prevent another financial crisis. But when Carmen Segarra was hired, what she witnessed inside the Fed was so alarming that she bought a tiny recorder, and started secretly taping."
Regulatory Capture:
Regulatory capture - Wikipedia: "Regulatory capture is a form of political corruption that occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or special concerns of interest groups that dominate the industry or sector it is charged with regulating. Regulatory capture is a form of government failure; it creates an opening for firms to behave in ways injurious to the public (e.g., producing negative externalities). The agencies are called "captured agencies"."
Regulatory Capture Definition | Investopedia: "Regulatory capture is a theory associated with George Stigler, a Nobel laureate economist. It is the process by which regulatory agencies eventually come to be dominated by the very industries they were charged with regulating. Regulatory capture happens when a regulatory agency, formed to act in the public's interest, eventually acts in ways that benefit the industry it is supposed to be regulating, rather than the public."
See also:
The Secret Goldman Sachs Tapes - Bloomberg View by Michael Lewis
The Secret Recordings of Carmen Segarra | This American Life
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