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Sheila C Bair

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BUSINESS
December 23, 2007 | Jonathan Peterson, Times Staff Writer
It was at an investor conference in October that Sheila C. Bair made her stand. With home foreclosures soaring and signs that the sub-prime mortgage fallout threatened the broader U.S. economy, Bair, who runs the Federal Deposit Insurance Corp., called for a sweeping effort to restructure shaky loans, including those held in securities owned by Wall Street players. Many investors opposed such measures, and the White House resisted taking a major role in fixing the mess. No matter.
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BUSINESS
December 23, 2007 | Jonathan Peterson, Times Staff Writer
It was at an investor conference in October that Sheila C. Bair made her stand. With home foreclosures soaring and signs that the sub-prime mortgage fallout threatened the broader U.S. economy, Bair, who runs the Federal Deposit Insurance Corp., called for a sweeping effort to restructure shaky loans, including those held in securities owned by Wall Street players. Many investors opposed such measures, and the White House resisted taking a major role in fixing the mess. No matter.
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BUSINESS
August 21, 1993 | From Times Staff and Wire Reports
Acting CFTC Chairman Resigns: William P. Albrecht, interim head of the commission regulating the nation's futures markets, quit after a stormy seven-month tenure, leaving the agency's five-member board with three vacancies. Albrecht became acting chairman of the Commodity Futures Trading Commission in January. He will be replaced by Sheila C. Bair, one of two remaining commissioners. The commission regulates a spectrum of financial products tied to securities ranging from pork bellies to U.S.
BUSINESS
May 28, 2009 | Zachary A. Goldfarb, Goldfarb writes for the Washington Post.
The nation's deposit insurance fund declined 24% in the first three months of the year to $13 billion as the number of banks failing mounted, the Federal Deposit Insurance Corp. said Wednesday. The agency, which ensures that depositors do not lose their money up to a limit if a bank fails, reported 21 bank failures in the first quarter. And the agency has taken further hits since the close of the quarter March 31. Last week, Florida-based Bank United collapsed, costing the FDIC $4.9 billion.
BUSINESS
May 10, 2011 | By Jim Puzzanghera, Los Angeles Times
Sheila C. Bair will step down July 8 as chairwoman of the Federal Deposit Insurance Corp., the agency said, and her top deputy is her likely replacement. Bair's departure had been expected. Her five-year term as chairwoman ends next month, and she was clear in stating that she did not want to be reappointed. "Consistent with previous public statements, Chairman Bair has announced her intention to depart the agency following the expiration of her term as chairman," the FDIC said Monday.
BUSINESS
May 1, 2008 | Maura Reynolds, Times Staff Writer
A key federal regulator released a proposal to address the mortgage crisis Wednesday, calling on the Treasury Department to help troubled borrowers by lending them 20% of their mortgage principal to spur refinancing into more affordable loans. Chairwoman Sheila C. Bair of the Federal Deposit Insurance Corp. said she was prompted to offer the plan in part by meeting worried borrowers at a housing forum in Los Angeles last week. The crowd of "anxious people" overfilled the auditorium and stretched down the block, she said.
BUSINESS
May 30, 2008 | From the Associated Press
Federally insured banks and thrifts set aside a record $37.1 billion to cover losses from soured mortgages and other loans in the first quarter, when profits were nearly halved, regulators said Thursday. Federal Deposit Insurance Corp. data show that Citigroup Inc., Bank of America Corp. and about 8,500 other institutions earned a combined $19.3 billion in the January-March period. That was a drop of 45.7% from the $35.6 billion earned a year earlier. The FDIC has said it would beef up its staff of examiners to handle an anticipated surge in bank failures this year.
BUSINESS
August 27, 2008 | Jim Puzzanghera and E. Scott Reckard, Times Staff Writers
Federal regulators Tuesday boosted to $8.9 billion the estimated cost of IndyMac Bank's failure and prepared the public for more collapses, reporting that the number of troubled U.S. banks shot up 30% in just three months. The Federal Deposit Insurance Corp. said that on June 30 there were 117 institutions on its "problem list," up from 90 on March 31 and the highest level in five years. The disclosures were part of a bleak portrait of the banking industry painted by the agency, which said earnings at commercial banks and savings and loans plunged 87% to $5 billion in the second quarter as institutions scrambled to cover bad mortgages and other loans.
BUSINESS
November 24, 2010 | By Jim Puzzanghera, Los Angeles Times
The number of banks at risk of failing rose at the end of September to its highest level since the savings and loan crisis peaked in 1993, but the industry's health continues to improve, the Federal Deposit Insurance Corp. said. The agency's so-called problem list consisted of 860 financial institutions at the end of the quarter, two years after the financial crisis hit the nation. That's up from 829 at the end of June, the agency said Tuesday. The latest figure amounts to about one out of eight FDIC-insured banks.
BUSINESS
August 21, 2013 | By Jim Puzzanghera
WASHINGTON -- The Federal Reserve could start reducing its bond-buying program next month, but won't raise its near-zero short-term interest rate until at least 2016 -- a year later than current central bank projections suggest, Pimco Chief Executive Mohamed El-Erian said Wednesday. Speaking at a Washington panel on the economy, El-Erian predicted that policymakers would try to make more use of the Fed's forward guidance to try to offset the recent rise in long-term interest rates.  Those rates have risen because investors have been anticipating the central bank decision to start tapering its $85 billion in monthly bond purchases.
BUSINESS
March 14, 2010 | By Kenneth R. Harney
With the Obama administration and private lenders actively considering mortgage-principal-reduction programs to help financially distressed homeowners, the Internal Revenue Service has issued an advisory to taxpayers who receive -- or seek to receive -- such assistance if it's offered. The IRS gets involved in mortgage principal write-downs because the federal tax code generally treats any forgiveness of debt by a creditor in excess of $600 as ordinary taxable income to the recipient.
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