More entertainment as a new Wall Street scandal brews

Newspapers and online news sites spend almost as much space reporting on financial scandals as they do on the crisis in the credit systems.

It looks like the circus is not over yet. The chairman of the New York Fed, Stephen Friedman, sat on the Goldman Sachs (GS) board at the same time the investment bank was approved to become a bank holding company and raised $10 billion. He did not have the policy-making power of the president of the agency.