Segarra later also revealed that Goldman Sachs did not fulfil their obligation to check that the Federal Reserve had no objection to the terms.

http://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-91

Segarra later also revealed that Goldman Sachs did not fulfil their obligation to check that the Federal Reserve had no objection to the terms under which they held shares belonging to Spanish Santander Bank in a transaction described as "legal but shady". The Federal Reserve was criticised for ineffectual behaviour as a government agency, being expected to hold to account an organisation, but instead making only minor criticism and taking no action on being presented with disturbing or threatening information.