Word: bair
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...secret which banks were subject to the new powers sought by the Administration. A top committee Democrat, Paul Kanjorski of Pennsylvania, said he feared the bill's accumulation of executive-branch power. Regulators are also sniping. At Thursday's hearing in the House, Federal Deposit Insurance Corporation chair Sheila Bair said the Administration's plan didn't give enough power to regulators. Graybeards like Paul Volcker have been calling for greater constraints on big banks...
...accounting trick save the Federal Deposit Insurance Corp.? That's what FDIC chief Sheila Bair and Co. seem to be hoping...
That may lead to a standoff, given that many banks are like underwater homeowners - hoping to hold on until prices rebound. "The challenge is going to be to get the prices high enough for banks to sell," FDIC Chairman Sheila Bair told reporters the day the plan was unveiled. "The problem is going to be low pricing, not high pricing...
...under regulators' supervision, the asset sales could move the government farther down the road toward closing or taking over the most troubled banks. The operative word here is could - Geithner and top White House economic adviser Larry Summers have been awfully cagey about what comes next. The more plainspoken Bair allowed that the asset-purchase plan "will be a significant benefit to many banks, but some will be beyond help." Soon we may find out which hopeless banks she's talking about...
Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars. Last fall they introduced Fed-sponsored insurance for money-market deposits, the equivalent of the FDIC insurance that exists for regular bank accounts. At the same time, they opened Fed lending to financial-services companies, making the Fed the lender of last resort for those firms, just as it is for traditional banks. In the past two days, Geithner unveiled the final two safeguards that he, Bernanke and Bair believe will...