Due to the release of investigator Carmen Segarra’s tapes showing the regulators of Goldman Sachs participating in a culture of deference, the practices and ethics of Wall Street are once again showing it’s dark side. Regulators were found to be afraid of provoking the financial institutions and therefore lenient towards the investment banks shady practices.  For example, despite concerns raised by the New York Fed team in regards to Goldman Sachs’ deal with Spanish bank Banco Santander, Segarra’s, tapes revealed that the regulators did not want to press the banks and have their inquisitions seen as criticisms. According to Senator Elizabeth Warren, when regulators put protecting banks from accountability ahead of protecting citizens from risky and illegal behaviours, the entire economy becomes extremely vulnerable. We certainly don’t need a rendition of the 2008 stock market crash.

After reading Elaine Nguyen’s blog on The Wolf on Wall Street and watching the movie myself, I can see why Wall Street doesn’t always like to play fair. As Elaine stated in her blog, sometimes there isn’t a clear difference between ethical and unethical practices, especially when such large sums of money are involved.  However,  with such a large impact on the economy, Wall Street bankers and government regulators should work together to ensure the health of our economy and the financial well being of the economy