Alex. Brown expands businessAlex. Brown & Sons Inc. said...

BUSINESS DIGEST

February 19, 1993

Alex. Brown expands business

Alex. Brown & Sons Inc. said it was expanding its taxable fixed income business by entering the mortgage and asset-backed derivatives field.

The Baltimore-based investment house said it had hired two industry veterans, Chuck C. Ramsay and Frank Ramirez, to head the unit. Both worked previously at Money Management Analytical Research. Frank J. Fabozzi, an author of 30 books on fixed income, will advise the group, the company reported.

Westinghouse realignment

Westinghouse Electric Corp. announced a management realignment that will place control of the company's day-to-day operations in the hands of an eight-member executive committee.

The committee will direct policy at five business units, carrying out a restructuring plan announced last November. The company also said two top executives are leaving the company in the wake of former Chairman Paul Lego's resignation. They are Eileen P. Massaro, vice president of corporate relations, and her husband, Anthony Massaro, executive vice president of environmental systems.

Turner earnings fell 30%

Turner Broadcasting System Inc. said its fourth-quarter earnings fell 30 percent, partly reflecting a one-time charge for discontinuing the Checkout Channel, a news show tailored for display in grocery stores.

Turner disclosed it was ending the Checkout Channel because it was requiring more investment than originally projected to reach profitability. Turner took a one-time $16 million charge against earnings to shut down the network.

RTC president plans to resign

Albert V. Casey, president of the Resolution Trust Corp., which disposes of failed savings and loan institutions will resign in two months, he told employees yesterday.

Mr. Casey, 72, has been the chief executive of the RTC since October 1991. He was appointed by the Bush administration to reorganize the agency which was suffering under a convoluted management structure that included two boards. The agency takes over failed S&Ls and dismantles them, either by closing them or selling off the assets.

Westinghouse won't get contract

An $87.7 million contract to upgrade the Internal Revenue Service's tax computer system that the local Westinghouse Electric Corp. division was counting on to help stabilize its area employment base, has been won by a competitor. The award went to Herndon, Va.-based Grumman Data Systems.

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