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Former FDIC Head: We are sowing the seeds of next financial crisis

Five years after crisis, key rules not implemented

City Desk Naples-Marco Island, Florida
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Gina Edwards
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Description

Tough-talking former banking cop Sheila Bair offered up her brand of tough love to a ballroom full of real estate developers and bankers gathered in south Florida, an epicenter of the housing crisis that brought down the financial system.

The south Florida real estate market is showing signs of frothiness again, Bair said. Foreign and domestic money is pouring in. And five years after the onset of the financial crisis, key banking rules to prevent a repeat of the financial meltdown have yet to be implemented, said Bair, the former Chairman of Federal Deposit Insurance Corporation who sounded warnings before the 2008 crash and left her post in 2011.

“I feel we are sowing the seeds for the next financial crisis,” Bair told attendees of the Urban Land Institute’s Florida Summit in Naples on Friday, June 7, 2013.

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