L. William Seidman, the former Federal Deposit Insurance Corp. chief best known for resolving the savings and loan crisis in the 1980s, will receive American Banker's 2007 Lifetime Achievement Award.
Mr. Seidman became the FDIC's chairman in 1985 as the savings and loan crisis was brewing. During the crisis more than 1,000 S&Ls failed at a cost to the U.S. economy approaching $350 billion. In 1989, Congress empowered Mr. Seidman to create, staff, and lead a new agency, the Resolution Trust Corp., to close failing thrifts and sell off their assets. His decision to sell the assets quickly revived the floundering real estate market.
Mr. Seidman modernized the FDIC, which took over insurance of S&Ls under his leadership. He was the chairman of both the FDIC and the RTC until his retirement from public office in 1991. He previously had been an economic adviser to Presidents Ford and Reagan.
Before that he had been special assistant for financial affairs to Gov. George Romney of Michigan in the 1960s.
He is a director of Promontory Interfinancial Network LLC.
During his career, he also has been the dean of Arizona State University's College of Business and the chief executive officer of Seidman and Seidman (now BDO Seidman) Certified Public Accountants.
Mr. Seidman has testified in countless congressional hearings and is currently a financial commentator for CNBC.
He will accept the honor Nov. 29 at the Banker of the Year awards gala at the Pierre Hotel in New York. Six industry leaders will be saluted at this year's event.
The others, including the Banker of the Year, the Community Banker of the Year, and the Innovator of the Year, will be announced in coming weeks.
