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

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

by John F. Bovenzi


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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. Author John Bovenzi served in senior level positions within the FDIC for over twenty years, including a decade as the Deputy to the Chairman and Chief Operating Officer. This book describes what he witnessed as the person in charge of day-to-day operations, as a nearly invisible agency grew to become a major, highly independent force impacting US financial markets.

Readers will learn how the FDIC and other bank regulators use the 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 regulatory system
  • Internal conflicts between the FDIC and other bank regulatory agencies
  • Pressures and challenges presented by financial crises

Since the early 1980s, over 3,400 banks have failed. These failures weren't steady, regular, and easily predictable events; periods of tranquility were followed by turmoil, booms led to busts, and peaceful complacency often turned to sudden devastation. Inside the FDIC chronicles it all, from the perspective of a first hand witness inside the agency responsible for calming the storm.

Product Details

ISBN-13: 9781118994085
Publisher: Wiley
Publication date: 02/02/2015
Pages: 224
Product dimensions: 6.10(w) x 9.10(h) x 1.20(d)

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.

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Table 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

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