Memo to Team Obama: Two Top Bracket Picks for Secretary of Treasury: Sheila Bair and Jamie Dimon..


Jamie Dimon, JPMorgan Chase

Stop worrying about March Madness TOTUS, we have NO CONFIDENCE in Timmeh. Give us Jamie or Sheila, ASAP..

Sheila Bair was our top pick for Treasury. We have covered her here

Sheila Bair - FDIC Chief

Sheila Bair - FDIC Chief

Here is current FDIC Chariman Bair today on regulatory practices over non banking financial institutions..

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Jamie Dimon, JPMC CEO, everybody loves him on the street and he is pro Team Obama and has the authority, background, and frankly personality and leadership Timmeh does not

Vodpod videos no longer available.

Both Sheila and Jamie saw the housing meltdown and credit crisis coming and both sounded alarms, Sheila to regulators and Congress, Jamie to financial conferences. They kept their institutions whole through this and have served to help the rest of the financial sector get back on its feet as well as instilling confidence, something the Street needs from the Treasury.

Sheila managed the successful closures of failing banks, daily, especially IndyMac and has been fighting for housing mortgage modifications first. with Paulson and Geithner then with Geithner…October of 08…

From Bair’s prepared testimony (Senate Banking Committee):

The EESA, recently passed by Congress, includes a number of provisions to encourage loan modifications. In particular, EESA addresses the issue of foreclosure mitigation and provides authority that could hold significant promise for future loan modifications. The statute grants authority to the Secretary of the Treasury to use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.

. Specifically, the government could establish standards for loan modifications and provide guarantees for loans meeting those standards. By doing so, unaffordable loans could be converted into loans that are sustainable over the long term. The FDIC is working closely and creatively with Treasury to realize the potential benefits of this authority.

Paulson and Geithner blocked FDIC every step of the way on this Congress Critters like Frank and Waters routinely yell at Kashkari to implement Sheila Bair’s plan monthly…we have posted those clips here at MiM, search Kashkari to view..

As you know, a number of steps have already been taken in this direction. But I think it is clear by now that a systematic approach is needed to help us finally get ahead of the curve. The FDIC is working closely and creatively with Treasury on ways to use the recent financial rescue law to create a clear framework and economic incentives for systematically modifying loans. The aim is for loan servicers to offer homeowners more affordable and sustainable mortgages. In sharing ideas with the Treasury, we have drawn from the program that we are using for modifying loans at IndyMac Federal Bank since we took control of that bank in July.

Bair also managed the only successful takeovers with government aid ie Wells Fargo Wachovia when Timmeh was trying to give it to CITI with loss of taxpayer money,(and no doubt to temporarily cover the horror of CITI  losses then, distract, merge, merge, bailout) Sheila got in Timmeh and Paulson’s way bigtime on that and saved tapayers money and refused to back down...IT WAS BEAUTIFULLY DONE!

Jamie took TARP he didn’t want so CITI wouldn’t collapse after he took on Bear Sterns in disarray when Paulson and Timmeh begged him to help save the financial system.(disclaimer MiM has worked at JPMC)…And scooped up WaMu...

March 19, 2009. Tags: , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Finance, Housing, Obama Administration, Politics, TARP, Taxes, Uncategorized, Wall St.


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