Monday, January 27, 2014

Sheila Bair, Regulator Who Criticized the Revolving Door, Passes Through the Revolving Door

Timothy Carney reports:

Sheila Bair, former head of the Federal Deposit Insurance Commission, once wrote that she "would like to see financial regulation be viewed as a lifelong career choice — similar to the Foreign Service — rather than a revolving door to a better-paying job in the private sector."
"There should be a lifetime ban on regulators working for financial institutions they have regulated," Bair said in her 2008 book.
Sheila Bair has just joined the board of Spain's Banco Santander.
 From the Banco Santander press release announcing the news (my highlights)
 Sheila Bair (USA , 1954), who will occupy the vacancy left on the board by Lord Burns, played an important role during the financial crisis as chair of the Federal Deposit Insurance Corporation from 2006 to 2011.
This was a key institution during the financial crisis in the U.S. Among its responsibilities, together with  deposit guarantees, is the resolution of institutions, including taking control, selling or liquidating banks that are in difficulty. 
Santander’s Board of Directors is convinced Sheila Bair will make a significant contribution, due to her international experience and her knowledge of the U.S financial market.  The Santander Group is present in the U.S. through its consumer finance business, Santander Consumer USA, and its retail banking operation, Santander Bank.

1 comment:

  1. The best way to shut whiners/whistle blowers up is hand them wads of cash.