Seidman, L. William
Seidman, L. William(Lewis William Seidman) (sēd`mən), 1921–2009, U.S. government official and accountant, b. Grand Rapids, Mich., grad. Dartmouth (A.B., 1943), Harvard (LL.B., 1948), Univ. of Michigan (M.B.A, 1949). He joined Seidman & Seidman, the family accounting business, in 1949 and rose to managing partner in 1968, overseeing its growth into a national firm. Active in Republican politics, he left the firm to become President Ford's assistant for economic affairs (1974–77) and then was chief financial officer of Phelps Dodge Corp. (1977–82) and dean of Arizona State Univ.'s business school (1982–85). In 1985 he became chairman of the Federal Deposit Insurance Corp.Federal Deposit Insurance Corporation
(FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $250,000.
..... Click the link for more information. , where he oversaw the closure of hundreds of failed financial institutions as a result in large part of bad loans made during a real estate bubble in late 1970s and early 80s. From 1989 he also headed the Resolution Trust Corp.Resolution Trust Corporation
(RTC), in U.S. history, government-owned company formed in 1989 to liquidate the assets of insolvent savings and loan associations (S&Ls).
..... Click the link for more information. , the federal agency responsible for liquidating assets the government had acquired from defunct savings and loan associationssavings and loan association
(S&L), type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public.
The first U.S. S&L was founded in 1831.
..... Click the link for more information. . After leaving the FDIC and RTC in 1991, he was a commentator for CNBC.
See his Full Faith and Credit (1989).