NATION : Kearny Quits Thrift Bailout Post
Daniel M. Kearney, head of the Cabinet-level board overseeing the rescue of the nation’s thrifts, resigned today, a board spokeswoman said.
Kearney was brought in to head the Resolution Trust Corp. oversight board four months ago. The $164-billion bailout effort has been slow in getting off the ground and has been under heavy congressional criticism.
The oversight board sets policy and direction for the government’s effort to close hundreds of failed thrifts and dispose of billions of dollars of assets.
Kearney was named chief executive of the oversight board Oct. 3. A prominent Wall Street real estate finance expert, he had served in the Nixon and Ford administrations.
In recent weeks, Kearney and other members of the board, including Federal Reserve Chairman Alan Greenspan and Treasury Secretary Nicholas F. Brady, have come under fire from the House Banking Committee, which is concerned with the slow pace of the thrift bailout.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
