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 Reserveâs Friedman Resigns Post Immediately Share | Email | Print | A A A By Scott Lanman May 7 (Bloomberg) -- Stephen Friedman, chairman of the New York Federal Reserve Bankâs 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.âs 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. âAlthough I have been in compliance with the rules, my public service-motivated continuation on the Reserve Bank Board is being mischaracterized as improper,â Friedman said in a letter to Fed officials, posted on the New York Fedâs Web site. âThe Federal Reserve System has important work to do and does not need this distraction.â Denis Hughes, the boardâs deputy chair, will take over the chairmanâs duties, the New York Fed said in a statement. Friedman led the search committee for the bankâs new president after Timothy Geithnerâs 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 Fedâs statement that regarding Friedmanâs purchases of Goldman shares in December and January, âit is my view that these purchases did not violate any Federal Reserve statute, rule or policy.â The New York Fed posted the announcement on its Web site today.