The reason why Sheila Bair's account of so many aspects of TARP (and HAMP) is so similar to mine is simple.It's the truth.— Neil Barofsky (@neilbarofsky) September 25, 2012
Sheila Bair Gives Her Account of the Crisis, and (Quelle Surprise!) the Bailouts and Geithner Do Not Look Pretty... bit.ly/P3zz4B— Yves Smith (@yvessmith) September 26, 2012
Now they tell us | Former FDIC boss Sheila Bair: TARP wasn't necessary aei-ideas.org/2012/09/former...— James Pethokoukis (@JimPethokoukis) September 20, 2012
Geithner's "not Madoff ...he's Andrew Fastow, the Enron accountant who followed the rules but always delivered the requested result."— Timothy P Carney (@TPCarney) September 26, 2012
Exactly the feeling that I had... Obama fail "@ edwardnh: Bair on Geithner 's Appointment: 'A Punch in the Gut' on.wsj.com/Qx5T3P— Cate Long (@cate_long) September 26, 2012Clearly, Wall Street has a long way to go in repairing its reputational damage. But as Oppenheimer analyst Chris Kotowski pointed out in a report Tuesday, that's no reason not to invest in bank stocks. According to the analyst, banks are suffering from a problem of perception, with the reality being that fundamentals are actually improving. "...To us, that bespeaks opportunity because the essence of investing is to find a gap between perception and reality," Kotowski wrote. " In our view, the industry's reality is that it is steadily recovering from a cyclical trough while the perception, propagated by politicians and reporters everywhere, is that because they "caused" the financial crisis, bank stocks are somehow too icky to touch and therefore "uninvestible"regardless of the fundamentals or valuation." "While "Wall Street" will probably always be a convenient object of scorn on which politicians, reporters and the public at large can blame all of "Main Street's" woes, the reality is that the economy needs a financial system with financial institutions to intermediate financial risks," he added. -- Written by Shanthi Bharatwaj in New York.