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]
Citigroup Execs Involved In MBS Biz Circa 2008 Can Breathe Easy
No bunk beds or jumpsuits for you!