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Suze Orman The personal-finance guru and best-selling author is a former TIME 100 honoree Sheila Bair, chairwoman of the FDIC, was one of the first government officials to recognize the danger of the subprime crisis and was relentless in fighting for a temporary increase on the limits of FDIC insurance. Because of her efforts, your FDIC-insured deposits are safe and sound...
...FDIC can wind down banks in a more orderly fashion than occurred at Lehman. But FDIC chairwoman Sheila Bair and Fed Chairman Ben Bernanke have both said they don't have the authority to wind down global financial conglomerates like Citi. The upshot: "If you want to have no more Lehmans, then inevitably you wind up guaranteeing the banks' debts," said John Hempton, a money manager and former Australian treasury official whose Bronte Capital blog has become another crisis must-read. That is, an orderly reorganization of the financial system in which creditors make sacrifices would be great...
...Bair had good reason to be out on the stump. She knew that on Thursday the FDIC would release its report on the health of the country's savings institutions. Now the report is out, and you can sum up what it says about American banks in one word: sick. "There is no question that this is one of the most difficult periods we have encountered during the FDIC's 75 years of operation," said Bair, commenting on the report. (See pictures of the Top 10 scared traders...
...When discussing the new list, FDIC Chairman Sheila Bair said she expected her agency to pay out $22 billion in insurance this year. On the back of an envelope that number would seem to indicate that the banking industry will not have such a bad year. The FDIC may not even have to go to the Treasury for the extra capital that might be needed as problem banks fail. No matter what the agency says about its list, the actual figure for problem banks is much too low. The FDIC can claim that it historically accurate measurements, but most financial...
...reason that the FDIC is releasing any number at all remains an enigma. It may be that the agency wants taxpayers to think it is doing a good job counting heads. Chair Bair is shameless in her courting of the media. She would like to be viewed as an equal to the Fed Chairman and Secretary of the Treasury. Maybe if she appears at enough press conferences, her dream will come true...