Because of their customer-abusing practices, few tears will be shed when the banks fail
William Seidman is the former chairman of the Resolution Trust Corp., the agency Congress set up in the 1980s to clean up the savings-and-loan lending mess. He’s also a former chairman of the FDIC. Here he talks about the housing rescue plan taking shape in Congress and on the state of banking in the United States. The picture he paints isn’t pretty.