Economic Crisis: Causes & Cures

Economic Crisis: Causes & Cures

October 9, 2008


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.

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