If by "relationship with" you mean "bought tons of stock during an ethical grey area time" ... sure, he's on the Board, but
This is from the WSJ the other day:
http://online.wsj.com/article/SB124139546243981801.html
The Federal Reserve Bank of New York shaped Washington's
response to the financial crisis late last year, which
buoyed Goldman Sachs Group Inc. and other Wall Street
firms. Goldman received speedy approval to become a bank
holding company in September and a $10 billion capital
injection soon after.
During that time, the New York Fed's chairman, Stephen
Friedman, sat on Goldman's board and had a large holding
in Goldman stock, which because of Goldman's new status
as a bank holding company was a violation of Federal
Reserve policy.
The New York Fed asked for a waiver, which, after about
2½ months, the Fed granted. While it was weighing the
request, Mr. Friedman bought 37,300 more Goldman shares
in December. They've since risen $1.7 million in value.
/jordan