Sheila Blair, FDIC Chief, Fights Foreclosures And Feuds With Bush, Paulson

01/10/2009 05:12 am ET | Updated May 25, 2011
  • CHARLES DUHIGG New York Times

On the weekend before Thanksgiving, Washington's top financial regulators were gathered on a conference call to discuss the rescue of the banking giant Citigroup when Sheila C. Bair, the chairwoman of the Federal Deposit Insurance Corporation, interrupted with a concern.

Speaking from her home, Mrs. Bair declared that the F.D.I.C. would contribute to a bailout only if Citigroup were forced to participate in a foreclosure prevention program she was championing on Capitol Hill. After a brief discussion, she got her way.

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