My Letter to Sheila Bair
After voicing my opinions over and over again, I thought the least I could do was contribute my thoughts to the public record.
[redacted]
New York, NY 10014
October 5, 2009
Ms. Sheila Bair
Chairwoman, Federal Deposit Insurance Corporation
550 17th St., NW, Room 6028
Washington, DC 20429
Ms. Bair
I am writing to thank you for your unwavering support of our financial system, and for your courage to speak out against the destructive bailout culture that has emerged in our political economy.
As someone raised on free-market beliefs, the events of the last year have been particularly troubling, and I believe the FDIC’s mission to “maintain stability and confidence” in our system is more important than ever.
I have spent the last three years working for an institution that was deemed “too big to fail”, and while I may have benefitted personally from that distinction, I regret it extremely. I have lost confidence in our capital markets. I have witnessed the moral hazard and bad outcomes that have resulted from pro-bailout policies, and I look forward to a day when our financial system will be set on a sustainable path.
To the extent that I can aid you in your task, I would do so. To that end, I have CCed my Federal elected officials, with a request that they promote legislation that would grant the FDIC resolution authority for both Bank Holding Companies and Financial Holding Companies, as well as their non-financial subsidiaries and related holdings.
Sincerely,
[redacted]
Citizen, 8th Congressional District, New York
Cc: Senator Kirsten Gillibrand
Cc: Congressman Jerrold Nadler
Cc: President Barack Obama
Cc: Senator Charles Schumer
