Holy sh**t.

[Beet]

"By KATE KELLY and JON HILSENRATH

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."

http://online.wsj.com/article/SB124139546243981801.html

Conflict of interest in plain sight, ladies and gentlemen! Crony capitalism at the highest levels of American economic plutocracy in plain sight!

The American people will continue to watch reality TV shows and be scared by swine flu while the harlot of crony capitalism comes out from behind the curtain and struts her stuff!

This country is f**ked.
--------------------------------------

Mr. Friedman must: (1) Sell his Goldman stock immediately. (2) Voluntarily donate to charity the millions he made from Goldman stock's appreciation since he became NY Fed Chair.

[Southern Senator North Carolina Yankee]

Just further proof that Goldman Sachs is running America no matter who is in the white house.

[Beet]

Just further proof that Goldman Sachs is running America no matter who is in the white house.

http://en.wikipedia.org/wiki/Elite_theory

[Beet]

Steven Friedman has resigned. Here is what he has to say:

"In his resignation letter, Mr. Friedman said his public service on the board was being characterized as “improper” despite his compliance with the rules. “The Federal Reserve System has important work to do and does not need this distraction,” he said.

While I am glad the conflict of interest has been removed, I hope the Fed is not too damaged by losing his expertise. I guess he would rather hold onto his Goldman stock than his job.

[○∙◄☻¥tπ[╪AV┼cVê└]

Former Chairman and CEO Henry Paulson was awfully favorable to his company, too.

Of course I'm not sure why this is news. The corruption is pretty obvious.

[jokerman]

Neoliberalism seems to have some sort of exponential course, as a result of its interactions of politics.  The more the economic is liberalized the more complicated it becomes.  The more complicated it becomes the harder it is to regulate and the more political leaders are at the mercy of an inside cadre.  This shift of power generally influences the political leaders to liberalize the economy, leading to a reckless cycle.

[War on Want]

I am not surprised but this is worst than I expected.