Friday, October 30, 2009
I take back the bad things I have said about Sheila Bair.
But after [Geithner] completed his testimony, significant parts of the plan were challenged by Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation. She raised numerous objections about the structure of a proposed council of regulators, and said that it would fall short of its goal of protecting the system from the shock of a large failure.
“The oversight council described in the proposal currently lacks sufficient authority to effectively address systemic risks,” Ms. Bair said.
Returning to the above August post, Sheila was warning about certain unnamed investors shorting the market, this was right before the withdrawal of $500 billion from the money markets, and the general crash in September.
Hedge funds are not currently required to disclose their short positions, which should be made criminal, as concentrated wealth can destroy value, and make a profit. See George Soros.
Is Sheila on to these guys?
This is why it is usually good to have someone from Kansas around, even if she probably can’t cook well.
Posted by Bill at 8:00 AM