Surprisingly, the biggest obstacle in overseeing the nation's biggest financial institutions was the Fed's own culture.

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

David Beim

In 2009, fresh off the financial crisis, a Columbia University finance professor named David Beim was tapped by the New York Fed President William Dudley to conduct a confidential investigation. This was meant to be an internal document and allowed unlimited access. Surprisingly, the biggest obstacle in overseeing the nation's biggest financial institutions was the Fed's own culture.