Former FDIC Chairman Bill Seidman Dies at 88

[Purveyor]

Former FDIC Chairman and CNBC Chief Commentator L. William "Bill" Seidman died Wednesday in Albuquerque, N.M., after a brief illness. He was 88.

"Our beloved husband, father, grandfather and great-grandfather devoted himself to education, to the business community, to the service of his country, and most of all to his family and friends," his family said in a prepared statement. "He was an extraordinarily gifted and generous man whose wit and wisdom touched all who knew him. For our family, the loss is immeasurable."

Mr. Seidman was born April, 29, 1921, in Grand Rapids, Mich. He received his undergraduate degree from Dartmouth College, his LLB from Harvard University and his MBA from the University of Michigan's Ross School of Business.

During World War II, Mr. Seidman served in the U.S. Navy as a communications officer on a destroyer and received the Bronze Star while serving in the invasion of the Philippines, Iwo Jima, and Okinawa.

He later served in the White House as President Gerald R. Ford's Assistant for Economic Affairs from 1974 to 1977. He also served with President Ronald Reagan as co-chair of the White House Conference on Productivity in 1983 and 1984.

From 1985 to 1991, Mr. Seidman served as the fourteenth chairman of the Federal Deposit Insurance Corporation. On Wednesday, current FDIC Chairman Sheila C. Bair said, “I am deeply saddened to hear of the passing of Bill Seidman. Bill was a dynamic and independent leader, presiding over a similarly challenging period in the FDIC’s history with courageous leadership and sharp intellect.

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CNBC: http://www.cnbc.com/id/30725704/