Comments on: Stephen Friedman’s welcome resignation A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: Economics of Contempt Fri, 08 May 2009 20:00:30 +0000 “But right now is not the time to cut corners on that front, and grant waivers…”

So you think the Chairman of the New York Fed should have resigned on the Monday following Lehman Week — effectively at the height of the biggest financial crisis in 75 years — in order to avoid some tisk-tisk articles from journalists about the appearance of a minor conflict of interest?

Yeah, I’m gonna go out on a limb and say that that was EXACTLY the right time to grant a waiver. Seriously, if that wasn’t the right to grant a waiver, then there isn’t a right time.

By: jck Thu, 07 May 2009 22:40:20 +0000 “… yet is technically owned not by the government but by some of America’s largest banks”
The banks don’t have much of a choice, it is mandatory for them to subscribe to the nyfed capital.