Sheila Bair

It is worth reading the article about Sheila Bair, the former head of the F.D.I.C., by Joe Nocera. Click HERE.

Bair believed that depositors should be protected, but that investment banks and their clients and creditors should be prepared to take the consequences of their risks. It is interesting to read what she has to say, then compare it to the similar attitude of the Icelandic government, which seems to have saved its people from suffering the fate of Ireland, a country that followed the U.S. down the bailout route for its so-called "Too-Big-To-Fail banks."