New York Fed Chair Stephen Friedman Resigns Effective Immediately

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And for what? Pillow talk with Lloyd Blankfein? Anyway, deputy chair Denis M. Hughes will take over for Friedman* in the interim, but we might as well nominated a permanent replacement now. Have at it.
Update: Jim Cramer (did you know he once worked at Goldman Sachs?) welcomes this news. Triumph of ethics and all that jazz. He adds that the whole Goldman Government thing wouldn't always look so fishy if guys from other firms would go into public service, "which is what they tell you to do on the first day at Goldman Sachs."
*Trivia: father of 25th Hour writer David Benioff, father in law of Amanda Peet

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