Former FDIC/RTC Chairman Dead at 88

Former Federal Deposit Insurance Corp. chairman L. William Seidman, who also headed the thrift bailout agency during that industry's darkest days, died Wednesday. He was 88. During his years of public service he worked in the Ford White House as the president's assistant for economic affairs. From 1985 to 1991, Mr. Seidman served as the 14th chairman of the FDIC. Under President George H.W. Bush, Mr. Seidman was tapped to head up the newly created Resolution Trust Corp., and eventually sued the president's son, Neil Bush, for his alleged role in the collapse of Silverado Savings of Colorado. (The younger Mr. Bush eventually settled the case out of court.) According to The American Banker, Mr. Seidman was lionized for the key role he played in cleaning up the S&L industry. The newspaper noted that he was "a constant voice on regulatory matters long after his retirement."