Did Sheila Bair force the confiscation of a solvent bank?
Well - yes. If Sheila had not acted Wachovia would not have been in play. She basically forced a deal whereby Wachovia banking operations were purchased by Citigroup.
Wachovia had 70 billion in net worth.
Now Wells is prepared to buy the lot. No government assistance required.
I stand by my assertion that WaMu was solvent too - and if left alone would have survived. But Sheila never gave it a chance.
Sack Sheila Bair now!