Please read closely on the following news from WSJ today:
The Federal Reserve Bank of New York shaped Washington's response to the financial crisis late last year, which buoyed Goldman Sachs Group Inc. and other Wall Street firms. Goldman received speedy approval to become a bank holding company in September and a $10 billion capital injection soon after.
During that time, the New York Fed's chairman, Stephen Friedman, sat on Goldman's board and had a large holding in Goldman stock, which because of Goldman's new status as a bank holding company was a violation of Federal Reserve policy.
The New York Fed asked for a waiver, which, after about 2½ months, the Fed granted. While it was weighing the request, Mr. Friedman bought 37,300 more Goldman shares in December. They've since risen $1.7 million in value.
Mr. Friedman also was overseeing the search for a new president of the New York Fed, an officer who has a critical role in setting monetary policy at the Federal Reserve. The choice was a former Goldman executive.
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The message I would like to comment is: Government is OK that Our NY Fed Chairman Mr. Friedman own GS stocks and served to be borad member in GS Corporate borad. What the FXXX??!! Damn, should there occur conflict of interest?! WTF to our Washingston Administration. I am so so angry. Well, it means our government is screwing us up. Period. They have different standards everywhere despite Mr. President "Good Guy" image. Good luck to us all.
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