Posted on 05/08/2009 1:18:46 AM PDT by Fred
Wow, that has to be a record for shortest tenure ever at the NY Fed.
His resignation letter (below), is as Dealbook notes, rather disingenuous:
Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat. Denis M. Hughes, deputy chair of the board, will take over as the interim chairman, the New York Fed said in a statement. (Read Mr. Friedman’s letter after the jump.)
Because the New York Fed approved a request by Goldman to become a bank holding company, the chairman’s involvement in Goldman was a violation of Fed policy, The Wall Street Journal said in an article earlier this week.
(Excerpt) Read more at ritholtz.com ...
conflict of interest. He was engaging in inside trading and made off with millions
Would someone please check his office to see if, by some remote possibility, he left my wife’s retirement money behind?
Someone better pull his passport...
“the New York Fed”
come on blogger. If this is “the big picture”, wouldn’t “the New York Fed company” be enlightening?
Nice pattern Bambi. Dead or obsolete.
It’s nice to be King.
All hail Goldman,
all hail the New York Fed!
We who are debt serfs
Thank thee for the Sun
That shines,
And the Rains
That Water!
Is Anyone Minding the Store at the Federal Reserve?
http://www.youtube.com/watch?v=PXlxBeAvsB8
Rep. Alan Grayson (D-FL) asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.
She looks confident nobody important minds the way she answered the question.
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