AI
Monday, February 28, 2011 12:05:25 PM
John E. Bowman, defendant in UWBK's lawsuit
Acting-Director of the Office of Thrift Supervision (since March 2009)
Incompetent, arrogant bureaucrat
"Bowman says one of the most rewarding aspects of being acting director is receiving reports about thrifts that have returned to financial health under OTS supervision."
Really? Something tells me UWBK wouldn't agree with that.
In 2008, the OTS was blamed for the two largest bank failures in U.S. history when the thrifts Washington Mutual and IndyMac Bancorp were brought down by their portfolios of subprime mortgages. The OTS also took heat for the troubles at American International Group, which required massive government aid totaling $100 billion to stay afloat during the height of the economic crisis. Some of AIG’s investment operations were under the regulatory control of the OTS.
Key lawmakers on the Hill have said they support the elimination of the OTS. House Financial Services Committee Chairman Barney Frank (D-Mass.), who shepherded a regulatory overhaul bill through the House in late 2009, has been particularly critical. “AIG and some others that were theoretically regulated by the OTS, that was like being regulated by the meter maid.” Frank said.
The ultimate fate of the OTS is probably in the hands of the Senate Committee on Banking, Housing, and Urban Affairs. The chairman of that committee, Sen. Christopher Dodd (D-Conn.), is crafting the Senate’s regulatory overhaul bill along with the ranking Republican member, Sen. Richard Shelby (R-Ala.). Most indications are that the bill will also call for the elimination of the OTS, but the final shape of the legislation has yet to be announced.
As head of the OTS Bowman reports to Deputy Treasury Secretary Neil Wolin. He also works closely with members of the Federal Deposit Insurance Corp. board, particularly FDIC Chairman Sheila Bair and Comptroller of the Currency John Dugan. On the Hill, he answers to members of the House Financial Services Committee and the Senate Banking Committee.
(source: http://www.whorunsgov.com/Profiles/John_E._Bowman)
UWBK's lawsuit may be opening up a particularly nasty can of worms and it could turn out to be the straw that breaks this ugly camel's back.
Acting-Director of the Office of Thrift Supervision (since March 2009)
Incompetent, arrogant bureaucrat
"Bowman says one of the most rewarding aspects of being acting director is receiving reports about thrifts that have returned to financial health under OTS supervision."
Really? Something tells me UWBK wouldn't agree with that.
In 2008, the OTS was blamed for the two largest bank failures in U.S. history when the thrifts Washington Mutual and IndyMac Bancorp were brought down by their portfolios of subprime mortgages. The OTS also took heat for the troubles at American International Group, which required massive government aid totaling $100 billion to stay afloat during the height of the economic crisis. Some of AIG’s investment operations were under the regulatory control of the OTS.
Key lawmakers on the Hill have said they support the elimination of the OTS. House Financial Services Committee Chairman Barney Frank (D-Mass.), who shepherded a regulatory overhaul bill through the House in late 2009, has been particularly critical. “AIG and some others that were theoretically regulated by the OTS, that was like being regulated by the meter maid.” Frank said.
The ultimate fate of the OTS is probably in the hands of the Senate Committee on Banking, Housing, and Urban Affairs. The chairman of that committee, Sen. Christopher Dodd (D-Conn.), is crafting the Senate’s regulatory overhaul bill along with the ranking Republican member, Sen. Richard Shelby (R-Ala.). Most indications are that the bill will also call for the elimination of the OTS, but the final shape of the legislation has yet to be announced.
As head of the OTS Bowman reports to Deputy Treasury Secretary Neil Wolin. He also works closely with members of the Federal Deposit Insurance Corp. board, particularly FDIC Chairman Sheila Bair and Comptroller of the Currency John Dugan. On the Hill, he answers to members of the House Financial Services Committee and the Senate Banking Committee.
(source: http://www.whorunsgov.com/Profiles/John_E._Bowman)
UWBK's lawsuit may be opening up a particularly nasty can of worms and it could turn out to be the straw that breaks this ugly camel's back.
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