Its amazing how bad Sheila Bair looks now
Sheila Bair - without giving anyone time to do due diligence - forced Wachovia into a merger with Citigroup in which she warranted that the taxpayers would pick up the losses (beyond a certain point well below the book value of the deal she did).
Now she is defending that deal - and her tattered reputation -
http://blogs.wsj.com/economics/2008/10/03/fdics-bair-statement-on-wachovia-deal/
Then she says not to assume the FDIC is opposed to Wells/Wachovia...
This is the way a bad public servant makes a sausage.
Sheila - do us a favour and resign.
John Hempton