who dropped a house on her sister

Sheila Bair, who served as chairman of the Federal Deposit Insurance Corp during the crisis and its aftermath, levelled fresh attacks at Mr Geithner, the Obama administration, fellow financial regulators and bankers such as Vikram Pandit, Citi’s chief executive, in a new book that has laid bare policy disagreements of the past few years…Ms Bair criticises Mr Pandit for a lack of commercial banking experience and says she tried to force him out. Ms Bair was “pushing hard” for Jerry Grundhofer, former chief executive of US Bancorp, to replace Mr Pandit. Citi’s board “could have done so much better than Pandit,”  Ms Bair wrote…Taxpayers were unnecessarily put at risk and Citi, despite its weakness at the time, was allowed to avert nationalisation, a forced reorganisation or meaningful restrictions on its activities, Ms Bair alleges. “The public justifiably wanted retribution. Citi should have been led to the pillory,” Ms Bair writes. [FT via Heidi Moore]

Meredith Whitney is a banking analyst made famous by downgrading Citigroup in late October 2007, saying that the bank was facing a $30 billion capital shortfall and later telling the press “Citigroup is in such a mess Stephen Hawking couldn’t turn this company around.” In the years since she’s had less than flattering things to say about the firm and as recently as March 14, 2012, told CNBC that Citi “has no earnings power, isn’t going to grow, hasn’t been investable in four years” and “is like an old broken-down Victorian house.” (In the same interview, she told Maria Bartiromo that the only way she’d change her mind about the big C would be if she received “a new brain.”) So it probably surprised a few people when, earlier this month, she upgraded the bank. But please, do not get the mistaken impression that she’s suddenly in love with the place or has developed any feelings for it whatsoever. Fact of the matter is, the mere thought of the place still sickens her. Read more »