Sheila Bair

Tyler Durden's picture

FDIC Responds To IndyMac/OneWest Video Alleging Sheila Bair Transferred Billions In Taxpayer Funds To Paulson & Co., And Others

A few days ago we posted "The Great Highway Robbery Continues: How the FDIC is Legally Transferring Billions in Taxpayer Money to Hedge Funds" which presented a clip by Think Big Work Small, highlighting what was seemingly a grand scheme to defraud taxpayers with the FDIC's complicity. Today, the FDIC strikes back, issuing a Press Release claiming the video contains "blatantly false claims",  "perpetrates other falsehoods"  and has "no credibility." The counterargument which is supposed to render all allegations of impropriety false: "OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets" and that "in order to be paid through loss share, OneWest must have adhered to HAMP." Unfortunately, reading between the lines of the response indicates that not only are the falsehoods actually truehoods, but the video is still, sorry Sheila, quite credible.

Marla Singer's picture

Sheila Bair Addresses A Worried Nation

100: Partners Bank, Naples, FL
101: American United Bank, Lawrenceville, GA
102: Hillcrest Bank Florida, Naples, FL
103: Flagship National Bank, Bradenton, FL


104: Bank of Elmwood, Racine, WI
105: Riverview Community Bank, Otsego, MN


As you watch the bobbing metronome of Sheila C. Bair's head during this video ("...but as I said [left tick] we have the ability to immediately access [right tock] up to $500 billion from our Treasury line [left tick]...") wonder to yourself quietly:

  • How is the FDIC going to slurp down another $500 billion without some roof rasing action on the debt ceiling?
  • How can ANYONE promise that no insured depositor will ever (until the heat death of the universe) lose a dime?
  • What family of narcotic sedatives are being used in this video?

Meanwhile, if anyone is spreading evil rumors about the FDIC, make sure to email immediately.

Try not to get motion sick and vomit.  Also, try not to vomit.

Tyler Durden's picture

Sheila Bair On Bank Supervision - Live

For readers curious to Sheila Bair's perspectives that caused Geithner's Tourette's outbursts last Friday, the Senate Committee on Banking, Housing and Urban Affairs is holding a hearing live now in which the FDIC chairman presents her views.

Benjamin N. Dover III's picture

Multiple Choice Trick Question of the Day: Sheila Bair A) Does or B) Doesn’t Believe 500 Banks Will Fail

If you answered “C) Both of the above”, not only would you be correct, you'd have the logical reasoning skills required to be a decabox pundit on a respected financial news network.

Tyler Durden's picture

Sheila Bair: FDIC Reserves To Hit Zero

When I wrote about this issue a week ago, I thought I was going to be called out for prognosticating gloom and doom as usual...Well, no such luck, in fact quite the opposite. Sheila Bair came out with some very scary words for depositors everywhere:

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