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FDIC Chief Puts Blame on Fed for Crisis

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WASHINGTON PLAYS THE BLAME GAME
"The Federal Reserve was blamed by a fellow regulator for contributing to the financial crisis on Thursday as the central bank and one of its former chairmen fought back against congressional moves to curb its powers," the Financial Times reported. "In unusually pointed criticism, Sheila Bair, chairman of the Federal Deposit Insurance Corporation, told the Financial Crisis Inquiry Commission that “much of the crisis may have been prevented” had the Fed dealt with subprime mortgages seven years before it did."
SOURCE:   Financial Times

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