Saturday, October 4, 2008

Its amazing how bad Sheila Bair looks now

Sheila Bair - without giving anyone time to do due diligence - forced Wachovia into a merger with Citigroup in which she warranted that the taxpayers would pick up the losses (beyond a certain point well below the book value of the deal she did).

Now she is defending that deal - and her tattered reputation - 

Then she says not to assume the FDIC is opposed to Wells/Wachovia...  

This is the way a bad public servant makes a sausage.

Sheila - do us a favour and resign.

John Hempton

1 comment:

Anonymous said...

John, from the begining of the wamu issue till now I have read and appreciated your comments. You are probably aware now that many common shareholders of wamu are just now starting to band together to explore some kind of redress and closure in this issue. We, who are looking critically at this issue understand well what you are saying. However, do you have any comment on the way the media continues to pump out a totally inaccurate picture of what happened? Even wiki has a somewhat narrow view.

If you get a chance... and I know this is a long shot ... could you drop me an email at address below.


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