Secret recordings made by New York Fed examiner Carmen Segarra offer an intimate study of the New York Fed's culture as it attempted to become a more forceful financial supervisor. The recordings, Segarra says, reveal the Fed had become too risk-averse and deferential to the banks it supervised. The recordings back up the image of Fed culture detailed in a 2009 Fed report which describes extensive regulatory capture, documenting lengthy meetings and discussions of systemic risk that rarely resulted in supervisory action. Segarra was fired form the New York Fed in 2012 after, she claims, superiors retaliated against her for refusing to back down from a negative finding about Goldman Sachs' weak conflict of interest policy.