Sheila Bair Likely to Stay at FDIC

FDIC salaries and mystery solved

Did you know that FDIC salaries are not paid by taxpayers?

the FDIC is funded by . . . member banks!

Therefore, no need to worry about why it is so aggressively anti-depositor and PRO-financial institution.

Open your eyes, America. What happened at IndyMac is the equivalent of Madoff and the SEC. A mother lioness protecting its own.

fran quittel of CA @ Jan 12, 2009 16:31:21 PM

Sheila Bair's accomplishments???!!

I'm a small business owner and business journalist who has spent some time interviewing and writing about the FDIC after July 11, 2008. Many of the 10,000 depositors have called me, crying about lost life savings, retirement and college funds. I myself lost money in a small business IndyMac account.

In my resesarch, I was careful in a piece I wrote for the California Progress Report to have the FDIC review my notes for accuracy, and my only fear is that other depositors have no clue regarding the extreme "buyer beware" environment created at the FDIC under Ms. Bair's "leadership."

Here are her accomplishments:

1. To create any agency that uses its resources to protect member banks and lobbyists at the expense of depositors. What has happened at IndyMac can happen to any depositor anywhere.

http://www.californiaprogressreport.com/2008/11/a_clear_and_pre.html

2. To create an agency that literally champions the use of technology by member banks for the extremem benefit of institutions to reduce their own risk - while keeping consumers uninformed and in high risk positions.

3. To create an environment of deliberate misinformation. At the same time it takes the agency weeks and months to gather the documentation depositors need to know whether their accounts are properly structured, the FDIC holds the depositor responsible and liable for misinformation provided by a member institution and casts NO liability on the institution for misinformation.

4..To create an agency that fails to inform depositors and has stonewalled every suggestion to make its own internal communications policies more transparent and to enforce the goal of transparency on the banks it regulates.

Despite a $700 billion bailout, this is the FDIC's mantra: “There is no regulation about how a bank or financial institution communicates with its consumers on these issues. They can decide to let a depositor know if they are covered or not. It is the bank’s choice." Jim Devaney, Chief of the FDIC’s Deposit Insurance Section – Division of Supervision and Consumer Protection.

This agency badly needs an overhaul. It is out of control and operates so far beneath the radar screen, with a set of compliance measures that are intended to deliberately defraud the public, I would not hesitate to send Ms. Bair packing.

however, I do have ONE ACCOMPLISHMENT:

After months of lobbying, the FDIC at long last now advises consumers on its EDIE calculator site that the raised insurance limits revert effective 12-31-09, but it took heaven and earth to do that. I accept that after being ignored, defrauded, and even cheated, that small accomplishment is something that may help someone else.

Fran Quittel

www.fdicbusinessalert.com

www.indymacdepositors.com

fran quittel of CA @ Jan 12, 2009 16:04:07 PM

Good work for FDIC, bad for Indymac depositors

She seems to be doing a good job at pissing people off. There are 10,000 depositors at Indymac Bank who are being punished just because FDIC and Banks don't have clear communications sent out about FDIC insurance coverage, banks don't have staff who know about FDIC limits etc ...and now that the bank was sold off to a group of pvt investors for a mere 13.9 billion, Sheila Bair says that FDIC has to first recover its own losses and expenses before the depositors are paid any more !! This is just ridiculous and so un-democratic. Doesn't the Federal plan any more bail outs that'll help the depositors as well as the FDIC ? GOVERNMENT...TIME FOR FOR SOME TRUE BAIL OUT FOR COMMON MAN..there's only $270 million more that these 10,000 depositors are asking for (a BIG fortune for the individual depositors though !!) ...c'mon..you spend billions on war and stimulus packages...you can easily bail these depositors out if for once you wanted to prove that DEMOCRACY PREVAILS !!

M Kishore of OH @ Jan 12, 2009 15:03:27 PM

I would like to know what she thinks?

Has anyone seen her comments on obama's new package?

Patti Lyles of CA @ Jan 09, 2009 21:54:07 PM