This and other conclusions were reached by a not-so-top-secret report commissioned by his successor at the New York Fed. Other conclusions: the regulator could stand to start speaking up, having useful ideas, not being afraid of Goldman Sachs.

Mr. Beim's report called on the New York Fed to demand that its regulatory staffers maintain a "more distanced, high-level and skeptical view" of how the banks they oversee make money….

New York Fed President William Dudley asked Mr. Beim to investigate his institution to help determine why it had failed to see the 2008 financial crisis coming and how it should change to help prevent another, according to ProPublica.

Internal Review Was Critical of New York Fed’s Culture [WSJ]