New York Fed Chairman Steps Down
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.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.
AS CHAOS UNFOLDS, FIND SOLID GROUND…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.
In this time of unprecedented challenges, independent journalism is more vital than ever. At Truthdig, we expose what power wants hidden and give you the clarity to make sense of it all.
Your donation helps ensure that truth telling continues.
Editorial Cartoons
Editorial Cartoons
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.