Conflict of Interest at GS and NY Fed is OK....providing you arent caught out!

Discussion in 'Wall St. News' started by Trendytrader, May 7, 2009.

  1. That frigging asshole Friedman should be frigging fined for a blatant conflict of interest.

    My company has zero tolerance for this type of BS. Code of conduct violation is immediate dismissal no f'ing resignation BS. YOU ARE SACKED...FIRED!!!

    New York Federal Reserve’s Friedman Resigns Post Immediately
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    By Scott Lanman

    May 7 (Bloomberg) -- Stephen Friedman, chairman of the New York Federal Reserve Bank’s board of directors, resigned from his position effective immediately to avoid the appearance of a conflict of interest.

    Friedman, a retired chairman and current member of Goldman Sachs Group Inc.’s board, had been granted a waiver to keep serving after Goldman Sachs became a bank holding company in September, a change that would have normally barred Friedman from serving as a director appointed to represent the public. Last month, he planned to depart at the end of the year.

    “Although I have been in compliance with the rules, my public service-motivated continuation on the Reserve Bank Board is being mischaracterized as improper,” Friedman said in a letter to Fed officials, posted on the New York Fed’s Web site. “The Federal Reserve System has important work to do and does not need this distraction.”

    Denis Hughes, the board’s deputy chair, will take over the chairman’s duties, the New York Fed said in a statement. Friedman led the search committee for the bank’s new president after Timothy Geithner’s departure to become Treasury Secretary. The New York Fed appointed William Dudley, a former Goldman economist, as president in January.

    Thomas Baxter, general counsel of the New York Fed, said in the Fed’s statement that regarding Friedman’s purchases of Goldman shares in December and January, “it is my view that these purchases did not violate any Federal Reserve statute, rule or policy.”

    The New York Fed posted the announcement on its Web site today.
  2. Paulson and others have blown their cover. Many a jaundiced eyeball now lurks.