Word: fdic
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...Seidman & Seidman, he moved to Washington as President Ford's chief economic adviser. With the coming of Jimmy Carter, Seidman went back into business as vice chairman of the Phelps Dodge mining company, then headed the business school of Arizona State University at Tempe until he took over the FDIC in 1985. Of all his wanderings Seidman says with a wink, "I can't keep...
Seidman's political and promotional skills led Congress not only to put him in charge of the RTC as well as the FDIC in 1989 but also to insulate him from outside pressures. That helped a lot when Seidman and Treasury officials began feuding publicly about how best to clean up the S&L mess. At one point the Treasury floated a proposal that the bailout be financed by a fee on bank deposits. Seidman ridiculed the idea as "the reverse toaster theory -- instead of the bank giving you a toaster, you give one to them." The White House started...
...Democrat who heads the House Banking Committee. Concurred John Jacob, president of the National Urban League, which lost more than $200,000 at Freedom National because of the government's double standard: "I think it is grossly discriminatory against banks that happen to be small." Amid the outcry, the FDIC said it was reviewing its policy at Freedom National...
...question of fairness could arise often this year if a prolonged Middle East war creates an oil-price shock and plunges the U.S. into a deeper recession. In a gloomy assessment of the banking outlook, FDIC chairman L. William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion...
...racing to prepare plans to reshape the U.S. financial system. The White House wants to make banks more profitable by scuttling laws that bar them from branching across state lines and diversifying into fields like the sale of securities. The Administration is also considering adding $25 billion to the FDIC fund through a special assessment on banks or an increase in their insurance premiums -- though that added cost could force some of the weakest institutions to go under...