Thursday, May 7, 2009

Wow: NY Fed Chairman Friedman Resigns

Stephen Friedman, a director and former CEO of Goldman Sachs, has resigned as chairman of the New York Federal Reserve's board of directors. He didn't get caught with his hand in the cookie jar, but he did get caught eating the cookies.

While everyone was panicking about bank stocks, he was buying Goldman stock. Profits to date, in the millions. Was he just shrewd about the markets, or Goldman shrewd?

The possibility of being Goldman shrewd, i.e., in this case, knowing or aiding in the AIG bailout which shoveled billions to Goldman--while he was buying stock in Goldman, is what is forcing his resignation.

Friedman should have put his money like Hank Paulson in a nudge, wink, Blind trust, then he could have bought the sh**t out of Goldman without any heat.

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