Inside the FDIC tells the real stories behind bankfailures and financial crises to provide a direct account of theFederal Deposit Insurance Corporation and other bank regulators.Author John Bovenzi served in senior level positions within theFDIC for over twenty years, including a decade as the Deputy to theChairman and Chief Operating Officer. This book describes what hewitnessed as the person in charge of day-to-day operations, as anearly invisible agency grew to become a major, highly independentforce impacting US financial markets.
Readers will learn how the FDIC and other bank regulators usethe power of the federal government, spend other people's money,and approach decision-making.
This book takes readers inside the FDIC to showcase:
- The FDIC's emergence as a major market influence
- How ten FDIC chairmen helped shape the US financial regulatorysystem
- Internal conflicts between the FDIC and other bank regulatoryagencies
- Pressures and challenges presented by financial crises
Since the early 1980s, over 3,400 banks have failed. Thesefailures weren't steady, regular, and easily predictable events;periods of tranquility were followed by turmoil, booms led tobusts, and peaceful complacency often turned to sudden devastation.Inside the FDIC chronicles it all, from the perspective of afirst hand witness inside the agency responsible for calming thestorm.
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About the Author
JOHN F. BOVENZI is a Partner at Oliver Wyman, amanagement consulting firm. He served for more than twenty years insenior-level positions at the FDIC, the last ten as Deputy to theChairman and Chief Operating Officer.
Table of Contents
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 Government113
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