An interesting story today illustrates just how busy Federal Deposit Insurance Corp. chairwoman Sheila Bair has been.
It shows a very proactive regulator who has been doing what she probably thinks is in the best interest of the nation’s banking system.
It seems her role in finding a suitor for Wachovia has been extraordinary, according to the Charlotte Observer’s story:
At 7:15 p.m. on Thursday, Steel said he received an unexpected call from FDIC chairwoman Sheila Bair telling him to be on the lookout for an offer from Wells. He was preparing to board a flight from New York to North Carolina so he told her to call the bank’s general counsel Jane Sherburne. When he landed, he talked with Bair again before receiving a 9 p.m. call from Wells Fargo chairman Dick Kovacevich. A few minutes later, Kovacevich e-mailed Steel a signed merger agreement.
One Comment
Based on what I have read about her pushing ‘work-outs’ for mortgages at IndyMac I’d say she definitely looks like a ‘keeper’