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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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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