Financial Regulator who Railed against Revolving Door Takes Revolving Door Job with Major Bank

[The Straight Story]

Financial Regulator who Railed against Revolving Door Takes Revolving Door Job with Major Bank

While running the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, Sheila Bair said the “revolving door,” which creates lucrative private sector opportunities for government officials after they leave office, should be closed to those who regulate banks.

Well, Bair has spun her own way into just such an opportunity, joining the board of a Spanish bank that has substantial holdings in the United States.

Banco Santander is based in Madrid, but has $50 billion in deposits and more than 700 branches in the U.S. Its American division is supervised by the FDIC “in a back-up capacity,” according to The New York Times.

...

Bair told the Times in an email that she will serve as “an independent director” whose responsibilities “will be to help identify risks and strengthen the group’s operations.”

http://www.allgov.com/news/controversies/financial-regulator-who-railed-against-revolving-door-takes-revolving-door-job-with-major-bank-140130?news=852303

[BlueCaliDem]

1. Another "Do as I say NOT what I do" Republican. They're disgusting.

Consistent proof of the "It's okay for me, not for THEE" Republican ethos should make every single person in the United States (and abroad) never trust a Republican looking for a powerful position ever again. That speaks of a weak, even devious character - something they'll bring with them into public office.

Chris Christie is a prime example of that corrupted character. I still can't believe that so many Democrats and "Independents" had voted for that shyster rather than Democrat Buono.

[jsr]

2. They always talk a good story.

[closeupready]

3. Frankly, I was ALWAYS suspicious of Bair, and especially

in light of her efforts in the wake of the 2008 market meltdown to subtly mitigate the bad publicity which banks had engendered with the CDO and derivatives calamity.

So, her turnabout may surprise some, but in my opinion, it simply underscores what I already suspected. K&R

[Wilms]

4. Her wiki:

http://en.wikipedia.org/wiki/Sheila_Bair