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- W313115817 abstract "Hove has a record most relief pitchers would envy. FDIC's banker-in-residence helped pull the insurance fund back from the brink and helped mold the insurer of the future Skip Hove is going home, after a banker's adventure of a lifetime--and a lot of hard work. Hove, FDIC's first vice-chairman and holder of that post for more than a decade, says the high point he'll look back on is the rescue of the Bank Insurance Fund. When I got here in 1990 the fund was going in the wrong direction, Hove recalls. About 18 months later were $7 billion in the hole. At about that point, William Taylor, the FDIC chairman, passed away. And suddenly Hove found himself stepping into the chairman's shoes for the second of three times in his stay at FDIC. (The first had been between the terms of William Seidman and Taylor.) Fortunately got things turned around, says Hove. Hove says he takes some pride from that, I can't take a lot of credit for it. It was FDIC people working very hard, bankers who recognized that had a problem, and an economy that improved. Perhaps one extra bit of satisfaction came in the image rescue that was seen in 1992. At that time, the Washington Post study was predicting a massive wave of banking failures on the order of the thrift crisis. The presidential campaign seized on this issue and brought it up during the presidential debates. Ross says, 'If this is going to happen, tell me now. Don't tell me after the election', recalled Hove. Continuing, he says, both the Republican and Democratic campaign staffs contacted me and asked, 'Is this accurate?' And I told them both, 'No, this is not accurate. Our indications are that the situation is improving'. Hove says FDIC economists found holes in the study and he passed those on too. Meanwhile, says Hove, Perot and his staff did not call and ask anything. I didn't call him either. By the time Ricki Helfer arrived to assume the chairmanship in 1994, says Hove, we were back up to a level of plus $20 billion, a dramatic turnaround in a two-year period. Creating a new role at FDIC On Broadway, when an actor plays a role for the first time that the role has ever been played, he is said to have created the part. Hove will be heading home soon, after creating the role of vice-chairman. The FDIC board was enlarged from a three-seat board to a five-seat board by The Financial Institutions Reform, Recovery, and Enforcement Act of 1989. One of the two new seats was designated to be the vice-chairman. The banking industry lobbied hard for the appointment of one of its own to this new position, and, in the end, Hove had the lob. At the time, he was chairman and CEO of Minden Exchange Bank & Trust Co., Minden, Neb., an agricultural bank. Hove began his first term in 1990, under Seidman, and was reappointed in 1994. Along the way, he worked with Seidman, Taylor, Helfer, and then present FDIC Chairman Donna Tanoue, who took her post in 1998. Four chairman--and at least four ideas regarding what the vice-chairman's job was. They were all different individuals, with different likes and dislikes, says Hove. had to develop a rapport with each. It's been fortunate that I've been able to do that. My responsibilities with each were different, but still there was a lot in common. Hove says the secret to making the most of the job through so many transitions has been remembering that have a responsibility to work with the other board members. You each have issues that you feel strongly about, and you may not always agree, but you need to maintain a collegial atmosphere for the good of the corporation. If you win, fine; if you lose, you go with the consensus. And that's the best advice I could give my successor. Hove's term officially expired in October, but he is legally permitted to stay on until his successor is confirmed. …" @default.
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- W313115817 date "2000-12-01" @default.
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- W313115817 title "FDIC's Bullpen Soon Down by One" @default.
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