Meet the FDIC's Undertaker for Big Banks

James Wigand is the head of the Federal Deposit Insurance Corp.â??s grandly named Office of Complex Financial Institutions, created by the 2010 Dodd-Frank Act. He will have a $60 million annual budget and a 156-member staff to monitor the health of the countryâ??s 22 largest banksâ??and dismantle them if they run into trouble. His digs come complete with a 65-inch video screen, mounted in a conference room, that can connect him to any FDIC office in the country when a crisis erupts. What he doesnâ??t have is the ability to unwind lendersâ?? international operations or public confidence that the too-big-to-fail era is over. â??A segment of the market wonâ??t believe it until the authority is used,â? says Wigand, 55. â??I hope we never have to use it, but weâ??ve been given the power. So once itâ??s used, the market will believe.â?