Ex-FDIC's Seidman dies

Seidman, who was 88, passed away on Wednesday. He was chairman of the FDIC, which runs the United States's deposit insurance scheme, from 1985 until 1991, during which time several hundred savings and loans corporations collapsed. He also became the first chairman of the Resolution Trust Corporation, the federal body tasked with minimising the losses from the debacle, serving from 1989 until 1991.

Sheila Bair, the current chair of the FDIC, said: "Bill was a dynamic and independent leader, presiding over a similarly challenging period in the FDIC's history with courageous leadership and sharp intellect. He has always maintained the respect and affection of FDIC employees. His plain-speaking and straightforward approach made him a gifted communicator. I will miss his wisdom and insight and mourn the loss of a faithful public servant. My thoughts and prayers are with his family."

Before joining the FDIC, Seidman was former president Gerald Ford's assistant for economic affairs from 1974 and 1977. He also worked with former president Ronald Reagan as co-chair of the White House Conference on Productivity.