Casey Is Named To Lead RTC
WASHINGTON -- The Bush administration, as expected, announced Monday that Albert V. Casey would become head of the Resolution Trust Corp. in mid-October.
Mr. Casey, 71, the former head of American Airlines, said he is looking forward to running the controversial agency.
"I enjoy a very busy day with big numbers and lots of people," he said Monday from his office in Dallas.
"All my companies have been very large ones," he added.
Mr. Casey was chairman and chief executive officer of American Airlines from 1974 to 1985. Before that he ran the Times Mirror Co. Mr. Casey was an interim postmaster general in 1986 and then taught business policy at Southern Methodist University for two years.
In 1988, he stepped in as chairman at First Republic Bank Corp. to help the government rescue the faltering Dallas banking company.
Long Acquaintance with Brady
Mr. Casey said he has known Treasury Secretary Nicholas Brady "all my life." Mr. Casey worked in Southern Pacific railroad's New York office when Mr. Brady was an investment banker for Dillon Reed & Co.
Federal Reserve Board Chairman Alan Greenspan was Mr. Casey's Manhattan neighbor, Mr. Casey said. "It's a small group."
After congressional criticism hit deafening levels, the administration decided it needed to change the management of the thrift bailout. In June, administration officials agreed to install a high-profile CEO and give that person plenty of authority.
As CEO, Mr. Casey will chair the RTC and get a seat on the RTC's Oversight Board.