Word: fdic
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...looks like loan flips," said John V. Lane,assistant regional director of the Federal DepositInsurance Corporation (FDIC). "They createfictitious values and sell in between themselves...
Walsh is currently involved in at least 25 law-suits in various courts throughout the state filed by former banks, clients, partners and the FDIC, The Globe reported...
BILL SEIDMAN has just topped his own private joke. Shortly before he was confirmed in 1985 as chairman of the FDIC, Seidman got an Irish wolfhound, which he named Proxmire after the Senator who opposed his confirmation. "Heel, Proxmire," Seidman would bark. But not long ago, as Seidman prepared to step down from his post, William Proxmire wrote a flattering valedictory to the chairman. So Seidman renamed his dog Annunzio in dubious honor of Frank Annunzio, chairman of a House Banking subcommittee, who has sparred with Seidman over the S&L bailout. Seidman tells colleagues that when he calls "Annunzio...
...House chief of staff John Sununu, Seidman declared, "I talked to them about getting out of here so they could put in somebody of their own. The next thing I knew, I heard the White House leaking that the President was trying to force me out." Fearing for the FDIC's independence, Seidman decided to stay. Such frank talk may have been the bane of Bush, but it could be the stuff of stardom. Starting this week, Seidman will serve as correspondent and commentator for CNBC, the financially focused cable channel...
...banks' new owners will have the opportunity to leave bad loans behind with the FDIC, essentially beginning anew with a clean loan portfolio...