Saturday, May 23, 2009
Friedman Heeds IA
"Goldman Sachs Group Inc. [GSG] director Stephen Friedman, facing criticism at the firm's annual meeting, defended his purchase of [GSG] shares while chairman of the New York Federal Reserve Bank. Responding to a shareholder question, Mr. Friedman said he bought the [GSG] shares when they were inexpensive, adding that it was a good time for directors to show their 'confidence' in their company's stock", my emphasis, Kate Kelly and Joe Bel Bruno at the WSJ, 9 May 2009.
These are the last days. I applaud Friedman's action. This is what I suggested Vikram Pandit do on 7 July 2008, link: http://skepticaltexascpa.blogspot.com/2008/07/citis-800-million-man-speaks.html. Friedman showed GSG a little "love". So? However the hook, Freidman should have resigned from the NY Fed before buying the GSG stock.