Federal Deposit Insurance Co. Chairman Sheila Bair said that the Obama Administration will force out big-bank executives who aren’t seen to be doing a “good job.” She said that in the wake of the “stress tests,” regulators will be asking: “Are there people who can do a better job?” And if the answer is yes, she implied, CEOs will be asked to resign. Her remarks helped push financial stocks down in the afternoon, and the broader market fell as well, with the Dow down nearly 100 points around 3:15 p.m.
If this isn’t evil, what is?