Friday, May 15, 2009

FDIC's Bair says bank CEOs will be replaced

Here comes. According to Reuters,

"Federal Deposit Insurance Corp chairman Sheila Bair said some U.S. bank chief executives will be replaced in the next couple of months as regulators assess lenders' financial strength, Bloomberg News said on Friday, citing a television interview to be broadcast this weekend.

""Have they been doing a good job? Are there people who can do a better job," Bair said. Asked about chief executives being replaced, Bair replied, "Yes," according to the report."

"A good job", "a better job", defined by who? By her? By someone else at the administration?

The stock market has been heading heading south in a grinding manner. No cheer, no panic that I can sense. Just quietly selling off for the good 3 hours, and the selling seems to be accelerating into the final hour of trading.


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