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New York Fed chairman quits over Goldman Sachs ties

 
paladin
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05/07/2009 09:46 PM
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New York Fed chairman quits over Goldman Sachs ties
New York Fed chairman quits over Goldman Sachs ties


Stephen Friedman, chairman of the board of the Federal Reserve Bank of New York, resigned Thursday over questions about his ties to Goldman Sachs.
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, on whose board Friedman sits, in shaping Washington's response to the financial crisis.

"The Federal Reserve Bank of New York shaped Washington's response to the financial crisis late last year, which buoyed Goldman Sachs Group Inc. and other Wall Street firms. Goldman received speedy approval to become a bank holding company in September and a $10 billion capital injection soon after," the Journal storysaid..

"During that time, the New York Fed's chairman, Stephen Friedman, sat on Goldman's board and had a large holding in Goldman stock, which because of Goldman's new status as a bank holding company was a violation of Federal Reserve policy."

FIND MORE STORIES IN: Washington | New York | Wall Street | Goldman Sachs | Federal Reserve System | Timothy F. Geithner | Stephen Friedman
The New York Fed's executive vice president and general counsel, Thomas Baxter, says Friedman's purchases of Goldman Sachs stock in December 2008 and January 2009 "did not violate any Federal Reserve statute, rule or policy."

The New York Fed chair is influential, and the president of the New York Fed is a permanent member of the Federal Reserve's policymaking Open Market Committee. It meets eight times a year to decide the direction of interest rates and money supply. Goldman Sachs alum William Dudley holds the job.

The announcement came from the New York Fed on Thursday evening, shortly after the Federal Reserve in Washington released results of stress tests on 19 of the largest bank holding companies.

Goldman was among the 19, but the report says it does not need to raise its capital cushion.

With Friedman's departure, the New York Federal Reserve Bank says Denis Hughes, deputy chairman, "will exercise the powers and duties of the chair."

Contributing: The Associated Press

[link to www.usatoday.com]
Anonymous Coward
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05/07/2009 09:49 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Its pretty evident that goldman sachs is the head of the snake of the banksters in the usa.
paladin  (OP)

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05/07/2009 09:51 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
do you all know how huge this is???
paladin  (OP)

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05/07/2009 09:55 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Posted by Karl Denninger
About damn time.

[link to market-ticker.denninger.net]
Anonymous Coward
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05/07/2009 09:55 PM
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Re: New York Fed chairman quits over Goldman Sachs ties

HUGE!
Anonymous Coward
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05/07/2009 09:56 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
wtf
Anonymous Coward
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05/07/2009 09:56 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
do you all know how huge this is???
 Quoting: paladin



VERY!

sfan IT'S TIME!
Anonymous Coward
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05/07/2009 09:56 PM
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Re: New York Fed chairman quits over Goldman Sachs ties

HUGE!
 Quoting: Anonymous Coward 674316


why so. Just a short answer is all.
Anonymous Coward
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05/07/2009 09:58 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
do you all know how huge this is???
 Quoting: paladin


No, I'm ignorant on financial news.

Could you explain to me why this is huge?

Thanks.
CRYSTAL in MATRIX

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05/07/2009 09:59 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961), is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
"No guts, no glory!"
Anonymous Coward
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05/07/2009 10:00 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961), is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
 Quoting: CRYSTAL in MATRIX


We all know that. So.
paladin  (OP)

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05/07/2009 10:03 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
During that time, the New York Fed's chairman, Stephen Friedman, sat on Goldman's board and had a large holding in Goldman stock, which because of Goldman's new status as a bank holding company was a violation of Federal Reserve policy.

The New York Fed asked for a waiver, which, after about 2½ months, the Fed granted. While it was weighing the request, Mr. Friedman bought 37,300 more Goldman shares in December. They've since risen $1.7 million in value.



WSJ
Anonymous Coward
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05/07/2009 10:03 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Rats only jump off a SINKING ship...unless Obama pushes them!
Anonymous Coward
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05/07/2009 10:06 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
- Glenn Greenwald, Top Senate Democrat

Oh the times, they are a' changing.
Anonymous Coward
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05/07/2009 10:08 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961), is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
 Quoting: CRYSTAL in MATRIX


Geitner was hired to be tresury sec. after his mentor paulson for one job. To hide all the insider bank crooked dealings in the last years.
Anonymous Coward
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05/07/2009 10:09 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
- Glenn Greenwald, Top Senate Democrat

Oh the times, they are a' changing.
 Quoting: Anonymous Coward 606951


Even my stupid , selfish yuppie relatives know the banksters are stealing big time now.
CRYSTAL in MATRIX

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05/07/2009 10:10 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961), is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.


Geitner was hired to be tresury sec. after his mentor paulson for one job. To hide all the insider bank crooked dealings in the last years.
 Quoting: Anonymous Coward 670390


Hiring the fox to guard the henhouse.......
"No guts, no glory!"
Anonymous Coward
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05/07/2009 10:14 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
All of these players are "Chosen Ones". What more is there to be said? Mozeltof.
Anonymous Coward
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05/07/2009 10:14 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961), is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.


Geitner was hired to be tresury sec. after his mentor paulson for one job. To hide all the insider bank crooked dealings in the last years.


Hiring the fox to guard the henhouse.......
 Quoting: CRYSTAL in MATRIX


If the usa congress had any guts or was honest in any way they'd take to court the big wigs of the insider banks and paulson and gietner and cox for setting up this robbery that is still going on.
Anonymous Coward
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05/07/2009 10:15 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
All of these players are "Chosen Ones". What more is there to be said? Mozeltof.
 Quoting: Anonymous Coward 639325


Not chosen. But Set up to steal the money and then to hide the facts of the theft. MOst average citizens know something is amiss.
Anonymous Coward
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05/07/2009 10:18 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961), is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.


Geitner was hired to be tresury sec. after his mentor paulson for one job. To hide all the insider bank crooked dealings in the last years.


Hiring the fox to guard the henhouse.......


If the usa congress had any guts or was honest in any way they'd take to court the big wigs of the insider banks and paulson and gietner and cox for setting up this robbery that is still going on.
 Quoting: Anonymous Coward 670390


Which is the problem. The congress other than a very few are bought off bootlickers for wallstreet and the banksters. I think alot of people understand that now.

The sad thing is other than going to these crooked banksters houses in the dead of night there is nothing else the usa citizen can do to stop this atrocity of stealing.
Anonymous Coward
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05/07/2009 10:20 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
All of these players are "Chosen Ones". What more is there to be said? Mozeltof.


Not chosen. But Set up to steal the money and then to hide the facts of the theft. MOst average citizens know something is amiss.
 Quoting: Anonymous Coward 670390



"Chosen" as in biblical Old Testament terms ... often dual citizens of Israel and US with last names that are often recognizable.
Anonymous Coward
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05/07/2009 10:22 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
All of these players are "Chosen Ones". What more is there to be said? Mozeltof.


Not chosen. But Set up to steal the money and then to hide the facts of the theft. MOst average citizens know something is amiss.



"Chosen" as in biblical Old Testament terms ... often dual citizens of Israel and US with last names that are often recognizable.
 Quoting: Anonymous Coward 639325


Yes we know those ties. So you think something else besides the raping of the usa is going on by the banksters. Want to explain.
Anonymous Coward
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05/07/2009 10:23 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
If the usa congress had any guts or was honest in any way they'd take to court the big wigs of the insider banks and paulson and gietner and cox for setting up this robbery that is still going on.
 Quoting: Anonymous Coward 670390


If the US Congress met those qualifications, it would have listened to We the People and voted Hell No! on the bailouts like we asked them to.
Anonymous Coward
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05/07/2009 10:26 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
do you all know how huge this is???
 Quoting: paladin


Is it mutiny?
Anonymous Coward
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05/07/2009 10:26 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Bernard Madoff ... Chairman of Nasdaq ... another Chosen One.
Anonymous Coward
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05/07/2009 10:26 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Isnt Paulson in bed with them too?
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05/07/2009 10:27 PM

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Re: New York Fed chairman quits over Goldman Sachs ties
So the former AFL-CIO president takes over the chair...Wow I'm so shocked...Zzzzzzzzzz...
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Windsage4
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05/07/2009 10:27 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Yeah, except I don't think that's the real reason. Geez, that kind of 'impropriety' has never held any of them back before.

There's more to this than meets the eye.

There seem to be huge power shifts going on all over the place.
Anonymous Coward
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05/07/2009 10:28 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Probably in lieu of a similar Bernard Madoff demise ... plead deal?
Anonymous Coward
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05/07/2009 10:30 PM
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Re: New York Fed chairman quits over Goldman Sachs ties
Isnt Paulson in bed with them too?
 Quoting: Anonymous Coward 673953



He is the ex-CEO with almost a billion still invested. That would constitute a bit of a comfy situation.





GLP