[Congressional Record Volume 155, Number 79 (Thursday, May 21, 2009)]
[Senate]
[Pages S5813-S5814]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     REMEMBERING L. WILLIAM SEIDMAN

 Mr. BOND. Mr. President, today I pay tribute to the life of 
Bill Seidman who passed away last week.
  Bill was a man whose love for his country was matched only by his 
love for his family. Bill's life is heavily marked with numerous 
accomplishments in both his personal and professional lives that had a 
profound impact on many individuals and families who knew him and on 
those who never knew him.
  To many of my Senate colleagues, Bill will be most remembered as the 
man who rescued our economy during the Savings and Loan Crisis in the 
late 1980's. As the Chairman of the Federal Deposit Insurance 
Corporation, FDIC, and head of the Resolution Trust Corporation, RTC, 
he faced down a national economic crisis, the likes of which had not 
been seen since the Great Depression, and fundamentally changed the way 
the government dealt with failing banks.
  In that time of fear and deep economic uncertainty, Bill stood out as 
the leader who stood on principle, talked straight, and told it like it 
was. It did not always make him popular and angered those who wanted 
him to ``toe the line.'' However, it earned him the trust, respect, and 
credibility of policymakers, government officials, financial industry 
officials, and millions of citizens all across America.
  But there was more to Bill than his public service achievements. His 
accomplishments were so numerous--and his humility so great--that many 
of them went unnoticed. He served his country during World War II and 
received the Bronze Star for his service as a communications officer on 
a destroyer while serving in the invasion of the Philippines, Iwo Jima, 
and Okinawa. He spoke very little about his service during the war, 
like many of his great generation.
  Bill earned degrees from some of the finest institutions in the 
Nation--his undergraduate degree from Dartmouth, a law degree from 
Harvard, and an MBA from the University of Michigan.
  Bill was born in Grand Rapids, MI, where he maintained strong roots 
throughout his life. He began his career there at his family's 
accounting firm, Seidman and Seidman, and became a respected member of 
the local business community. But his greatest contribution to Grand 
Rapids was his role as a principal founder of Grand Valley State 
University in 1960. He was named the first honorary life member of 
Grand Valley's board, and the university's Seidman College of Business 
is named after his father.
  In 1962, Bill ran unsuccessfully to be Michigan's State auditor 
general--his only attempt at elected office. He went on to become an 
economic adviser to Michigan Governor George Romney, and later joined 
President Gerald Ford's Administration as the Assistant to the 
President for Economic Affairs.
  In the early 1980s, he returned to academia as dean of Arizona State 
University's College of Business.
  These are just a few of the many things Americans may not know about 
Bill Seidman--and he accomplished all of this before becoming Chairman 
of the FDIC, establishing the RTC, and brilliantly guiding America out 
of the economic wilderness--the role which brought him fame.
  But with all he had accomplished, Bill never stopped to rest. He went 
on to author two books, ``Productivity--The American Advantage,'' with 
Steven Shancke, and ``Full Faith and Credit,'' a memoir of his time at 
the FDIC and his role in establishing and running the RTC. President 
Gerald Ford hailed ``Full Faith and Credit'' as ``a fascinating story 
by a straight talker. The author dramatically tells how the Federal 
agencies sought to confront the challenge of the banking and S&L 
crisis.''
  In recent years, already well into his eighties, Bill stayed as 
active as ever, working as CNBC's chief commentator, regularly 
contributing opinion pieces to major newspapers, serving on numerous 
boards, and advising top officials--and me--on the current economic 
crisis.
  In his most recent piece, published by the Wall Street Journal on May 
8, he addressed the staffing and management challenges now confronting 
the FDIC. In it, he drew parallels between the hurdles that current 
Chairman Sheila Bair faces and the obstacles he faced in getting the 
FDIC and the new RTC properly ``staffed up'' to deal with the S&L 
crisis nearly two decades ago.
  Bill wrote ``The Resolution Trust Corporation had to handle the 
assets from failed institutions when I ran it in the aftermath of the 
savings and loan crisis of 1985-1992. The RTC experience provides a 
useful guide for what the FDIC has to do now.'' Amen.
  With the country again facing the same fear and uncertainty that Bill 
saw during his tenure at the FDIC, he provided what few others could: a 
brilliant and straightforward voice with years of experience, wisdom, 
and unquestionable integrity. The loss of his voice simply cannot be 
replaced.
  But perhaps what was most remarkable about Bill is that for all of 
his brilliance, myriad accomplishments and worldwide recognition, there 
was a deep humility and kindness about Bill that was evident the moment 
you met him. Although he had the ears of presidents and the respect of 
the elite, he famously rode his bike to work. When asked about his 
accomplishments at the FDIC in a 1991 interview, he dismissed them as 
``primarily luck.'' But everyone knew better.
  The passing of Bill Seidman is a loss for all of America. He 
dedicated his life

[[Page S5814]]

to his country and his family, and we are eternally grateful. I will 
especially miss Bill as he and I met in my office just 2 months ago to 
talk about the RTC and how we could apply those lessons to our current 
financial and economic crisis. I appreciated his wisdom, guidance, 
generosity, and the kindness and respect he paid to me.
  It is my deepest hope that we can all learn from Bill, in not just 
his expertise on addressing the current financial crisis, but also in 
the way he treated others with kindness, humility, honesty, and 
passion.
  Our hearts and prayers go out to his wife Sally, his six children, 
his many grandchildren and great grandchildren, and to all of his 
family. I will truly miss him.
  It has been my honor today to offer this commemoration on the 
incredible life of Bill Seidman, and to salute this great 
American.

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