Sheila Bair's Ridiculous Story About John Thain

Oct 24, 2012 at 4:00 PM
DailyBail in Bank Bailouts, TARP, TARP investigation, Wall Street Bailout, bailout, bank bailout, eliot spitzer, geithner, john thain, merrill lynch, sheila bair, sheila bair, tarp, video, wall street bailout

Sheila Bair annihilates bailout-bonus poster boy and Romney favorite.

'John Thain's only concern was getting paid.'

Great interview all the way around, but skip to the 5-minute mark for the Thain vignette, and for the discussion that follows.  She destroys Geithner: "At the meetings he acted like he wanted to be one of the bankers."

The Thain story is so troubling because he did such harm and yet continued to feel so entitled, to express no sense of remorse, to not recognize that his stewardship had led to the troubles and that maybe there should be consequences.

And now Romney is considering him for Treasury Secretary.

'OCC is a terrible regulator.  It's like having a trade group in charge of the banks.'

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Short clip of Spitzer discussing Thain the following night:

Here's what we've learned so far from Bair's book:

• Robert Rubin was secretly in charge of TARP.
• Citigroup and Merrill were both insolvent.
• Bair wanted Volcker for Treasury Secretary.
• Geithner really loves Citigroup.
• Blankfein wasn't playing team ball until Bair called Buffet to complain.

 

 

Article originally appeared on The Daily Bail (http://dailybail.com/).