Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street by Carmen Segarra

Author:Carmen Segarra [SEGARRA, CARMEN]
Language: eng
Format: epub
Tags: True Crime, White Collar Crime, Business & Economics, Industries, Financial Services, Business Ethics
ISBN: 9781568588452
Google: yfdUswEACAAJ
Publisher: PublicAffairs
Published: 2018-10-16T16:05:17.587839+00:00

BACK AT THE NEW YORK FED on Monday I met with Connor in his office. I communicated to him directly the pushback I was experiencing from Silva’s team and asked him to intervene before the tensions surrounding the upcoming production of the annual report and ratings boiled over. I discussed the challenges Johnathon and I were facing due to the lack of clarity with respect to the new structure and the fact that four of the relationship managers—Koh, Mila, Donna, and Lily—were holdovers from the previous structure and had refused to transition the entire legal and compliance work portfolio.

Connor replied that he had been head of legal and compliance risk for six months and had spent the first month working on the document that captured how the ratings were going to be produced. Simply put, the two-page document made it clear that our risk team takes the lead in assigning the rating. Thus, he thought this issue had been resolved a long time ago. I then brought him up to speed on Koh’s meeting on the annual report ratings process, where it was obvious they were extremely anxious about not having control of the ratings and were looking to take over the process.

Connor then asked me if I thought that part of the issue had to do with the holdover employees from the previous structure not coming from the same type of professional background Johnathon and I came from. I said that was definitely part of the problem, but it was not the whole problem. A bigger issue was that although Johnathon was very good at pointing out the challenges, he had failed to escalate, leaving me to do the clean-up job.

I then told him that Mila and Donna were holding meetings with Goldman and not including me and that Esther had asked me to redact the meeting minutes. I also recounted how Mila, Donna, and Lily had been gaslighting me and blocking me from following up on issues. Connor silently took the information in but limited himself to saying that Johnathon should be the one telling me what to do.

I made it clear that there was a lot of anxiety and frustration among Silva’s team about not having a say in the ratings. They were pressuring the risk stripes, and this was making my life extremely difficult. Connor silently took it all in. I then relayed that Koh had made it clear that they wanted to have control over what happens and how the ratings are done. Connor avoided giving me a straight answer and instead summarized the responsibilities of the SSO team and the risk stripes—again.

Finally, he said that in my case it sounded like the fact that “some of the business-line specialists still feel ownership for portions of the year” before Connor and Johnathon had come in midyear was complicating the situation. “They still feel ownership for the mortgage foreclosure,” by which he meant Litton. And it “sounds like it may also be complicated by the fact

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