The NY Fed announced today that Stephen Friedman, chairman of the board of directors of the New York Federal Reserve resigned effective immediately, amid questions about his purchases of stock in his former firm, Goldman Sachs (GS).
From NY Fed: Thomas C. Baxter, Jr., New York Fed’s executive vice president and general counsel, said: “With respect to Steve’s purchases of Goldman shares in December of 2008 and January of 2009, which have been the object of some attention lately, it is my view that these purchases did not violate any Federal Reserve statute, rule or policy.”……..Awesome spin there Baxter.
Denis Hughes, the board’s deputy chair, will take over Friedman’s duties.
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