Bill talks with financial expert Sheila Bair about the lawlessness of our banking system and the prognosis for meaningful reform. Bair was appointed in 2006 by President George W. Bush to chair the FDIC. During the 2008 meltdown, she argued that in some cases banks were NOT too big to fail — that instead of bailouts, they should be sold off to healthier competitors. Now a senior adviser to the Pew Charitable Trusts, Bair has organized a private group of financial experts including former Fed chairman Paul Volcker, former Senators Bill Bradley and Alan Simpson, and John Reed, once the chairman of Citicorp, to explore ways to prevent the banking industry from scuttling reforms created by the Dodd-Frank Act.
image: NYT
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I’m waiting for Sheila to ask for the break up of TBTF. Sheila is regarded as someone on the side of the victims, I’d say that’s not the case with homeowners in particular. Quite simply, Banks were bailed out and they went ahead AND purchased weaker institutions. Homeowner victims of these same failed institutions lost their homes, and sometimes everything. An example of this is quite literally in her back yard in Chevy Chase MD.