Magazine article American Banker

Casey Asks Clinton to Find a Replacement

Magazine article American Banker

Casey Asks Clinton to Find a Replacement

Article excerpt

WASHINGTON - Albert V. Casey, the embattled chief executive of the Resolution Trust Corp., has asked the Clinton administration to find a replacement for him by March 31.

Mr. Casey said he wants to "get on with my life." But it is unlikely the White House will meet his deadline. Any White House appointee would have to undergo a time-consuming confirmation process.

|Everything Stops'

The 72-year-old former postmaster general and American Airlines CEO said he has little choice but to stay on until a successor is named. Under the law, he said. "If I were to get hit by a car, everything stops - they couldn't close a mortgage!"

He said he plans to move back to Dallas and resume teaching at Southern Methodist University.

The RTC has been a tough assignment for Mr. Casey, a Bush appointee with a corporate Mr. Fix-It reputation who has also run the Times Mirror Co. and First RepublicBank of Texas.

Criticized over Contract

Mr. Casey has had to cope with Congress' refusal to grant the $25 billion needed to sell or liquidate some 159 thrifts.

Most recently, he has faced criticism on Capitol Hill for a $25 million photocopying contract with Price Waterhouse & Co. The accounting firm was under contract to work at Homefed Bank in San Diego in preparation for selling the failed $12 billion-asset institution. The sale never took place, because of the lack of funding.

Mr. Casey insisted in an interview Wednesday that his request to be replaced has nothing to do with the negative publicity. …

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