Dec 26, 2009

Former Fed bank chief on paying Goldman Sachs counter-parties in full

What was done was appropriate because the potential costs of not doing that were probably exceedingly high. It certainly looked very threatening.

~ Gary Stern, former president of the Federal Reserve Bank of Minneapolis, "Taxpayers Help Goldman Reach Height of Profit in New Skyscraper," Bloomberg.com, December 27, 2009

(Stern stepped down in August as president of the Federal Reserve Bank of Minneapolis.)

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