Goldman, Sachs lands CorriganGoldman, Sachs & Co...

BUSINESS DIGEST

October 20, 1993

Goldman, Sachs lands Corrigan

Goldman, Sachs & Co. announced yesterday a prize catch: E. Gerald Corrigan, former president of the Federal Reserve Bank of New York.

Starting in January, he will become a high-profile Goldman executive and concentrate on lining up new business -- mostly overseas -- for the firm.

As the Fed's point man abroad, Mr. Corrigan dealt frequently with foreign central bankers and ministers, developing relationships that will undoubtedly be useful to Goldman.

Greenspan defends Fed's secrecy

Alan Greenspan, testifying with 15 senior Federal Reserve officials, said yesterday that the economy would be hurt if Congress forced the central bank to operate with less secrecy. Mr. Greenspan, the Fed's chairman, said proposals to require detailed disclosure of its discussions would discourage the central bankers from speaking freely.

Rep. Henry B. Gonzalez, D-Texas, chairman of the House Banking Committee, called yesterday's unusual mass hearing to ask for the bankers' views on his legislative proposals to require the Fed to disclose its decisions within a week of the meetings of its main policy-making committee and to release videotapes of those meetings within 60 days.

Abbott sued over Omniflox

A lawsuit contends that Abbott Laboratories withheld information about the dangerous side effects of Omniflox, an antibiotic yanked off the market last year after it reportedly killed three people.

Abbott said yesterday that it had not been served with the suit and could not comment on it. The lawsuit, filed Friday in Cook County Circuit Court in Chicago, seeks unspecified damages and requests certification as a class action.

Chemical Bank promotes Shipley

Chemical Banking Corp. said it promoted President Walter V. Shipley, 57, to chairman and chief executive following the retirement of John F. McGillicuddy, 62, at the end of the year.

Chemical Banking picked Vice Chairman Edward D. Miller, 52, to succeed Mr. Shipley as president. Mr. Miller was a veteran executive with Manufacturers Hanover Corp., which merged with Chemical on Dec. 31, 1991. Both men will assume their new positions Jan. 1.

Ex-NRC official joins BG&E board

James R. Curtiss, 40, a former commissioner of the Nuclear Regulatory Commission, has been elected to the board of directors of the Baltimore Gas and Electric Co.

A resident of Silver Spring, Mr. Curtiss served as an NRC commissioner for five years. He will join the board Jan. 1.

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