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.

3 comments:

Anonymous said...

Vikram Pandit says in June 2008...(cited in your 7/7/8 post)

"We cannot and should not legislate away an institution's ability to lose shareholders' money.

But none should have the right to impose externalities on the rest of the financial system.
There was old Vikram last June dissing Goldman in public... saying "you've got your tentacles throughout the whole global financial system... it's amazing that Paulson didn't let Citi fail after that trashtalk...

Friedman got spooked IA... keep trashtalking those thugs... way to go...

Jr Accountant said...

Friedman's behavior is almost textbook. I have realized at this point, and may thank Mr Friedman for such enlightenment, that these men are, in fact, entirely out of their minds. It's really the only way to explain their behavior.

If they are not gripped by psychosis, the next reasonable explanation for their behavior is that they are suffering from such terminal cases of delusion when it comes to their own "bulletproof-ness" that they behave so recklessly, in the open, without the common courtesy to at least pretend like they are ethical.

Remember the days when our crooks used to at least *try* to make it appear as though they are legit? Those days, sadly, appear to be behind us.

This is so blatant that it makes my stomach turn. Worse, I believe Friedman believes his own line and finds his behavior to be not only ethical but beneficial to the public somehow.

Liddy: "I'm doing a public service" by being at AIG's helm. Same delusion, different day.

I liked them better when they were liars; it's so much easier to control and pick apart. This psychosis? Unbelievable AND uncontrollable.

Jr

darkcloud said...

I'll add "amoral" and "sociopathic" to the mix of descriptions befitting these jackals in charge.