Remember kids, "Goldman Sucks and you swallow."
The Federal Reserve Bank of New York said late Thursday that Stephen Friedman, chairman of the New York Fed, resigned effective immediately. Denis Hughes, deputy chair of the board, will exercise the powers and duties of the chair. On Monday, The Wall Street Journal reported that Friedman had come under scrutiny because of his large holdings of Goldman Sachs Group at the time that firm received a quick approval of federal funds.
Of course and not surprisingly, Goldman came out clean in government stress tests released today. My question now is when are we going to kick things up a notch and start a full-blown investigation into the Goldman/NY Fed connection?
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