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Huffington Post - Former financial regulator Sheila Bair says that Treasury Secretary Timothy Geithner was primarily concerned with shoring up Citigroup and other banks in his response to the financial crisis, rather than holding those banks accountable.
Bair went on a media tour on Tuesday to promote her new book, "Bull by the Horns,"about the government's response to the financial crisis, which she experienced firsthand as a top financial regulator.
Bair criticized Geithner in the book, and she aired some of that criticism in an interview with the Wall Street Journal on Tuesday.
"He was in constant communication with [Citigroup CEO] Vikram Pandit throughout that whole process, and I felt like he and Vikram were figuring out what they were going to do and then trying to jam it on me," said Bair, who served as chair of the Federal Deposit Insurance Corporation (FDIC) between 2006 and 2011. "I do think that a lot of the policy decisions that were made were made through the prism of what Citigroup needed."
Bair said that most big banks did not need the Troubled Asset Relief Program, the government's bank bailout in 2008, but the government forced TARP on all of them partly because Citigroup needed it. "It worked horrible reputational damage on everyone," Bair said of TARP.
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