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"Banks are held out as symbols of stability, safe places to put your money. Yet since the early 1980's over 3,400 banks have failed, an average of about two a week for a period exceeding thirty years. These bank failures aren't steady, regular, and easily predictable events. Periods of calm and tranquility have been followed by chaos; booms have led to busts, and peaceful complacency often has turned into sudden devastation. This book will provide a different view of the FDIC and other bank regulators. Readers will see: How an agency that had become almost invisible would emerge as a major and highly independent force impacting U.S. financial markets. How nine FDIC Chairmen, each with different strengths and weaknesses, helped shape the FDIC and the U.S. financial regulatory system. How conflicts between the FDIC and other financial regulatory agencies unfolded amid the pressures and challenges associated with bank failures and financial crises. This book dives into the chaos surrounding bank failures to show firsthand what happens to those individuals and businesses caught in the storm"--
List of contents
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
About the author
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.
Summary
Witness how the FDIC manages your money during financial crises Inside the FDIC tells the real stories behind bank failures and financial crises to provide a direct account of the Federal Deposit Insurance Corporation and other bank regulators.
