NY Fed Chairman ‘Stephen Friedman’ bought Goldman shares late last year while NY Fed played a key role in getting:
-Goldman a speedy approval to become a bank and
-A $10 billion capital injection from tax dollars.
Since then Mr. Friedman’s Goldman shares have risen $1.7 million in value, while most of American’s have lost wealth.
According to article published in WSJ, Mr. Friedman says none of this involved any conflict. To make sure, he is covered, he even got a waiver from NY Fed to buy the shares. But the question is “Does getting a waiver relieves a high profile public service member from his/her ethical responsibility to resign first and then buy the shares rather than using his position and connection to benefit himself and then leaving the job (as Mr. Friedman is planning, i.e. stepping down at the end of this year)
Do you think Mr. Friedman’s action should be investigated?
Filed under: Finance, Goldman Sachs, Insider trading
