Mike Silva, the NY Fed's senior supervisory officer for Goldman Sachs, is having trouble with Carmen Segarra, a recently hired bank examiner who reports to Silva. The two disagree about whether Goldman Sachs has a viable overall conflict-of-interest policy; Silva says "yes," and Segarra says "no." Segarra's communication style?aggressive and frank?has irritated both Silva and others in their department, although an independent report had been critical of the NY Fed for being too cozy with the banking institutions it regulated. The tension between Silva and Segarra has reached a breaking point, and Silva must decide how to handle Segarra and whether to fire her. A teaching note for qualified faculty members accompanies this case and details how it is taught in Darden's ethics and leading organizations courses.