I sincerely hope the New York Fed doesn't think this one is just going to be allowed to be swept under the rug. They may have gotten away with treason and economic terrorism up to this point but I can't imagine America is much in the mood for a continued financial beating at the hands of the boys in New York. Whoopsie, should have really been more careful with those conflicts of interest!
Via Slate, further proof that the NY Fed may be forced to expose itself once and for all:
The kerfuffle about current New York Federal Reserve Bank Chairman Stephen Friedman's purchase of some Goldman stock while the Fed was involved in reviewing major decisions about Goldman's future—well-covered by the Wall Street Journal here and here—raises a fundamental question about Wall Street's corruption. Just as the millions in AIG bonuses obscured the much more significant issue of the $70 billion-plus in conduit payments authorized by the N.Y. Fed to AIG's counterparties, the small issue of Friedman's stock purchase raises very serious issues about the competence and composition of the Federal Reserve of New York, which is the most powerful financial institution most Americans know nothing about.
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