The former FDIC Chairwoman, and one of the first people to acknowledge the full risk of subprime loans, offers a unique perspective on the greatest crisis the US has faced since the Great Depression.
“When Sheila Bair took over as head of the U.S. Federal Deposit Insurance Corp. in 2006, the agency was probably better known for the ‘FDIC’ logo on the doors of the nation’s banks than for anything it did. Now Bair is at the center of the financial crisis, speeding the takeover of failing banks and pressing the mortgage industry to ease loan terms . . . winning praise from Democrats and Republicans.” —BLOOMBERG NEWS, October 3, 2008
Sheila Bair is widely acknowledged in government circles and the media as one of the first people to identify and accurately assess the subprime crisis. Appointed by George W. Bush as the chairman of the Federal Deposit Insurance Corporation (FDIC) in 2006, she witnessed the origins of the financial crisis and in 2008 became—along with Hank Paulson, Ben Bernanke, and Timothy Geithner—one of the key players trying to repair the damage to our economy. Bull by the Horns is her remarkable and refreshingly honest account of that contentious time and the struggle for reform that followed and continues to this day.
“During the summer of 2011 Sheila Bair stepped down as chairman of the FDIC and set herself to work on a tell-all book on the financial crisis. Bair’s book, Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself, was released in late September. As part of the promotion of the book she had an interview with The Wall Street Journal during which, consistent with her public reputation, she confided that she ‘hates bailouts.’ However, a careful study of board minutes, supporting memos, and transcripts of FDIC board meetings during the crisis reveals a different reality.”
http://www.independent.org/newsroom/article.asp?id=3473
Post originally shared via The Freedom Watch
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