This Guy Shoud be Prosecuted
This guy’s name is Stephen Friedman. While he was the Chairman of NY Fed, he oversaw the bailout of Goldman Sachs via AIG. Through AIG, Goldman received a payment of 100 cents on the dollar for the CDS contracts when they were trading at 50 cents on the dollar in the secondary market. Up to this point in story, it is just a gross violation of public trust and failure to protect the interests of US tax payers.
Here is where it gets really criminal. While this bailout was happening, Fridman was also a director at Goldman Sachs and he bought over 50,000 shares of Goldman in the open market at rock bottom prices. When NY Times exposed this story in October 2009, he hurriedly resigned as NY Fed. To this date, no charges have been filed against this public looter. This is a classic case of insider trading. It is the same crime for which Martha Stewart was imprisoned.
Friedman belongs in the big house. All this has happened under previous administration. However, Obama failed to prosecute these looters. As I have been saying for a while, Goldman Sacks is the sack that will suffocate Obama Presidency. This scandal is just beginning.
Corruption in India may be rampant and pervasive. But the corruption by Indian politicians pales in comparison to the scale of loosing by the the Wall Street crooks.