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Federal Reserve Bank of New York posts

NY Fed chair steps down amid Goldman Sachs stock uproar

Posted May 8th 2009 11:30AM by Elizabeth Harrow (RSS feed)
Filed under: From the Boards, Goldman Sachs Group (GS), Financial Crisis

Stephen Friedman, chairman of the Federal Reserve Bank of New York, stepped down from his post late Thursday. The 71-year-old came under fire when a regulatory filing revealed that he upped his stake in Goldman Sachs Group (NYSE: GS) during late 2008, when the bank holding company was under the New York Fed's supervision.

"Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper," wrote Friedman in his letter of resignation. "The Federal Reserve System has important work to do and does not need this distraction."

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Empire State Manufacturing Index declines in June

Posted Jun 16th 2008 9:13AM by Joseph Lazzaro (RSS feed)
Filed under: Bad News, Industry, Economic Data, Recession

The Empire State Manufacturing Survey indicated that manufacturing activity in New York State continued to deteriorate in June, the Federal Reserve Bank of New York announced Monday.

The general business conditions index fell to -8.7 in June from -3.2 in May. Economists surveyed by Bloomberg News had expected the index to register a -0.5 reading in June.

The indexes for new orders, shipments, and unfilled orders were negative and lower than their May levels. The prices paid index remained elevated, falling only slightly below last month's record high.

Also, the prices received index rose markedly and, at 26.7, approached a record level; the future prices received index also rose sharply, reaching a record high of 47.7.

Meanwhile, the employment indexes hovered around zero. Future indexes generally improved only slightly from the relatively low levels of the past several months, although the capital expenditures index rose several points.

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Banks posting a variety of assets as collateral with Fed

Posted Feb 25th 2008 4:02PM by Joseph Lazzaro (RSS feed)
Filed under: Economic Data, Federal Reserve

More than half the collateral backing cash advances made by the U.S. Federal Reserve to U.S. banks is in the form of loans, not securities, the Federal Reserve Bank of New York told The Financial Times.

Economists and analysts had speculated that banks would post only complex housing-related securities -- including mortgage-backed securities -- that they could not refinance elsewhere.

That has not been the case. The Federal Reserve Bank of New York told FT that since the credit crisis began, banks had continued to provide a wide variety of assets as collateral -- including U.S. Treasuries, other government and agency-backed securities, and private-label mortgage-backed securities.

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