There is nothing you can teach Wall Street titans about the timing of news flow. Stephen Friedman, the former head of Goldman Sachs, resigned last week as chair of the New York Fed’s board, after committing essentially a rookie error. Friedman’s resignation was the major news of the day, on the heels of the bank stress test results, which were hard-baked a long time ago. Apparently, the stress test for bankers is still underway. -- From The Baseline Scenario blog.
