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.
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Sheila Bair said she was opposed to TBTF, but she obtained two mortgages from Bank of America while she was discussing with them whether the bank could repay its TARP money to the government. That little incident was worth an eyebrow raise. But, Sheila doesn’t need any favors because (critically) she has the money for her housing needs while millions do not, and did not, while Banks victimized them. But all that common sense, morality, truth, justice, fairness, human rights and public welfare is out of the narrow, but dutiful focus of our upstanding former FDIC chairwoman.
I prefer “complete capture” instead of the outdated “revolving door”.
Maybe Tim Geithner can zing his mocking disapproval to Sheila for this career move. Everyone else in the DC area who needs affordable housing should ask to camp out in her ample backyard.
This is one of the worst banks and she joins them. What a hypocrite. Santander are a bunch of crooks & have hundreds close to a million lawsuit cases against them. From fraud to debt collections. Just last year in the Nelson vs Santander case she was awarded $571,000 in federal court because of these crooks. Bair, you are a trader and a fraud. You crooks are all going to hell for sure.