Isn’t the press MISSING something??

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It hardly made the papers today, but the head of the NY Federal Reserve –who also happens to be the head of Goldman Sachs — QUIT yesterday, over fears he might be charged with insider trading.

NEW YORK (Reuters) – Stephen Friedman, chairman of the New York Federal Reserve Bank’s board of directors, resigned on Thursday amid questions about his purchases of stock in his former firm, Goldman Sachs. Friedman, a retired chairman of Goldman Sachs who has led the New York Fed’s board since January 2008, said he quit to prevent criticism about his stock buying from becoming a distraction as the Fed battles a severe U.S. recession.

Remarkable, that this comes out just as the government releases its pre-baked “stress tests” of our financial markets…which is supposed to assure us that even at 10 percent unemployment…we’re all gonna be just fine.

Friedman, you see, holds a lot of Goldman stock. Goldman, you may recall, turned itself into a bank last year so it could get federal “protection” if more of its portfolio of securitized loans blew up. So that meant a “regulator” was “regulating” his own bank…and, of course, buying and selling his own company stock.

Friedman doesn’t want us to be “distracted” by this.  What’s utterly distracting is how the rules that apply to everyday citizens of the world doesn’t seem to be appropriate for the Masters of the Universe.