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Friedman Resigns as Chairman of New York Fed
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| Contributor | RP |
| Last Edited | RP May 07, 2009 06:21pm |
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| Category | Announcement |
| News Date | Friday, May 8, 2009 12:20:00 AM UTC0:0 |
| Description | Stephen Friedman, the chairman of the New York Federal Reserve Board, abruptly resigned on Thursday, days after questions arose about his ties to Goldman Sachs.
Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat. Denis M. Hughes, deputy chair of the board, will take over as the interim chairman, the New York Fed said in a statement. (Read Mr. Friedman’s letter after the jump.) |
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