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Bair, a regulator for the people

 In Sheila we trust.

Maybe that should be the new mantra for U.S. taxpayers — especially ones who don’t feel the nation’s bankers have shown sufficient gratitude for being bailed out and saved from their own incompetence and greed.

Sheila Bair, once again, has shown that she may be the one financial regulator who gets it.

The Financial Times is reporting that Bair and the Federal Deposit Insurance Corp took the lead in pushing Citigroup to hire and outside consultant to determine whether the bank’s management team is up to the task of fixing the ailing financial giant.

The consultant is supposed to work with the bank’s board in coming up with a plan for potential management changes by the end of October.

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