The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Who Is Running the Federal Reserve Bank?

Jun 8, 2009

The chairman of the Federal Reserve Bank of New York, Stephen Friedman, also sat on the board of Goldman Sachs Group, Inc. when the Fed quickly approved Goldman’s application to become a bank holding company–helping Goldman immensely.

Conflict of interest?

That’s not all. Friedman was also responsible for finding a replacement for himself as chairman of the Fed Bank of New York–a former Goldman executive! No surprise here.

Why not keep things simple and honest and let Goldman Sachs openly run the Federal Reserve Bank of New York. They do anyway.