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Ear to the Ground

New York Fed Chairman Steps Down

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Posted on May 7, 2009

Although he went down insisting that his relationship to Goldman Sachs had been “mischaracterized,” New York Federal Reserve Chairman Stephen Friedman resigned on Thursday after The Wall Street Journal, with a boost from Truthdig, brought up the issue of a potential conflict of interest earlier this week.

USA Today:

In a letter to Fed officials, Friedman said, “Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper. The Federal Reserve System has important work to do and does not need this distraction.”

Earlier this week, The Wall Street Journal raised questions about the influence of Goldman Sachs, whose board Friedman sat on, in shaping Washington’s response to the financial crisis.

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By foggyjones, May 8 at 11:49 am #

FRIDAY   1043 AM/CST   DFW


REF: EXPAT IN GERMANY

So long as the subject is the economic meltdown regard corrupt investment banksters and hedgefund traitors, you just cannot ignore the cast of characters in The Crime of the Century. From Greenspan to the Boys at Goldman Sachs, this ethic identity will pop to the surface and make more headlines, everyday.

Report this

By palomin, May 8 at 9:33 am #
(Unregistered commenter)

The Fed is an anti-American criminal corporation serving its own bottom line.  What’s this nonsense about “public service”?

Interlocking boards of directors for the international bankster crime syndicate?  Now that’s a surprise.

Obama, millionaire, and his cabinet of millionaires got that way by sucking off billionaires.  It worked for them, of course they’ll keep at it.

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By PatrickHenry, May 8 at 7:02 am #

By foggyjones, May 7 at 10:12 pm #

I would like a more pluristic society where all races and ethnicities have to work together than be controlled and dictated by one, which is where we are now.

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By expat in germany, May 8 at 2:27 am #
(Unregistered commenter)

Is it possible to read the comments for any Truthdig article without seeing the word “Jew” appear?!

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By Outraged, May 8 at 12:54 am #

Article quote: “The New York Federal Reserve Bank says Denis Hughes, deputy chairman, “will exercise the powers and duties of the chair.”

So who is Denis Hughes…?  According to MSNBC:

“Denis Hughes, the deputy chair of the New York Fed’s board and president of the New York State AFL-CIO, will now be the acting chair, the New York Fed said.”

And: “With Friedman’s resignation, the New York Fed’s board now has three vacancies. Indra Nooyi, chairman and CEO of PepsiCo, is no longer on the board and former Lehman Brothers chief executive Dick Fuld left in September.

It is rare to have more than one vacancy at any given time.”

http://www.msnbc.msn.com/id/30629814/

This certainly appears to be good news and a step in the right direction.

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By foggyjones, May 7 at 10:47 pm #

FRIDAY     941 PM/CST DFW

REF: PATRICK HENRY

Friedman may have considered the fate of Freddie Mac’s CFO, Kellerman, and grew more and more antsy. It must have been nerve-wracking just hanging around and waiting for the other shoe to fall.

Or, maybe, he just saw the proverbial writing on the wall. This house of cards will collapse on itself. Then, and only then, will Obama’s promise be fulfilled - change you can believe in.

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By foggyjones, May 7 at 10:12 pm #

FRIDAY   852 PM/CST   DFW

REF: PATRICK HENRY

Yes, indeed. That would be change that millions could believe in. Friedman, Ruben, Summers, Geithner, Greenspan, Greenberg, ad infinitum. I believe when Clinton and Rubin were in the White House every top position belong to The Tribe. It just looks bad when the banks lay down bad bets and end up replacing it with bailouts, as they are doing now and did after the S&L debachle. But it is not about Jews, per se. It is about the banking cabal. That takes more space to explain that on this site.

But the fuzzy picture of what has been going on all these decades is coming into focus for the ordinary people, the common man and woman. It is about fleecing naive sheeple. Until this presidential election, the naive sheeple still had some trust in mainstream media. Never again. The underground struggle for wealth and power has such a long history and the ability to control education and public information is only secondary to control of the central banking system. It is not about religion, blood or genetics. The “enlightened few” can be trusted to do anything necessary to protect the gold and the keep their power, like the dragon in “Lord of the Rings.” Ordinary people cannot even imagine such things. J.R.R. Tolkien knew. Just as George Orwell guessed where it was all headed. What was once perceived as far-fetched fantasy and science fiction and entertainment, is not far-fetched anymore. Is it?

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By PatrickHenry, May 7 at 8:23 pm #

Now appoint a Muslim/Arab to replace him.

Let’s see how a non-jew fares in that position.

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