This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sheila Bair Wants You to Know That Sheila Bair Is Innocent: Street Whispers

NEW YORK (TheStreet) -- Sheila Bair's new tell-all book on the 2008 bank bailout has given fresh fodder to Wall Street critics while defending her role in trying to prevent the financial crisis.

Excerpts quoted in the media from her bookBull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street From Itself reveal a clash of personalities and philosophies between the former chairman of the Federal Deposit Insurance Corporation and Treasury Secretary Timothy Geithner.

"Tim Geithner had been the bailouter in chief during the 2008 crisis," Bair wrote scathingly in her book, according to American Banker . "If it hadn't been for my resistance and the grown-up supervision of Hank Paulson and Ben Bernanke, we would have spent even more money bailing out the financial bigwigs and guaranteeing all their debt. As president of the NY Fed, Tim had been responsible for regulating many of the very institutions whose activities had gotten us all into trouble."

Bair said the President's choice of Geithner as Treasury Secretary was a "punch in the gut".

"I did not understand how someone who had campaigned on a 'change' agenda could appoint someone who had been so involved in contributing to the financial mess that had gotten Obama elected," she wrote. Her own choice would have been former Fed Chairman Paul Volcker, she wrote.

Geithner, meanwhile, confirmed at the Clinton Global Initiative in New York Tuesday that he will not stay on in his job if President Obama gets re-elected.

"I've had a lot of excitement in my job, more than my share," he told interviewer Charlie Rose, according to Bloomberg."But I think the president ... should have a chance, and will have a chance, to have somebody excellent and capable come in and help him with those challenges."

He also said he will not be writing his memoirs, so we may never hear his side of the story.

Bair also has harsh words for Citigroup Chairman Vikram Pandit." I thought Pandit had been a poor choice. He was a hedge fund manager by occupation and one with a mixed record at that. He had no experience as a commercial banker, yet now he was heading one of the biggest banks in the country," she wrote, according to an excerpt published in Forbes.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs