Bair Market

Sheila Bair is on a tear.

The FDIC chair recently noted that some bank managements will have to go. She obviously wasn’t talking about banks that have nothing to do with the TARP plan, or banks who are rushing to pay back the money because of what Wells’ CEO Kovacevich called the Government’s “asinine” attitude. No, it would have to be Bank of America and Citigroup, the poster-children. And their Boards as well.

Although the FDIC has since issued “clarifications,” Bair’s signal came through loud and clear: you big banks messed up, and we’re taking it out of your hides. By scapegoating the big banks, Bair both ignores and re-writes history: the financial crisis was foisted upon us by greedy bankers. Fire them and the problems will be solved. That might be true, except for the errors of consumers, Congress, investors, the Chinese, the Fed, the press, and-oh yes-even regulators. You gonna fire all them too, Sheila? Sheila?

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2014-09-04T21:08:36+00:00 May 17th, 2009|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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