The chair of the New York Federal Reserve has resigned amidst scrutiny over his financial ties to the bailed-out firm Goldman Sachs. Earlier this week, the Wall Street Journal revealed Stephen Friedman was given a waiver to hold shares in Goldman Sachs even after it became a regulated bank-holding firm. A former Goldman Sachs executive, Friedman was also found to have bought the shares even before he was granted the legal waiver. The shares are now estimated to be worth more than $2 million.