In ethics class I handed out an article detailing how the chair of the New York FED and former Goldman CEO had made over $2,7 M buying Goldman, now a bank, shares while the government was indeed trying to save his former firm. He has now resigned, my post from the investment blog as follows.
It is important to read globally, here is an interesting article from the UK.
Just last evening Saturday Night Live was lampooning the Stress Test of US Banks. The fact taht mood could change so quickly from panic in October November to hilarity in May shows just how emotional market mind sets can be. Certainly the situation has had its hilarious moments among them
- Tsy Secretary nominee to be in charge of the IRS has not paid his own employment taxes
- Numerous, and we emphasis numerous, other nominees are in the same boat, where is Joe Biden to remark that paying taxes is patriotic
- Both parties blaming each other for the sub prime mortgage crisis
- Jeff Skilling of Enron fame sits in jail while Franklin Raines who made $160 M at Fannnie Mae prior to its meltdown is as free as is Fuld who made $300 M at Lehman, where is the justice, Skilling no doubt wants to know!
- Did you know that NY Fed Chairman Stephen Friedman, former Goldman CEO, observing the efforts to save the banking system managed to purchase enough Goldman shares to now have a $3 M paper profit on one of our newest 'banks?' He is now stepping down to be replaced at the FED by, are you ready, an AFL CIO exec, an organization famous for its private sector vigilance…but as Stephen says, he saw nothing wrong with what he did and was going to step down anyway, did we mention he was a Bush adviser….
Professor Elam 
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