New York Fed Chairman, With Ties to Goldman, Resigns

The chairman of the Federal Reserve Bank of New York, Stephen J. Friedman, abruptly resigned on Thursday, days after a newspaper article raised questions about his ties to his former employer, Goldman Sachs.

The New York Fed had 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 reported in an article this week.

The New York Fed had asked for a waiver, which, after about two and a half months, the Fed granted, the newspaper said. During that time, Mr. Friedman bought 37,300 more Goldman shares, which have since risen $1.7 million in value.


~ by The Paranoid Gamer on May 10, 2009.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: