Word: banker
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...N.Y.S.E. closes two hours early with a minute change in the Dow (up .33 points, to 1950.76). Pondering the incredible week, Manhattan Investment Banker Felix Rohatyn, a staunch critic of Reagonomics, says he sees a new world in which governments are "held hostage" by the financial markets. He adds, "We really do not know what we've created. It's high tech and it's transnational and more powerful than anything we could ever have imagined...
...domestic marketplace, aggravated the trade deficit by its lack of motivation to sell products abroad. Consumers added to the trouble by developing a ravenous taste for imported goods and credit-card spending. All told, the roaring '80s have been a time of refusal to confront limitations. Declares Investment Banker Felix Rohatyn: "In an act of the ultimate financial cowardice, we have attempted to pass on to our children the cost of this behavior by borrowing from tomorrow...
What worries many seasoned professionals is a dangerous contradiction: a bullish investment fever at a time when real-life economic problems like the trade deficit are getting worse. Says Investment Banker Felix Rohatyn: "If the reality doesn't get better but the myth becomes more and more insane, then the correction is going to be more and more violent." While no direct tie exists between stock-market crashes and depressions, a shattering of Wall Street's confidence would deliver a sharp psychological blow to the rest of the population. Adds Rohatyn: "People will only wake up when one morning they...
...overseas are especially attracted by American political stability, which is particularly alluring to those with long-term investment prospects in mind. And foreign investors continue to be impressed by the wide- open nature of the American economy and the freedom of its capital and equity markets. Says a Japanese banker in Tokyo: "We are amazed at the way Americans are willing to sell out their companies. In Japan, owners of companies hold on for life...
...value of all U.S. residential dwellings alone comes to some $6 trillion.) But foreign holdings have grown surprisingly large in many lucrative, and occasionally sensitive, spots. Foreign investors now own 46% of the commercial real estate in downtown Los Angeles, for example, according to a survey by the Coldwell Banker Real Estate Group. In downtown Houston, the foreign-owned tally is 39%; in Minneapolis 32%; and in Manhattan...