Sheila Bair: The one thing banking regulators should do now
Sheila Bair has a new book on the insider’s view of the financial crisis. She’s no longer a bank regulator, but she has plenty of advice for those who are.
The press may have come to know Sheila Bair’s new book as a juicy tell-all tale of all that’s wrong with Wall Street, but the former Federal Deposit Insurance Corporation chairwoman on Monday clarified the tone of her book, Bull By The Horns: Fighting to Save Main Street From Wall Street and Wall Street From Itself.
“Blunt and honest I like – tell all, I don’t like,” said Bair during an interview withFortune executive editor Stephanie Mehta at its annual Most Powerful Women Summit in Laguna Niguel. “I did take people to task but only when I thought there was a good reason for it.”
Her book takes aim at bankers she blames for the 2007 financial crisis. Bair also criticizes regulators – notably, U.S. Treasury Secretary Timothy Geithner, who was head of the Federal Reserve Bank of New York during the crisis. She called him the “bailouter in chief” and questioned whether his efforts to flush the big banks with billions of dollars were really a veiled attempt to rescue Citigroup (C).