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Apparently Timothy Geithner, Barack Obama’s nominee for Treasury secretary, doesn’t share the president-elect’s “team of rivals” philosophy. Bloomberg’s reporting Geithner wants to get rid of FDIC Chairman Sheila Bair for not parroting the party line.
Bair has been a vocal opponent of the bailout strategies concocted by Geithner, Ben Bernanke and Henry Paulson. And with good reason. Her position was born of hard-won experience gleaned from the seizing of IndyMac. It was that takeover that showed Bair how to stem foreclosures, the root cause of all our financial problems right now. But still she’s been “systematically ignored,” Cramer said, when she tried to share this knowledge with her peers.
Bair “stood up to a totally complacent team that kept getting it wrong,” Cramer said.
So she should keep her job, he said, because Bair “is an honest, independent breath of fresh air who has real answers.”
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