Items Tagged with 'Friedman'

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Chairman of the Federal Reserve Bank of New York, Stephen Friedman, resigned unexpectedly Thursday, days after media reports surfaced questioning his ties to former employer, Goldman Sachs [stock GS][/stock]. "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," read Friedman's resignation letter to William Dudley, president and CEO of the New York Fed.

First NLC Financial Services, LLC will file for Ch.11 bankruptcy protection and liquidate its assets after efforts to recapitalize and sell the ailing subprime lender failed. First NLC, the origination subsidiary of Friedman, Billings, Ramsey Group, Inc., was to be sold to an affiliate of Sun Capital Partners in a deal to recapitalize First NLC, announced last July. FBR was to invest $15 million as part of the recapitalization plan.