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Michael Terry, CFA has nearly 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, Mr. Terry has analyzed and invested in both public and private companies around the world... More
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  • Sheila Bair - Conflict, What Conflict? 0 comments
    Jan 21, 2010 12:59 PM

    From an article in the Huffington Post:

    Sheila Bair, one of the chief regulators overseeing Bank of America’s federal rescue, took out two mortgages worth more than $1 million from the banking giant last summer during ongoing negotiations about the bank’s bailout and its repayment.

    In the weeks between the closings on her two mortgage loans, Bair met with Bank of America’s chief negotiator in the bailout talks.

    To avoid conflicts of interest, the Federal Deposit Insurance Corp., which Bair heads, prohibits employees from participating in “any particular matter” involving a bank from which they are seeking a loan.

    Really, should we be surprised?  The man overseeing the IRS didn't realize that you had to pay taxes.

    Read more here:

    huffpostfund.org/stories/2010/01/fdic-chief-got-bank-america-loans-while-working-its-rescue#ixzz0dGqEC1Sk





    Disclosure: no positions
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