E Gerald Corrigan

E. Gerald Corrigan, the former head of the New York Federal Reserve Bank who played a critical role in preventing catastrophe after the October, 1987, stock market crash, has joined Goldman, Sachs & Co., the investment bank announced Tuesday. Corrigan will lead the Wall Street firm's international advisers group. His projects will range from such areas as privatization of state-run firms to efforts by foreign countries or companies to raise money, said Stephen Friedman, chairman of Goldman.

E. Gerald Corrigan, the former head of the New York Federal Reserve Bank who played a critical role in preventing catastrophe after the October, 1987, stock market crash, has joined Goldman, Sachs & Co., the investment bank announced Tuesday. Corrigan will lead the Wall Street firm's international advisers group. His projects will range from such areas as privatization of state-run firms to efforts by foreign countries or companies to raise money, said Stephen Friedman, chairman of Goldman.

E. Gerald Corrigan, president of the New York Federal Reserve Bank and a powerful banking regulator, surprised Wall Street on Tuesday by announcing that he would resign and pursue a career in the private sector. Corrigan, highly regarded for his handling of the 1987 stock market crash, offered no specific reason for his plans to end his 25-year career at the Fed on Aug. 20.

E. Gerald Corrigan, president of the New York Federal Reserve Bank and a powerful banking regulator, surprised Wall Street on Tuesday by announcing that he would resign and pursue a career in the private sector. Corrigan, highly regarded for his handling of the 1987 stock market crash, offered no specific reason for his plans to end his 25-year career at the Fed on Aug. 20.

Houston-based Allright Parking Corp., the nation's largest owner and operator of parking lots, has been purchased by a team made up of financier Leon Black and real estate firm Aldrich Eastman Waltch for an undisclosed amount. . . . Dallas-based Fibreboard Corp. said its insurers--Pacific Indemnity and Continental Casualty--will pay $1 billion to partially settle asbestos claims against the company after the deadline to appeal a broader agreement expired. . . . E.

The New York Federal Reserve Bank on Friday appointed William McDonough as its new president, a post second only to the chairman of the Federal Reserve Board in terms of setting the nation's monetary policy. McDonough, thought of in financial circles as a moderate, will take the post Monday. He succeeds E. Gerald Corrigan, who was appointed by President Clinton earlier in the week to head the Russian-American Enterprise Fund, set up to promote private-sector development in Russia.

Federal Reserve policy-makers decided at a mid-November meeting to maintain a policy leaning toward lower interest rates if the economy began to sputter, according to minutes released on Thursday. Members of the Federal Open Market Committee reviewed information that "suggested that economic activity had been expanding at a moderate pace," the minutes said. At the same time, wage and price data suggested "a continuing trend toward lower inflation."

Larry Higby has been named president and chief operating officer of America's Pharmacy Inc., a newly formed subsidiary of Caremark Inc., the Newport Beach provider of intravenous nutrition that recently changed its name from Home Health Care of America Inc. Higby, 39, served as senior vice president of marketing for Pepsico Inc.'s Taco Bell subsidiary before joining Caremark.

Goldman Sachs Group Inc. on Tuesday tapped E. Gerald Corrigan, former president of the Federal Reserve Bank of New York, to prevent conflicts of interest by the firm's research analysts. Goldman also said it expanded its board's audit and compensation committees to "assure the integrity" of research generated by analysts at the third-largest securities firm, as ranked by capital. The steps came as Merrill Lynch & Co.

Federal Reserve Board Chairman Alan S. Greenspan endorsed legislation to mix the banking and securities industries Tuesday but said going faster and further could be dangerous. Greenspan told the Senate Banking Committee that the Federal Reserve Board, the regulator of the nation's largest banking organizations, supports legislation sponsored by Sen. William Proxmire (D-Wis.), chairman of the committee, and Sen. Jake Garn of Utah, the committee's ranking Republican.

Credit Suisse First Boston on Monday said it named Gary Lynch vice chairman in charge of stock research and legal and compliance issues, as the brokerage attempts to bolster its analysts' image in the aftermath of allegations of conflicts of interest across the industry. Lynch, who was enforcement director of the Securities and Exchange Commission from 1985 to 1989, was one of CSFB Chief Executive John Mack's first hires and had already been the firm's global general counsel.