Ah ha. It's all starting to make sense now. Goldman Sachs gets an easy go of it courtesy of conflicts of interest such as this. While the former chair may have been *legally* in his rights, this purchase makes it easier for everyone else to see how rotten to the core this Federal Reserve system really is. It's a system of banking elite watching over themselves so of course they would allow such an obvious conflict.
If the livelihood and retirement of so many Americans wasn't impacted it would be easy to ignore this but that's not the case. The stock market of 2009 serves a much bigger purpose than it did a few decades ago so we all ought to have a say in how it operates. The system no longer works so it's time to take out the garbage and clean it up. That's what we voted for in 2008. Reuters:
Stephen Friedman, chairman of the New York Federal Reserve Bank's board of directors, resigned on Thursday amid questions about his purchases of stock in his former firm, Goldman Sachs.Friedman gained around $3 million in only a few months. Public service my arse.
Friedman, a retired chairman of Goldman Sachs who has led the New York Fed's board since January 2008, said he quit to prevent criticism about his stock buying from becoming a distraction as the Fed battles a severe U.S. recession.
"Although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper," he said in a letter of resignation to New York Fed President William Dudley.
