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  1. Standard member Scriabin
    Done Asking
    08 May '09 01:30
    The US taxpayer is the victim of a vast, centrist conspiracy, at the center of which is the investment bank Goldman Sachs.

    Here's the latest:

    N.Y. Fed Chairman Friedman resigns

    Wall Street Journal story raised questions about his ties to Goldman Sachs
    Reuters
    updated 8:34 p.m. ET, Thurs., May 7, 2009

    NEW YORK - 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, 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.

    “The Federal Reserve System has important work to do and does not need this distraction,” Friedman said.

    The U.S. central bank is comprised of a seven-member Board of Governors in Washington, and 12 regional Fed banks.

    Some of the regional directors are appointed by the Washington-based board. Those directors are not allowed to own shares of bank holding companies, a status that Goldman Sachs won in September to secure access to Fed lending facilities.

    Friedman bought Goldman shares in December 2008 and in January of this year, which became public with a Wall Street Journal report on Monday.

    Friedman obtained a waiver of the bank stock ownership rules, which the Journal said was granted just before he bought stock in January, that allowed him to hold them until the end of this year. Last week, he said he would resign by then.

    Defenders and detractors
    The top lawyer at the New York Fed said Friedman had done nothing wrong.

    “It is my view that these purchases did not violate any Federal Reserve statute, rule or policy,” the bank’s general counsel, Thomas Baxter, said in a statement.

    Denis Hughes, the deputy chair of the New York Fed’s board and president of the New York State AFL-CIO, will now be the acting chair, the New York Fed said.

    While the Fed was deciding whether or not to grant Friedman a waiver, he bought 37,300 Goldman shares on December 17, for an average price of $80.78, according to regulatory filings.

    On January 22, he bought 15,300 more shares for average prices of $66.19 and $67.12, according to filings with the U.S. Securities and Exchange Commission. The January purchase brought his total holdings to 98,600 shares.

    Goldman shares closed on Thursday at $133.73, meaning Friedman has profited handsomely, earning more than $3 million in total on the two purchases.

    “Clearly he should not have done that (bought more Goldman shares), and probably even before he did that, he should have gotten off the board,” said Alfred Broaddus, former president of the Federal Reserve Bank of Richmond.

    John Dunbar, a senior fellow at the Center for Public Integrity, a nonprofit watchdog group in Washington, said the stock purchases were a “complete conflict of interest.”

    “It is almost comical. If you tried to do that in a more traditional Washington bureaucracy, there is no way on earth you would get away with that,” he said.

    Fed insiders were also troubled over the situation, which they felt cast a question mark over ethical standards at the central bank.

    “All the other banks are furious. No one else would have let this happen,” said one official at another regional Fed bank. “We’ve always made people leave (to avoid a conflict),” said the official, who requested anonymity given the delicacy of the situation.Sac
  2. 08 May '09 10:22
    Originally posted by Scriabin
    The US taxpayer is the victim of a vast, centrist conspiracy, at the center of which is the investment bank Goldman Sachs.

    Here's the latest:

    N.Y. Fed Chairman Friedman resigns

    Wall Street Journal story raised questions about his ties to Goldman Sachs
    Reuters
    updated 8:34 p.m. ET, Thurs., May 7, 2009

    NEW YORK - Stephen Friedman, chairman of th ...[text shortened]... conflict),” said the official, who requested anonymity given the delicacy of the situation.Sac
    I share your outrage but at the same time I feel it is just the tip of the ice burg, so why bother caring? He is wealthy and intelligent and powerful. In other words, he is somewhat untouchable. That is the problem with this country and why it is the shape it is today.
  3. Standard member Scriabin
    Done Asking
    08 May '09 12:55
    Originally posted by whodey
    I share your outrage but at the same time I feel it is just the tip of the ice burg, so why bother caring? He is wealthy and intelligent and powerful. In other words, he is somewhat untouchable. That is the problem with this country and why it is the shape it is today.
    the problem with this country and why it is in the shape it is today?

    ignorance and knee-jerk, emotional blather like yours.

    you are a know-nothing

    You couldn't tell me why Goldman Sachs is more of a problem than any other Wall St firm if you tried.

    Because you can't trouble yourself to learn about facts and simply emote, like most conservatives without vast assets of their own.

    You are a capitalist pleb -- a stooge, a pigeon, and they play you like a harp with quite a few strings missing.

    You are never in tune because you can't read the music

    If you don't know anything of the subject that might further the discussion -- something other than your "feelings" -- then pls just shut up and go post in the "let me tell you how I feel" thread.
  4. 08 May '09 15:54 / 1 edit
    Originally posted by Scriabin
    the problem with this country and why it is in the shape it is today?

    ignorance and knee-jerk, emotional blather like yours.

    you are a know-nothing

    You couldn't tell me why Goldman Sachs is more of a problem than any other Wall St firm if you tried.

    Because you can't trouble yourself to learn about facts and simply emote, like most conservatives elings" -- then pls just shut up and go post in the "let me tell you how I feel" thread.
    I can't tell you why Goldman is any more of a problem than other firms? What about the fact that it seems that evey one in the fed works for them or once worked for them? It doesn't take a great deal of knowledge seeing a conflict of interest. As for being walking abrassive insulting dictionary like yourself, all I can say is that I'm working on it.
  5. 08 May '09 17:15
    I kinda like them frech fried tatters.....uuh huh
  6. Standard member telerion
    True X X Xian
    08 May '09 18:14
    Originally posted by whodey
    I can't tell you why Goldman is any more of a problem than other firms? What about the fact that it seems that evey one in the fed works for them or once worked for them? It doesn't take a great deal of knowledge seeing a conflict of interest. As for being walking abrassive insulting dictionary like yourself, all I can say is that I'm working on it.
    Whodey, I think Scriabin is being a little harsh with you, but I know for a fact that it is a big exaggeration to say that nearly everyone in the Fed works for or has worked for GS. This is true even if you just restrict your claim to officers.
  7. Standard member Scriabin
    Done Asking
    08 May '09 18:53
    Originally posted by whodey
    I can't tell you why Goldman is any more of a problem than other firms? What about the fact that it seems that evey one in the fed works for them or once worked for them? It doesn't take a great deal of knowledge seeing a conflict of interest. As for being walking abrassive insulting dictionary like yourself, all I can say is that I'm working on it.
    "the fed" ???

    are to talking about the Federal Reserve?

    Or what?
  8. Standard member Scriabin
    Done Asking
    08 May '09 18:57
    Originally posted by telerion
    Whodey, I think Scriabin is being a little harsh with you, but I know for a fact that it is a big exaggeration to say that nearly everyone in the Fed works for or has worked for GS. This is true even if you just restrict your claim to officers.
    yes, I'm being harsh -- but I am FED up with simple minded partisan nonsense from either side.

    Who was Clinton's Treasury Secretary?

    Who was Bush's last Treasury Sec, the one who let Bear Stearns off the hook, but not Lehman -- and why?

    Who is Obama's Treasury Sec and his top economic advisor, and where did they work?

    All I'm looking for is a reasonably literate, informed, intelligent discussion, not some typically emotional uninformed blithering from lazy, intellectually dishonest a-holes who can't be bothered to get educated on things that hit them right in their own wallets.

    makes me wanta puke ...
  9. 09 May '09 03:00
    Originally posted by Scriabin
    yes, I'm being harsh -- but I am FED up with simple minded partisan nonsense from either side.

    Who was Clinton's Treasury Secretary?

    Who was Bush's last Treasury Sec, the one who let Bear Stearns off the hook, but not Lehman -- and why?

    Who is Obama's Treasury Sec and his top economic advisor, and where did they work?

    All I'm looking for is a re ...[text shortened]... et educated on things that hit them right in their own wallets.

    makes me wanta puke ...
    yea whodey what scrotbin said
  10. 09 May '09 13:58 / 1 edit
    Originally posted by joe beyser
    yea whodey what scrotbin said
    :'(

    Come on now guys, surely someone wants to play with Scrabi.....anyone? I'm sure he will play nice....maybe. Anyone?
  11. Subscriber FMF
    a.k.a. John W Booth
    09 May '09 14:31
    As he has explained to us, on several occasions in the past, he is a forum character.

    Lest we forget his own self-explaining guideline that he provided us with a few months ago:

    Scriabin: ...allow me to assist you in understanding the conventions of what my posts mean. My insults are jokes, the more earthy, the funnier they are. My anger is an expression of ennui. Sarcasm is double-edged and aimed as much at myself as at you. Nothing in my world is what it seems to be, what it appears to be. Everything is uncertain, open to interpretation, needing translation, or a special knowledge of one sort or another to reveal the hidden cues. Everything is subtle, nothing is straight forward.

    I kid you not.
  12. 09 May '09 15:49
    Originally posted by FMF
    As he has explained to us, on several occasions in the past, he is a forum character.

    Lest we forget his own self-explaining guideline that he provided us with a few months ago:

    Scriabin: [b]...allow me to assist you in understanding the conventions of what my posts mean. My insults are jokes, the more earthy, the funnier they are. My anger i ...[text shortened]... reveal the hidden cues. Everything is subtle, nothing is straight forward.


    I kid you not.[/b]
    Looks like you're accusing people of things you actually do, again.

    FMF is a forum character.
  13. Subscriber FMF
    a.k.a. John W Booth
    09 May '09 16:02
    Originally posted by generalissimo
    Looks like you're accusing people of things you actually do, again.
    Didn't accuse him of anything. I just cut & paste his own words.

    It's odd how you seem to stumble and fumble in almost every single post you make.
  14. 09 May '09 16:07
    Originally posted by FMF
    Didn't accuse him of anything. I just cut & paste his own words.

    It's odd how you seem to stumble and fumble in almost every single post you make.
    but you admit you're a forum character?
  15. Subscriber FMF
    a.k.a. John W Booth
    09 May '09 16:09 / 1 edit
    Originally posted by generalissimo
    but you admit you're a forum character?
    More stumble and fumble.

    "But you admit you are a forum character?"

    Got to be one of the most inane retorts in RHP history!