Sheila Bair Would Rather Eat Worms Than Ask Tim Geithner for Help


That's right. The FDIC chairwoman would rather coat herself in honey and stand by a beehive than go to her arch-nemesis, Treasury Secretary Tim Geithner, and ask for a $100 billion loan to refill the FDIC's coffers and enable the organization to continue to protect customers of banks by insuring their deposits. She'd rather be waterboarded. You see this fork, right here? She'd rather stick it straight into her eyeball. What else?

“Sheila Bair would take bamboo shoots under her nails before going to Tim Geithner and the Treasury for help,” said Camden R. Fine, president of the Independent Community Bankers. “She’d do just about anything before going there.”

Yes, that. And do you know what else she'd rather do? She'd rather go to the banks the federal government bailed out not too long ago, the banks now considered to be "healthy," and borrow the money from them under an obscure provision of a 1991 law adopted during the savings-and-loan crisis, making federal government's relationship with certain financial institutions seem even more unholy, and pushing the public and the private sector into an embrace so tight and complicated it looks like the freaking Lambada. She'd rather do that. So, yeah.

F.D.I.C. May Borrow Funds From Banks [NYT]