Goldman Sachs Guy, Stephen Friedman…Conflicts of Interest
From Wikipedia we find this information about Stephen Friedman and his conflicts of interest:
‘During a period of immense financial market upheaval and Government bailouts of banks and financial insurance companies, Friedman was Chairman of the New York Federal Reserve Board (which implements the Federal Reserve’s Wall Street policies) while simultaneously serving Goldman Sachs (a company impacted by the quasi Governmental policies of the Federal Reserve) as a Board Director. The AIG bailout, an historically large controversial bailout, directly benefitted Goldman Sachs who had one of the largest counterparty claims against AIG. On May 7, 2009 Friedman resigned as Chairman of the Federal Reserve Bank of New York in response to criticism of his December 2008 purchase of $3 million of stock in Goldman Sachs.[2] Friedman, who remains a member of Goldman Sachs’ board, came into violation of Federal Reserve policy when Goldman was converted to a bank holding company in September 2008, thereby placing it under the regulatory authority of the New York Fed. Friedman requested a waiver from this violation when the conversion occurred, which was granted roughly two and a half months later.[3] In his resignation letter, Friedman stated that the Fed did not need the “distraction” caused by his “public service motivated continuation on the Reserve Bank Board…being characterized as improper.”‘ (Wikipedia)
So we should not be surprised that Friedman is presently making exceptionally high compensation as a director of Goldman Sachs (and that is not the only board on which he presently serves):
via Goldman Sachs: Information, Comments, Opinions and Facts.
via Goldman Sachs: Information, Comments, Opinions and Facts.
Posted on April 4, 2013, in buisiness, Crime, Government, politics, Wealth and tagged American International Group, Banks, Federal Reserve, Federal Reserve System, Goldman Sach, New York Federal Reserve Bank, Stephen Friedman, Wall Street, Wikipedia. Bookmark the permalink. 2 Comments.
The corporate inbreeding in U.S. corporations is sickening. Goldman Sachs has been running the U.S. Treasury for a while. Robert Rubin, long time Goldman Sachs employee, was Treasury Secretary under Clinton, put together Citigroup with David Rockefeller and is part of the Obama “inner circle”. The Fed, meanwhile, is a corporation of wealthy, heartless “blue bloods” whose ancetors made fortunes in war, slavery, drugs and gun running. Don’t be fooled . Presidents don’t really name Fed governors – they are told who to pick by THEIR bosses. Good post. Keep educating.
I guess one could not say that Governments primary role is to fulfill the dictate of the major corporations.