Magazine article American Banker

Life after FDIC Will Be No Vacation for Seidman

Magazine article American Banker

Life after FDIC Will Be No Vacation for Seidman

Article excerpt

Life After FDIC Will Be No Vacation for Seidman

WASHINGTON -- A day after retiring from the Federal Deposit Insurance Corp., L. William Seidman embarked on a new career as television commentator, public speaker, and author.

Starting next week, the former FDIC chairman will begin appearing on CNBC, the 24-hour cable business-news channel. He also will hit the banquet circuit at an asking price of $20,000 a speech.

And Mr. Seidman is negotiating with publishers for a book about his experiences in government. One of his staff is leaving the FDIC with him to help prepare the manuscript.

Chief Commentator for CNBC

Mr. Seidman, 70, is setting up shop at a northwest Washington address just a few blocks from his Georgetown home.

He will serve as CNBC's chief commentator - "a job that's lots of work and no pay," the multi-millionaire quipped during a telephone interview Wednesday. CNBC is paying him something, he said, but not much. The cable network is owned by National Broadcasting Co., a subsidiary of General Electric Co.

Details are still being worked out, but Mr. Seidman will appear at least twice a week on the "Business View" and "Market Wrap" programs. He expects to be "commenting from a financial and business view on the events of the day," he said.

A |Very Eager' Prospect

"He's been on our air lots of times as a newsmaker," said CNBC vice president Peter Sturtevant. "We took the initiative" in hiring Mr. Seidman, but "he was very eager to do it. …

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