I saw this recent article on Stephen Friedman, the chairman of the Federal Reserve Bank of New York, quitting. It turns out that Stephen Friedman was also on the board at Goldman Sachs and had a large holding with the company. The Wall Street Journal contends that:
"The Federal Reserve Bank of New York shaped Washington's response to the financial crisis late last year, which buoyed Goldman Sachs Group Inc. and other Wall Street firms. Goldman received speedy approval to become a bank holding company in September and a $10 billion capital injection soon after."
Of course, Friedman says that his actions were "mischaracterized as improper." Sure, Mr. Friedman, we believe you. Thank you for your service.
