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May 7, 2009

NY Fed Chair Friedman Resigns, Effective Immediately

As we reported here Monday, New York Fed Chairman Stephen Friedman will not be stepping down later this year as originally announced. Just in time for the stress test results, Friedman announced that he will be vacating his position at the New York Fed effective immediately.

Remember kids, "Goldman Sucks and you swallow."

Via MarketWatch:

The Federal Reserve Bank of New York said late Thursday that Stephen Friedman, chairman of the New York Fed, resigned effective immediately. Denis Hughes, deputy chair of the board, will exercise the powers and duties of the chair. On Monday, The Wall Street Journal reported that Friedman had come under scrutiny because of his large holdings of Goldman Sachs Group at the time that firm received a quick approval of federal funds.

Of course and not surprisingly, Goldman came out clean in government stress tests released today. My question now is when are we going to kick things up a notch and start a full-blown investigation into the Goldman/NY Fed connection?

Read the full article - click here.
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Posted by Larry Rubinoff at 6:27 PM

2 comments:

  1. AnonymousMay 8, 2009 at 2:51 AM

    Eliot Spitzer has a recent column about the NY Fed:

    http://www.slate.com/id/2217811/

    If anyone, I'd bet Spitzer would be willing to go after Goldman.

    ReplyDelete
  2. Frank HopeMay 11, 2009 at 7:34 PM

    I've written a post on Goldman Sachs and the fall of Bear Stearns called "How Goldman Sachs whacked Bear Stearns". It talks about the new book by WSJ reporter Kate Kelly titled "Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street". I thought your readers might be interested in the topic. Plus I think it is a fun and informative article :)

    It would be nice if someone on your staff could actually post the article on your website. Otherwise hopefully, people will find it through this comment. Great website by the way! I did an earlier article promoting your site titled "Goldmansachs666: What the devil is Goldman Sachs up to?", so I've been a fan from the beginning.

    ReplyDelete

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