In Business This Week
CLIFFORD AND ALTMAN GET OUT OF THE KITCHEN
The Aug. 13 resignation of the two top executives of First American Bankshares could clear the way for a quick sale of the company. Chairman Clark Clifford and President Robert Altman found their jobs in jeopardy as soon as the Federal Reserve charged in March that First American was secretly owned by Bank of Credit & Commerce International, the rogue international bank. Both men deny knowledge of the BCCI link.
Nicholas Katzenbach, a former U. S. Attorney General, will succeed Clifford. A big part of his job is to sell the $11 billion bank. "We hope to have this thing wrapped up in a very short while," says a top Fed official. The fight over the proceeds will go on much longer, pitting First American's nominal owners against BCCI depositors, other creditors, and the Fed, which has slapped BCCI with a $200 million fine.EDITED BY HARRIS COLLINGWOOD