Ira introduces Carmen Segarra, a bank examiner for the Federal Reserve in New York who, in 2012, started secretly recording as she and her colleagues went about regulating one of the most powerful financial institutions in the country. This was during a time when the New York Fed was trying to become a stronger regulator, so that it wouldn't fail to miss another financial crisis like it did with the meltdown in 2008.
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ProPublica's Jake Bernstein tells the story of Carmen's first months at the New York Fed, and how she came to start recording.
We hear what the New York Fed and Goldman Sachs say about all this. We hear a New York Fed supervisor tell Carmen Segarra how an examiner should talk and act to be successful at the Fed.
Host Ira Glass talks to business professor Pino Audia and Fast Company magazine columnist Dan Heath about corporate creation myths, and why so many of them involve garages.
Producer Sean Cole heads to Toronto to see if it was true what he heard: that lots and lots of the bartenders who used to serve him drinks there were on coke at the time. Then Sean takes Ira through a catalogue of the various professions in which people tend to get high.
Producer Ben Calhoun tells Ira about a secret move his friend uses all the time — the "good guy discount" — that gets Ben's friend money off all sorts of items when he's shopping.
Ben tries the good guy discount, to see if he can pull it off, as Ira tags along.