Exhibit 787

New York Fed: Stephen Friedman Resigns as Chairman of the New York Fed's Board of Directors

Exhibit 787 · Press release

New York Fed: Stephen Friedman Resigns as Chairman of the New York Fed's Board of Directors

it is my view that these purchases did not violate any Federal Reserve statute, rule or policy.

Announces the chairman's immediate resignation; the deputy chair assumes the chair's duties. General counsel Thomas C. Baxter, Jr. states his view that Friedman's December 2008 and January 2009 purchases of Goldman shares did not violate Federal Reserve statute, rule or policy. Vice Chairman Donald Kohn thanks him.

Source: Federal Reserve Bank of New York
Date: 7 May 2009
Quoted from: Statement of Thomas C. Baxter, Jr., third paragraph
Grade: Primary record
Document: https://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090507
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.7: Primary record Stephen Friedman resigned as Class C director and chairman of the New York Fed on 7 May 2009, writing that he had remained on the board under a Board of Governors waiver after Goldman Sachs became a bank holding company. The New York Fed's general counsel stated that Friedman's purchases of Goldman shares in December 2008 and January 2009 did not violate any Federal Reserve statute, rule or policy.