Stephen Friedman’s extensive contacts and expertise made him a go-to player on Wall Street. But it was precisely that web of connections that raised conflict-of-interest issues in his latest job at the Federal Reserve Bank of New York.

In the past year, top bailout recipients including Goldman Sachs and Citigroup have dispatched dozens of former congressional staffers and ex-government officials to lobby their former bosses on the financial rescue package.

The news that CIT Group Inc. and American Express were approved this week for $5.7 billion in bailout funds after becoming “bank holding companies” strikes us as a particular sort of American ingenuity.

Morgan Stanley’ CEO John J. Mack, dubbed “Mack the Knife,” appeared to have pulled a rabbit out of a hat this morning when he announced a deal with Mitsubishi UFJ for a $9-billion lifeline.

A 35-year-old former vice president at Goldman Sachs has been tapped to manage the $700-billion bailout.

Pity the masters of the universe who sank millions into trophy properties just before their companies collapsed. There are quite a few at this spectacular, new condo development on Manhattan’s Upper West side.

You might view Philip Milne as one of the many casualties of the current financial crunch, another top exec who lost his job because of his company’s disastrous investments in subprime mortgages.