NY Fed's Friedman quits over Goldman controversy

Stephen Friedman, the chairman of the New York Federal Reserve, has resigned after coming under pressure for buying shares in Goldman Sachs, an investment bank.

Denis Hughes, the deputy chair of the board, will take on Friedman's role for the time being.

In a letter to William Dudley, the president of the New York Fed, Friedman said: "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

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