LATICONOMICS (Free subscription) | 11/03/2009
CIT's Bankruptcy Lesson Treasury proves it can't identify systemic risk. The $2.3 billion of Troubled Asset Relief Program money that will likely be lost in the bankruptcy of commercial lender CIT is hard to swallow, but it may be the most instructive loss taxpayers absorb all year. Just as the Treasury Department is urging Congress to junk the bankruptcy process and hand over virtually unlimited bailout...
[ The Financial Ninja ] (Free subscription) | 11/03/2009
Wilbur Ross Sees ‘Huge’ Commercial Real Estate Crash (Update3): "Billionaire investor Wilbur L. Ross Jr,, said today that U.S. is in the beginning of a "huge crash in commercial real estate." On Friday 9 banks failed and were seized by the FDIC, the largest number of failures since the crisis began. Included was California National Bank, the fourth-largest U.S. bank failure...
Denver Post (Free subscription) | 11/03/2009
Federal Deposit Insurance Corp. Chairman Sheila Bair is "angry" that the banking industry is fighting efforts to reform financial rules, saying opponents want to maintain their reliance on taxpayer-funded rescues.
Kansas City Star (Free subscription) | 11/03/2009
MANHATTAN, Kan. | The head of the Federal Deposit Insurance Corp. on Monday said Congress needs to provide regulators greater tools to control the risky financial behavior that helped trigger the recession and to unwind major firms on the verge of collapse. FDIC Chairwoman Sheila Bair said she supports such a winding-down process for financial institutions other than banks. But she has reservations...
FutureOfCapitalism.com (Free subscription) | 11/02/2009
The chairman of the Federal Deposit Insurance Corporation, Sheila Bair, delivered the Alfred Landon lecture today at Kansas State University, and the text is worth deconstructing. Ms. Bair: "WAMU became the largest insured depository institution to fail,
The Big Picture (Free subscription) | 11/02/2009
Most linkfests involve me discussing what I have read. Today, I am posting a list of what I would be reading, if I was doing my normal commute, time in the office, etc. • Jittery Companies Stash Cash (WSJ) • Please Listen to Sheila Bair (Dealbook) • The Easy Money’s Been Made (Barron’s) • Can Citigroup Carry Its Own [...]
The Huffington Post (Free subscription) | 11/02/2009
WASHINGTON (Reuters) - A top U.S. bank regulator struck out against the portions of the financial industry that are fighting reforms, saying they are using fear tactics. Sheila Bair, chairman of the Federal Deposit Insurance Corp, said on Monday that some in the financial services sector are trying to argue that regulatory reform would stifle innovation and impede economic growt More on Banks
The Business Insider (Free subscription) | 11/02/2009
It looks like reform of our financial regulatory scheme will have to wait until next year. The Obama administration has proposed one set of reforms that greatly increases the scope of the Federal Reserve's supervisory authority. The House of Representatives has several bills in the works, reflecting discontent among Democrats about aspects of the adminstration's plan. And the Senate has its own bill...
Nearly Nobody's News (Free subscription) | 10/31/2009
Wall Street Pit (Free subscription) | 10/30/2009
Treasury Secretary Tim Geithner made an appearance Thursday morning before the House Financial Services Committee to explain White House’s latest financial reform plan, which includes new powers for regulators and the Fed to limit risk among the nation’s biggest financial institutions, and to...
The Business Insider (Free subscription) | 10/30/2009
OUTRAGE OF THE DAY: 'Too Big To Fail' (3 min): Tim Geithner and Sheila Bair went to Capitol Hill yesterday to talk about "Too Big To Fail" They talked about it They didn't propose good solutions There are only two ways to eliminate "Too Big To Fail": Chop the banks up (which is impractical) Figure out a way to LET the banks fail without destroying the system There's an easy way...
Balloon Juice (Free subscription) | 10/30/2009
I think I’m going to side with Sheila Bair on this one: WASHINGTON — Senior regulators and some lawmakers clashed once again with the Obama administration on Thursday, finding fault with central elements of the White House’s latest plan to unwind large financial companies when their troubles imperil the financial system. Describing the details of the legislation [...]
The Big Picture (Free subscription) | 10/30/2009
“The oversight council described in the proposal currently lacks sufficient authority to effectively address systemic risks.” -Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation > In the regulatory smackdown between Treasury, and the FDIC, my vote for the saner plan is with the FDIC. Treasury has done a horrific job in overseeing banks, first with [...]
AMERICAblog (Free subscription) | 10/30/2009
This gives a pretty good indication of how strong the Wall Street lobbyists are in Washington. It also reminds me yet another problem during the peak of the TARP days when Wall Street shoveled out millions to lobbyists to help block any changes. They claimed that the money was completely different than the bailout money and some fools may have even fallen for that nonsense. (OK, maybe just five year...
New York Times (Free subscription) | 10/30/2009
The regulator, Sheila C. Bair, found fault with a White House plan for a new process to unwind large companies.
Videos