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Sheila Bair Sees the Seeds of Another Financial Crisis
By Reshma Kapadia (original source Barron’s)
“Sheila Bair has demonstrated that she’s not afraid to be the lone person flagging potential problems. The former head of the Federal Deposit Insurance Corp. is best known for her early warnings about the subprime mortgage market, and she’s still spotting problems in the financial system.
Bair has spent much of her career in Washington, D.C., beginning as a staff member for Sen. Robert Dole, and has long been comfortable going against the consensus. In 1992, as a commissioner on the Commodity Futures Trading Commission, Bair was the sole dissenting vote against loosening rules for energy trading companies, arguing that it set a “dangerous precedent.” Less than a decade later, Enron’s collapse proved her right. During the financial crisis, Bair, appointed to lead the FDIC by President George W. Bush in 2006, clashed with other officials, as she pushed for loan modifications and argued against bailing out the big banks.”
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