New York Fed Chairman Steps Down

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New York Fed Chairman Steps Down

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 palomin, May 8, 2009 at 6:33 am Link to this comment
(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, 2009 at 4:02 am Link to this comment

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 7, 2009 at 11:27 pm Link to this comment
(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 7, 2009 at 9:54 pm Link to this comment

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 PatrickHenry, May 7, 2009 at 5:23 pm Link to this comment

Now appoint a Muslim/Arab to replace him.

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

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