08 May 2009, Donna Haws, Risk magazine
"Last Fall, after Goldman Sachs became a bank holding company, I agreed to remain on the board, pursuant to the waiver authority of the Board of Governors of the Federal Reserve System, to provide continuity during a time of financial market instability. Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper," Friedman wrote in his resignation letter to the Fed.
He will be replaced by Denis Hughes, deputy chair of the board.
© Incisive Media Investments Limited 2013, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093