Economic Crisis & the Candidates (3 of 7)

L. William Seidman is the chief commentator on cable network's CNBC-TV and publisher of "Bank Director" magazine. He is also one of the principal founders of Grand Valley State University in Michigan, where the Seidman College of Business was named in honor of his father. Mr. Seidman is a consultant to numerous organizations, including the law firm of Pillsbury, Madison & Sutro, The World Bank, BDO Seidman, The Capital Group and is currently a member of the Board of Directors of Fiserv, Inc. and US Order, Inc. Prior to that, he served as the fourteenth chairman of the Federal Deposit Insurance Corporation from 1985 to 1991. He became the first chairman of the Resolution Trust Corporation (RTC) in 1989 and served until 1991. During his tenure at the FDIC, the agency handled over one thousand bank failures and took over the administration of the insurance fund of the S&L industry. While at the RTC, he supervised the creation of an 8,000 person agency handling over $400 billion in assets from failed S&Ls. He brought to the position a record of accomplishments as a businessman, educator and public servant.

At the time of his Presidential appointment, he was completing his third year as Dean of the College of Business at Arizona State University, Tempe, Arizona, one of America's largest business colleges. When he left, the Seidman Institute of Research was created in his honor. While in Arizona, he was chairman of the Governor's Commission on Interstate Banking and wrote a business column for the Phoenix Gazette.

Seidman was President Gerald Ford's Assistant for Economic Affairs from 1974 to 1977. He also served as co-chair of the White House Conference on Productivity for President Reagan in 1983 and 1984.

On the business side of his career, Seidman was vice-chairman and chief financial officer of the Phelps Dodge Company (a Fortune 500 company) from 1977 to 1982. He was a managing partner of Seidman and Seidman, Certified Public Accountants (now BDO Seidman) from 1968-1974.

As an educator, he is known as the father of Grand Valley State University. He is also founder of The Washington Campus, a consortium of 15 universities organized to help students and corporate executives understand operations of the White House, the Congress and the regulatory agencies. Seidman is author of two books "Productivity: The American Advantage" (with Steven L. Shancke) and "Full Faith and Credit".

Seidman holds an A.B. from Dartmouth (Phi Beta Kappa), and LL.B. from Harvard Law School and is an honors graduate with an M.B.A. from the University of Michigan. He served in the United States Navy from 1942-1946 earning battle stars and the Bronze Star Medal.

Category:

Education

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[AtheistThatsATheist]

Ive got an idea to get rid of these toxic assets that are ever increasing. Now this idea kills two birds with one stone and should be implimented everywhere.

The two birds are:

1. Toxic assets

2. Banksters bonuses

How about banksters are allowed to take their bonuses in toxic assets. We'll see what happens to mark to market then!

[AtheistThatsATheist]

So why should we leave in charge the very people that caused the crisis, that couldnt see it coming, and who are making it worst?

Theres plent that predicted it and warned before it happened. They warned in detail how and why, and warned what it would look like during and whats still to come. So far theyve been 100% right.

I agree that derivitives are bad but did you know that CDFs have increased by 220% from last year? These toxic assets need to be purged from the system!!!

[AtheistThatsATheist]

Economies need to be built on good foundations. Cause of the cheap credit fueled bubbles, and the low interest rates savings became negative and cheap lousy money flooded the market. This is like building your economy on sand. You cant lend out ever increasing amounts of capital, when that very capital itsef is diminishing before your eyes. Interest rates would have to rise(and still need to!

Blaming the crisis on regulation is like blaming the 30s on Margin Trading!

[AtheistThatsATheist]

Ok blaming the regulators now? My god it is the usual media ruber stamped shit. There was plenty of regulation just people that couldnt give a shit, and people never knew what they were doing.

What about the government guarantee of mortgages in Freddie/Fannie? What about the break down of Glass Stiegall? Sure extra leverage made it worst but its not the cause. What about the Fed lowering interest rates and flooding the market with the cheap credit which created the bubbles?

[tjtm72]

Good for him, an honest man.