Inside the FDIC. Thirty Years of Bank Failures, Bailouts, and Regulatory Battles

  • ID: 3024965
  • Book
  • 224 Pages
  • John Wiley and Sons Ltd
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"This book doesn′t focus on the arcane and mind–numbing details of capital, liquidity, and the other technical parts of a bank regulator′s job. Instead, it puts human faces on the causes and effects of financial crises. These are personal stories of real people grappling with complicated issues while under enormous pressure, of individuals trying to ensure that they and others are treated fairly by our government, and of individuals misusing the system to serve their personal interests." From the Introduction

THE REAL–LIFE PERSONAL STORIES OF THE CHAOS SURROUNDING BANK FAILURES AND HOW THE FDIC RESPONDED

John Bovenzi spent almost three decades as a bank regulator at the Federal Deposit Insurance Corporation (FDIC). During his career he worked for ten FDIC chairmen and with many other senior government officials. Inside the FDIC offers a compelling look into the agency that is all too often overlooked by the media. Discover why the FDIC emerged as a major and independent force that impacts the U.S. financial markets and how ten very different FDIC chairmen helped shape the agency and our regulatory system.

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Acknowledgments vii

Introduction ix

Chapter 1: IndyMac 1

Chapter 2: The 1980s: Booms, Busts, and Bailouts 21

Chapter 3: Liquidation 47

Chapter 4: Credit Crunch 63

Chapter 5: Foreclosure Prevention 79

Chapter 6: Is This the Moron Who Closed Meritor? 95

Chapter 7: Transition and the Power of the Federal Government 113

Chapter 8: Subprime Behavior 125

Chapter 9: Leadership Matters 141

Chapter 10: Save Money, Live Better 153

Chapter 11: Too Big to Fail 169

Chapter 12: I Thought We Were All in This Together 187

Chapter 13: Going Forward 201

About the Author 205

Index 207

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JOHN F. BOVENZI is a Partner at Oliver Wyman, a management consulting firm. He served for more than twenty years in senior–level positions at the FDIC, the last ten as Deputy to the Chairman and Chief Operating Officer.

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