They just don’t get it. One day the FDIC appears to take a stand–8 hours later, they’re financing securities FRAUD. What happened here? Did Larry Summers bitch slap Sheila Bair like he did Brooksley Born in ‘98?
Did Geithner come in and say, “let’s make PPIP more attractive to the criminal element by pimping it out without government imposed limits.”
We were [...]

Start thinking in terms of massively coordinated fraud, collusion and cover-up and all of a sudden, “systemically important” reveals itself to be BULLSHIT.

Tell us something we don’t already know.

Every once in a while, the voice of reason gets an ear, and this time it’s the voice of Sheila Bair.