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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Stefan who wrote (214517)	8/6/2009 11:28:40 PM
From: Bank Holding Company	Respond to of 306849

> -- Fannie Mae plans to tap $11 billion in new government aid after posting another massive quarterly loss << AWESOME!

To: Stefan who wrote (214517)	8/7/2009 12:05:31 AM
From: Asymmetric	Read Replies (1) \| Respond to of 306849

Sheila Bair not cowed by Geithner tantrum, criticizes Obama . Posted by: Rolfe Winkler Aug 4, 2009 blogs.reuters.com Last week Tim Geithner dropped multiple F-bombs in a meeting with regulators unenthusiastic about his plan to concentrate oversight of the financial system at the Fed. Sheila Bair was one of his targets, but today she held her ground. In testimony before the Senate Banking Committee this morning, she had this to say about concentrating regulatory power at the Fed: " …we do not see merit or wisdom in consolidating federal supervision of national and state banking charters into a single regulator for the simple reason that the ability to choose between federal and state regulatory regimes played no significant role in the current crisis." One of the important causes of the current financial difficulties was the exploitation of the regulatory gaps that existed between banks and the non-bank shadow financial system, and the virtual non-existence of regulation of over-the-counter (OTC) derivative contracts. These gaps permitted lightly regulated or, in some cases, unregulated financial firms to engage in highly risky practices and offer toxic derivatives and other products that eventually infected the financial system… She hits back at the administration pretty hard: "In light of these significant [regulatory] failings, it is difficult to see why so much effort should be expended to create a single regulator when political capital could be better spent on more important and fundamental issues which brought about the current crisis and the economic harm it has done." She makes great points throughout. fdic.gov