09 May 2009

Scumbag NY Fed Chairman Resigns

Wow! Who would've thought that billions in no-accountability funny money being dished out to Wall Street banks would produce any corruption? The NY Fed Chairman (who also has large ownership in Goldman and was a former senior partner) continued to buy shares in Goldman Sachs even though the NY Fed is supposed to be regulating the company. After being asked a few questions by the media, he abruptly resigned. From CNN:

The chairman of the Federal Reserve Bank of New York resigned Thursday, days after coming under attack for his continuing involvement in a company regulated by the institution.

Stephen Friedman received a waiver to remain on the board of Goldman Sachs (GS, Fortune 500), the Wall Street firm that became a bank holding company amid September's financial frenzy, according to a report in the Wall Street Journal on Monday. He also holds a substantial amount of shares in the company and continued to buy more even after Goldman came under the Fed's supervision.

It should also be noted that Bush's Treasury Secretary (Paulson) was once the CEO of Goldman Sachs, Obama's economic adviser (Summers) received 6-figure speaking engagements from Goldman Sachs, and Obama's Treasury Secretary (Tax Cheat Geithner) helped push the AIG bailout which benefited Goldman Sachs. It's obvious to the most casual observer that there's a good ole boy network going on here, and the cronyism is comical. I'm half expecting Boss Hogg to take over as the new Chief Financial Officer of this plutocratic company.

For those interested in the collusion between the banks and Washington and are in the Ron Paul wing of politics, I highly recommend Alex Jones' The Obama Deception. I know the guy is a bit of a conspiracy nut and once threatened Michelle Malkin for no reason. But, the links in the documentary between DC and the banks are somewhat interesting, just skip over the crazytown shit about the Bilderberg group.