Update: Congressional Reaction, Goldman Changes Conflicts Policy — ProPublica

Update: Congressional Reaction, Goldman Changes Conflicts Policy

Sept. 27, 2014, 11:45 a.m. EDT

Here are developments following our report about the New York Fed and Carmen Segarra’s secret recordings:

Sens. Elizabeth Warren, D-Mass., and Sherrod Brown, D-Ohio, called for Senate hearings to explore whether the New York Fed is too deferential to banks it supervises, according to reports in The Hill and Reuters.
Goldman Sachs is reportedly changing its conflict of interest policy to ban employees from trading in individual stocks or bonds in certain situations, according to Bloomberg and BuzzFeed. As we reported with This American Life (transcript), Segarra had been tasked at the New York Fed to investigate Goldman’s policies in 2011. At the time, Goldman faced conflict of interest accusations in a shareholder lawsuit over Kinder Morgan’s acquisition of the energy company El Paso. Goldman was advising both companies and held a large stake in El Paso. A Goldman banker who worked on the deal advising El Paso had a $340,000 personal stake in Kinder Morgan. The case settled, but a judge called Goldman’s handling of the conflict “inadequate.”
For more coverage, see ProPublica’s previous reporting on Segarra, the El Paso-Morgan deal and Goldman’s conflict of interest policies and predicaments.

Follow ProPublica

Most Read

Latest Stories from ProPublica

What to Expect From ProPublica in a Second Trump Administration

El sheriff fronterizo pro armas y provida que perdió la lealtad de sus vecinos por ser tachado de “blando” con la inmigración

What ProPublica Reporters Will Be Watching on Election Day

How ProPublica Has Covered Abortion Bans, Immigration and More Issues at Stake in the 2024 Election

Republish This Story for Free

Creative Commons License (CC BY-NC-ND 3.0)

Thank you for your interest in republishing this story. You are are free to republish it so long as you do the following:

You have to credit ProPublica and any co-reporting partners. In the byline, we prefer “Author Name, Publication(s).” At the top of the text of your story, include a line that reads: “This story was originally published by ProPublica.” You must link the word “ProPublica” to the original URL of the story.
If you’re republishing online, you must link to the URL of this story on propublica.org, include all of the links from our story, including our newsletter sign up language and link, and use our PixelPing tag.
If you use canonical metadata, please use the ProPublica URL. For more information about canonical metadata, refer to this Google SEO link.
You can’t edit our material, except to reflect relative changes in time, location and editorial style. (For example, “yesterday” can be changed to “last week,” and “Portland, Ore.” to “Portland” or “here.”)
You cannot republish our photographs or illustrations without specific permission. Please contact [email protected].
It’s okay to put our stories on pages with ads, but not ads specifically sold against our stories. You can’t state or imply that donations to your organization support ProPublica’s work.
You can’t sell our material separately or syndicate it. This includes publishing or syndicating our work on platforms or apps such as Apple News, Google News, etc.
You can’t republish our material wholesale, or automatically; you need to select stories to be republished individually. (To inquire about syndication or licensing opportunities, contact [email protected].)
You can’t use our work to populate a website designed to improve rankings on search engines or solely to gain revenue from network-based advertisements.
We do not generally permit translation of our stories into another language.
Any website our stories appear on must include a prominent and effective way to contact you.
If you share republished stories on social media, we’d appreciate being tagged in your posts. We have official accounts for ProPublica on Twitter, Facebook and Instagram.

Copy and paste the following into your page to republish:

Current site Current page