FDIC’s Bair shakes up Washington, Wall Street

[cal04]

Brash chair has been outspoken critic of the mortgage lending industry
http://www.msnbc.msn.com/id/28964305/

The Wall Street crowd that packed into the ballroom of the fancy Times Square hotel didn't know what was about to hit it.

As the bankers and analysts sliced into their grilled beef tenderloin and chicken, Sheila Bair stepped up to the microphone and told them off.

Too many people couldn't make their mortgage payments, she said. The mortgage industry was sitting on a ticking time bomb and just didn't get it. Pick up the phone, she said, and talk to borrowers.

"The sense of hostility from that audience was overwhelming," said Howard Glaser, a Washington-based mortgage industry consultant who sat at Bair's table that day in October 2007.

"I thought they were literally going to throw their desserts at her."

(snip)
Critics say she is on a liberal crusade, but the 54-year-old Republican has won a key ally: President Barack Obama. She's working closely with the new administration on a plan to reshape the financial world by creating a so-called "bad bank" that would mop up hundreds of billions in toxic assets from the balance sheets of U.S. banks.

The bad bank, if adopted, might be run by Bair's agency, the FDIC.

[liberalmuse]

1. I think Randi or some other Air America host was touting her...

before Obama was sworn in. I'm glad to see she's working with President Obama on this!

[bread_and_roses]

2. So THIS Republican wants the wage-earning masses to buy up all the bad assets so the

banks can go back to business as usual free of the consequences of their Ponzi scheming while oridinary taxpayers buy up their junk? How many more "plans" to save these viscious profiteers now bankrupt by their own goudging do we have to put up with? Nationalize them.

[Pharaoh]

4. Ditto

Nationalize the vipers............

[Pharaoh]

5. Notice they always want to nationalize the losses

but not the profits :freak:

[truedelphi]

7. I know. I know. I stumbled upon Gary Fielder and his video

Here at the google video site

video.google.com/videoplay?docid=-4020719354420953428

He seems to indicate that the banks are indeed going to try and hit the taxpayers for all 150 to 550 Trillion dollars worth of derivative losses. They are cagey enough to not ask for that amount all at once, but give Obama, Geithner, Rubin and Summers etc a "peek" at the trouble, until we run out of money or wake up and find some leadership and common sense, which ever comes first.

And possibly it is an insider game, as Geithner, Rubin and Summers are all part of that same in crowd.

[librechik]

8. actually

Bair was very much against derivatives and bad banking practices but was frozen out of leadership on the issue because
she was anti Rubin , pro regulation, and not a good ol boy.

I'm glad she's finally getting obama's attention--wish she had been nominated to Treasury!

[indepat]

3. This long-retired Federal bank examiner is proud to launch this tale of Bair's flair

to the greatest page. :P

[Still Sensible]

6. Hope she continues to piss them off