William Bergman

Title/s:  Clinical Instructor

Office #:  Schreiber 529

Phone: 312.915.7251

Email: wbergman@luc.edu


Bill Bergman is a Lecturer for the Quinlan School of Business at Loyola University Chicago. He has four decades of financial market experience, in private as well as public sector roles, including equity analysis, syndication of initial public offerings, economic research, financial market regulatory policy analysis, and standard-setting for government accounting and financial reporting.


  • B.A. with Distinction, Political Science, University of Illinois Champaign-Urbana (1983)
  • M.B.A., Finance, University of Chicago (1990)
  • M.A., Public Policy, University of Chicago (1990)

Research Interests

  • Government accounting and financial reporting
  • The financial condition of the City of Chicago, the State of Illinois, and the U.S. Government
  • The role and performance of the Federal Reserve
  • Defense Department accounting and finances
  • The financial condition of Social Security
  • The credit ratings industry and capital markets
  • National emergency powers and financial market crisis management
  • Risk management and pricing for interbank payment systems

Courses Taught

  • FINC 334 – Principles of Corporate Finance
  • FINC 335 – Investments
  • FINC 336 – Introduction to Derivatives
  • FINC 337 – Banking, Money & Capital Markets
  • FINC 450 -- Financial Management
  • FINC 451 – Financial Markets and Institutions
  • FINC 395 – Independent Study


  • Best Manuscript award, International Accounting Conference, Niagara University (2002)

Selected Publications

Bill Bergman, “Bank Stocks Rallied Today, But …” Institute for New Economic Thinking (March 27, 2023) 

Bill Bergman, “What the U.S. Government’s Financial Report Doesn’t Tell You,” Mises Institute (February 22, 2023)

Bill Bergman, "Paul Douglas," chapter in "The Palgrave Companion to Chicago Economics" (2022)

Bill Bergman, "Don't Mess With Accrual Accounting in Government," Pennsylvania Society of CPAs (April 2022)

Bill Bergman, "The Fed Says It Stabilizes the Economy. I'm Skeptical," Mises Institute (July 2021)

Bill Bergman, "The Fed's Ballooning -- and Risky -- Balance Sheet," Mises Institute (May 2021)

Bill Bergman, "A True Portrait of America's Finances," The CPA Journal (May 2019)

Bill Bergman, “The Fed’s Mispricing of Liquidity: Nothing New Under the Sun,” Alt-M / Cato Institute, (November 2017)

Bill Bergman, “New Leadership Needed in Government Financial Reporting,” The CPA Journal (April 2017)

Bill Bergman, “Accounting for Turbulence in the Value of Deposits,” American Banker (December 2014)

William Bergman, Robert Bliss, Christian Johnson, George Kaufman; “Netting, Financial Contracts, and Banks: The Economic Implications,” in Market Discipline in Banking:  Research and Evidence, George Kaufman ed. (2004)

Bill Bergman, “Accounting for Money: The Fair Value of Cash Assets and Deposit Liabilities,” in Cheryl R. Lehman, Tony Tinker, Barbara Merino, Marilyn Neimark (eds.) Re-Inventing Realities (Advances in Public Interest Accounting, Volume 10) Emerald Group Publishing Limited (2004)