NYT: Questions From a Bailout Eyewitness
A New York Times article by Gretchen Morgenson said that in a new book, “Bull by the Horns” by Sheila C. Bair, the former FDIC chair noted that in the fall of 2008 “many financial regulators were desperate to make anyone but those who created the crisis pay for its devastation.”
Morgenson wrote that in the book Bair points out the favored treatment given to Citibank and its parent by top regulators. Even as the bank racked up billions in losses on its mortgage and derivatives businesses in 2007 and 2008, no meaningful supervisory measures were taken against Citi by either the Office of the Comptroller of the Currency or the New York Fed, its main regulators.
To read the full NYT article, click here.