What do you really think?
In her just-published book, “Bull by the Horns,” Former Federal Deposit Corp. Chairman Sheila Bair did nothing to hide the ill will that often existed between her and Treasury Secretary Timothy Geithner during the financial crisis. Another subject of Ms. Bair’s scorn: Citigroup C -1.88% Chief Executive Vikram Pandit.
In the book, the already outspoken Ms. Bair outdoes even herself. She pulls no punches in making clear she didn’t think Mr. Pandit, who had an investment-banking and hedge-fund background, was qualified to lead one of the nation’s biggest commercial banks. Mr. Pandit, she claimed, “wouldn’t have known how to underwrite a loan if his life depended on it.”
At one point Ms. Bair even tried to have Mr. Pandit pushed out. While that didn’t happen, she remained disdainful of him. “What astounded me was why the Citigroup board hadn’t gone higher for a respected, experienced commercial banker,” Ms. Bair wrote. “It could have done so much better than Pandit.”
Citi, in response to the book, issued a statement noting that under Mr. Pandit the bank has become “a simpler, smaller, safer and stronger institution” and that “this record speaks for itself.”
I hate Shiela Bair with a passion. Her arrogant know it all attitude. Her lack of judgement. It comes off in her writing and her live statements and her actions. This woman isn't fit to run anything except her mouth. Every other player in this debacle I can understand. As much as I hate JPMC, and all the hedge funds I understand it was just business for them and they seized the opportunity when it presented itself. But the FDIC and it's chairman Shiela Bair, the very institution put in place to protect the people and the banking system preemptive striked at WAMU to save itself. The FDIC feared the possibility that WAMU would fail and it would be on the hook for the deposits. Think about this for one minute. Imagine your car insurer seizing your car because they thing you can't make the payment even before you default on anything. They don't even own the title why should they even have the power to seize anything. The FDIC didn't do it's job and more so the actions they took was to protect themselves at the cost of creating systemic risk. Anyone with a clue saw how seizing a capitalized banking institution crashed the bond market and the economy as a whole. Never would want to hurt anyone, but given the chance i would seriously give this lady a smack square in the face to knock some sense into her and make her get over herself.