WASHINGTON -- Former FDIC Chair Sheila Bair on Wednesday defended ex-Treasury Secretary Timothy Geithner's move to the private equity firm Warburg Pincus, but delivered a backhanded compliment to Geithner in the process.
When asked about the revolving door between Washington and Wall Street during an interview with HuffPost Live, Bair said that some people are actually better suited for the banking world than for policymaking -- and Geithner might be one of them.
"I don't think people should go work for entities they regulated, and Tim didn't, and I have not criticized Tim for that," Bair said. "And I think actually that's a good fit for him. I think that's culturally, that's a good fit for him, and perhaps better than some of the things he did in government service."
Bair was less subtle about dinging another alum from the bailout era, former U.S. Treasury official Neel Kashkari.
"Well, I'll say something I probably shouldn't. I hope he does better running for governor than he did in equity trading at PIMCO," Bair said.
Kashkari, who is best known for his role managing the largest financial bailout in the nation’s history between 2008 and 2009, recently announced his plans to run for governor of California. He left the finance giant PIMCO last year after a disappointing tenure in which his stock trading efforts underperformed other securities firms.
It’s no secret that Kashkari has long been considering a bid for the governor’s seat. According to reports, Kashkari, who has never held elected office, has spent the better part of the year gearing up for his campaign, raising both money and his profile within the GOP.
On HuffPost Live Bair continued the ribbing adding: "I'm not going to get involved in California politics. It's good that people run for elected office and try to make a difference. We need good people in public service, so I wish him well. I don't know what the landscape is like and I'm not endorsing anybody and I'm not opposing anybody, but maybe that's his calling."
Watch more of the interview on HuffPost Live above.
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