How Sheila Bair Stopped The Banksters From Scamming The P-PIP

When Citigroup heard that the government was planning on financing investors who were willing to buy toxic assets, it came up with the dastardly scheme of using taxpayer dollars to buy the assets from itself. In essence, the Citigroup wanted to recapitalize its collateralized debt obligations with taxpayer dollars. And it would have got away with it too—if not for the heroism of Sheila Bair.