Phelps Dodge Corporation
L. William Seidman dies at 88; former chairman of FDIC

L. William Seidman, who led the federal response to the savings and loan crisis of the late 1980s as chairman of the Federal Deposit Insurance Corp., died Wednesday at a hospice in Albuquerque, N.M., of complications from pneumonia. He was 88. Seidman shuttled throughout his life between the worlds of private business and public service, building an international accounting firm based in New York, founding what is now a public university in Michigan and serving as a financial expert under four Republican presidents. His defining role began in 1985, with his appointment by President Reagan to lead the FDIC, the agency that protects bank depositors against loss. The nation's financial...