Word: seidman
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...many jobs could have been as exciting -- or stressful -- as overseeing the turbulent banking industry for the past six years. Since he became chairman of the Federal Deposit Insurance Corporation in 1985, William Seidman has seen more than 1,000 U.S. banks fail, and the number of institutions on the brink continues to grow. The FDIC, which guarantees the nation's bank deposits, has had to pay out more than $24 billion during Seidman's tenure and is running low on reserves. Congress is working on legislation to replenish the funds. No wonder Seidman, 70, has decided to step down...
Although Congress valued his blunt appraisal of the severity of the banking crisis and his suggestions for reform, Seidman often rankled members of the Bush Administration. He was criticized by some for moving too slowly as head of the Resolution Trust Corporation, the government agency charged with managing and selling off foreclosed properties in the wake of the savings-and- loan mess. The likely candidate to succeed him at the FDIC: Federal Reserve director of banking supervision William Taylor...
...record low $8.5 billion after 169 banks failed last year. Without fresh cash, it could go bust by the end of 1991 if the current recession lasts all year. The Treasury left the details of rescuing the fund up to the FDIC and the banking industry. FDIC Chairman William Seidman later said that to rescue the fund, the agency might raise banks' insurance premiums 20% to 30% as of June 30 to pay interest on government borrowings of up to $15 billion...
FDIC Chairman L. William Seidman disputed the CBO's bleak prediction, contending that the insurance fund would remain "solvent but weak." Seidman said the banking industry could bolster the fund without help from taxpayers. But Seidman did acknowledge that if the recession lasts for more than a year, the fund will run dry by the end of 1991 and run a deficit of more than $5 billion...
...come close to rivaling the S&L fiasco, which could cost taxpayers as much as $1 trillion over the next 30 years. U.S. banks have a total of $200 billion of capital to cushion losses, for example, while the S&L industry was virtually broke throughout the 1980s. Seidman told Congress that taxpayer funds would not be needed to finance bank bailouts under current economic conditions. But he added that "it is certainly not beyond the realm of possibility that taxpayer money will be needed" if conditions deteriorate sharply...