I guess Sheila Bair’s proposed lifetime ban on regulators working for regulatees’ industry doesn’t apply to her.
But don’t judge too quickly as we need those who can make excellent watchdog unlike others who are in it for the money!
NYTimes-
Sheila C. Bair, a former head of the Federal Deposit Insurance Corporation who once argued that former regulators should be barred from joining the banks they oversaw, is joining the board of Banco Santander, the Spanish bank said on Monday.
Ms. Bair, who ran the F.D.I.C. during the turmoil of the financial crisis, has been appointed a director of Santander, subject to ratification by shareholders, the bank said. She will fill a vacancy left by Terence Burns, a former British official who served for more than a decade on the board.
Though Santander is based in Madrid, it has extensive operations in the United States, with $50 billion in deposits and 705 branches. That division is supervised by the F.D.I.C. in a back-up capacity. The company also owns a bank in Puerto Rico that is regulated by the F.D.I.C. and local authorities.