The high tech of the modern financial quant never ceases to amaze me...
"These internet originators have been a problem too...it's unbelievable to me they are back already. When I go on my AOL account over the weekend I'm seeing no-doc, low-doc, 'bankruptcy okay,' a $200,000 loan for $800 a month. They are back. It is just amazing to me." - says Federal Deposit Insurance Chair, Sheila Bair.
AOL?
AOL?!!!
AOL!!!!!
It is good to know the head of the federal agency supervising and insuring bank operations is keeping her finger on the pulse of America. Noting financial trends and sharp operators who might try to sell unsustainable scams to the unsophisticated public...
AOL?
This explains so much...
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It's an ISP. Everybody has to have an ISP. You're overreating. AOL does not indicate general cluelessness about the internet the way it did in 2000.
Nah, sorry, I think my reaction is appropriate.
The head of the FDIC should have slightly more sophisticated, and secure gateway to the internet, even from home, on the weekend - they might, you know, need to access information quickly from anywhere, even when traveling.
My job is lot less critical than hers, and accessing the internet via AOL would not be adequate at any time.
Further, she should have considerably better information on who is advertising what banking services to whom and when, than anecdotally stumbling across an AOL spam ad.
It is not a good sign.
She is a federal employee. If she wants to do anything at home that is not work related, she is suppose to use her own ISP, her own computer and her own accounts. For a while there, her laptop was suppose to be stored in a safe, now the rule is only all hard drives on all computers must be encrypted, even ones chained to lab benches and not on the network.