viii 

Acknowledgments 

One of the FDIC’s strengths as an institution has been a steadfast belief among its staff in 

the importance of its mission to maintain the nation’s financial stability. That dedication 

has been especially evident when banking crises have occurred, and the crisis years of 

2008–2013 demonstrated that commitment yet again. 

This study seeks to examine what took place during the recent crisis, with an aim not 

only of providing a historical record but also of helping in the development of better 

strategies and planning for the future. Every effort was made to ensure the accuracy 

of the information presented in the study. This account of the crisis years relies on the 

experience and knowledge of staff from across the FDIC, many of whom were personally 

involved in the difficult environment the agency faced during the period from 2008 to 

2013, and whose perspectives greatly assisted the study’s authors. The study does not 

necessarily reflect the views of the FDIC. 

The FDIC’s Division of Insurance and Research organized and led the writing of this 

history. The history was produced under the direction of Fred Carns, Principal Advisor 

to the Director, Division of Insurance and Research. Rosalind Bennett and Lee Davison, 

both from the Division of Insurance and Research, were responsible for day-to-day 

management of the study. 

The study’s primary authors were as follows: 

Part 1: Financial Crisis and Response 

Chapter 1. Origins of the Crisis 

Cynthia Angell and Krishna Patel 

Chapter 2. The Temporary Liquidity Guarantee Program: A Systemwide Systemic 

Risk Exception 

Lee Davison 

Chapter 3. Use of Systemic Risk Exceptions for Individual Institutions during the 

Financial Crisis 

Whitney Cromie, Myron Kwast, and Ashley Mihalik 

Part 2: Banking Crisis and Response 

Chapter 4. Bank Supervision 

Doreen Eberley and George French 

Chapter 5. Deposit Insurance: Fund Management and Risk-Based Deposit Insurance 

Assessments 

Whitney Cromie, Schuyler Livingston, and Ashley Mihalik 

Chapter 6. Resolutions and Receiverships 

Lynn Shibut 
ix 

Many senior officials and staff from the FDIC provided valuable information through 

insightful comments on, or suggested revisions of, drafts of each of the chapters. These 

officials and staff include, from the Office of the Chairman: Barbara Ryan, Jason Cave, 

and Kymberly Copa; from the Division of Risk Management Supervision: Doreen 

Eberley, Patricia Colohan, Lisa Roy, Larissa Collado, Lisa Garcia, Donald Hamm, 

Thomas Lyons, Serena Owens, Karl Pagel, Camille Schmidt, Derek Sturtevant, Richard 

Thompson, and Toni Wong; from the Division of Resolutions and Receiverships: Bret 

Edwards, Penelope Moreland-Gunn, Tom Murray, Martha Duncan, Pamela Farwig, 

Sheri Foster, Wendy Hoskins, Phil Mangano, Brandon McGuire, Richard Salmon, 

and Sharon Yore; from the Legal Division: Charles Yi, Colleen Boles, Floyd Robinson, 

Ruth Amberg, and R. Penfield Starke; from the Division of Depositor and Consumer 

Protection: Mark Pearce and Keith Ernst; from the Office of Complex Financial 

Institutions: Arthur Murton, Maureen Sweeney, and Herbert Held—and the former 

Director of the Office of Complex Financial Institutions, James Wigand, also provided 

very helpful comments and suggestions; from the Office of Communications: Barbara 

Hagenbaugh and Carly Brewster; and from the Division of Insurance and Research: 

Richard Brown, Matthew Green, Jack Reidhill, and Munsell St. Clair. Previous research 

by former staff from the Division of Insurance and Research also contributed to the 

project: Kenneth Jones, Rose Kushmeider, Heather Etner, and Katherine Wyatt. 

A number of FDIC staff provided valuable research and analytical support. 

These staff members include, from the Division of Insurance and Research: Chacko 

George, Theron Gray, Charles James, Caitlyn Kasper, Mark Kutzbach, and Philip 

Ostromogolsky; from the Division of Risk Management Supervision: Kathryn Battle, 

Charles Collier, Eugenio Draschner, Colby Thomas, and Kenneth Weber; from the 

Legal Division: Rachel Ackmann and George de Verges; and from the Division of 

Resolutions and Receiverships: Jianting Hu. 

Heather Woods, from the FDIC’s Graphic Design and Printing Unit, prepared all the 

chapters for publication and provided design support; Donna Vogel, from the Division 

of Insurance and Research, and Alan Levy, from the Office of Communications, 

assisted with Web design. Jane Lewin thoroughly edited the text. 

Diane Ellis 

Director, Division of Insurance and Research