Hempton has jumped the shark | BAK Message Board Posts

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Msg  102640 of 393676  at  11/20/2008 9:37:02 PM  by

FairValue


Hempton has jumped the shark

Friday, November 21, 2008

Remember Sheila Bair wanted to sell Wachovia to Citigroup

I loved the sequence.  Sheila Bair forces the issue at Washington Mutual - a bank that she did not need to force the issue at but which might have been insolvent.


Then she absolutely forced the issue at Wachovia.  She insisted that Wachovia sell to Citigroup even though Wells Fargo wanted more time and a market solution was available for Wachovia with no hint of a government guarantee.  

If Sheila had sucessfully sold Wachovia to Citigroup she might have two banks to deal with or Citigroup might just sell the loans she had guaranteed.  

But now is Sheila Bair's moment.  If her past behaviour is anything she will confiscate Citigroup because it looks sick.  She has the ego, she has the momentum, she has the form.

Sheila can of course run this, sort it out, become Treasury Secretary and otherwise rule the world.

Sheila Bair - just admit the precedent you set is inappropriate and resign!


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