Overview

"In Underwater, James B. Lockhart, a former submarine officer with the US Navy who went on to play a large part in the government's response to the Global Financial Crisis, tells an important story about managing government agencies that-in submarine parlance-are deep underwater, then provides solutions on how to help them and the overall government surface. As President Geroge H. W. Bush once said, ""There is nothing more fulfilling than to serve your country and your fellow citizens, and to do it well."" Underwater is about trying to do it well."

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9781646639083

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"""[T]he new regulatory agency, led by friend and businessman Jim Lockhart, . . . concluded the GSEs had nowhere enough capital. . . . [T]he only way to prevent a disaster was to take Fannie and Freddie into government conservatorship. It was up to Hank [Paulson] and Jim."" -George W. Bush, Former President and Author of Decision Points ""Jim Lockhart has held key posts in some of the government's most troubled agencies and remains clear-sighted about the challenges they face. Americans should be educated about the mounting problems he describes, and demand that their representatives enact necessary reforms."" -Charles Blahous, Deputy Director of the White House National Economic Council, Public Trustee for Social Security and Medicare ""As with my Treasury team, so with my colleagues in government, Ben Bernanke, Tim Geithner, Sheila Bair, Chris Cox, John Dugan, Jim Lockhart. At times we differed on philosophy and strategy, but I never doubted their dedication to this country or their commitment to taking the bold actions necessary to save the system."" -Henry M. Paulson, Jr., Former US Secretary of the Treasury, Author of On the Brink ""Jim Lockhart is the rare public servant who grasps the broad sweep of national policy and the technical details required to make real change. Jim brought these skills and a wealth of private sector knowledge to the Bipartisan Policy Center where he led a diverse group to develop solutions to the financial insecurity facing millions of retired Americans. Jim's high regard among policy makers in both parties has made him an effective advocate for the BPC."" -Jason Grumet, President, Bipartisan Policy Center (BPC)"

[T]he new regulatory agency, led by friend and businessman Jim Lockhart, . . . concluded the GSEs had nowhere enough capital. . . . [T]he only way to prevent a disaster was to take Fannie and Freddie into government conservatorship. It was up to Hank [Paulson] and Jim. -George W. Bush, Former President and Author of Decision Points Jim Lockhart has held key posts in some of the government's most troubled agencies and remains clear-sighted about the challenges they face. Americans should be educated about the mounting problems he describes, and demand that their representatives enact necessary reforms. -Charles Blahous, Deputy Director of the White House National Economic Council, Public Trustee for Social Security and Medicare As with my Treasury team, so with my colleagues in government, Ben Bernanke, Tim Geithner, Sheila Bair, Chris Cox, John Dugan, Jim Lockhart. At times we differed on philosophy and strategy, but I never doubted their dedication to this country or their commitment to taking the bold actions necessary to save the system. -Henry M. Paulson, Jr., Former US Secretary of the Treasury, Author of On the Brink Jim Lockhart is the rare public servant who grasps the broad sweep of national policy and the technical details required to make real change. Jim brought these skills and a wealth of private sector knowledge to the Bipartisan Policy Center where he led a diverse group to develop solutions to the financial insecurity facing millions of retired Americans. Jim's high regard among policy makers in both parties has made him an effective advocate for the BPC. -Jason Grumet, President, Bipartisan Policy Center (BPC)

Author Information

James B. Lockhart III graduated from Yale and became an officer on a nuclear ballistic missile submarine. After graduating from Harvard Business School, he worked in senior financial positions in leading companies in the US and Europe. He ran the Pension Benefit Guaranty Corporation, then worked as an investment banker, senior vice president of a reinsurance company, and co-founder of a risk management company. He served as COO of Social Security under George W. Bush and became the regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, also serving on the TARP Oversight Board. He became vice chairman of Wilbur Ross's private equity firm and now serves as a senior fellow at the Bipartisan Policy Center.

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