Word: lazard
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...warring economic theories have produced casualties. Not the least of them is public confidence, without which no policy can survive. Observes Felix Rohatyn, a senior partner in the investment banking house of Lazard Freres & Co.: "Keynesianism seems to have created a runaway inflation, while supplyside, monetarism and Reaganomics seem on the way to creating a depression. People are not only becoming more skeptical of economic theory, but it is highly appropriate that they do so." Economists will have to trade their old quarrels for some new ideas if they hope to keep that justifiable skepticism from growing...
...some, Citicorp's Wriston contends that the chances of default by a major country are "zero." A nation that defaulted, he persuasively argues, would cut itself off from the world monetary system and be unable to finance essential imports. Felix Rohatyn, a partner in New York's Lazard Frères investment banking firm, disagrees. Says...
...revitalizing industry and promoting technology. At the Versailles summit, French President François Mitterrand urged that governments take the lead in planning the areas of technology that should be pursued and in financing those ventures. In the U.S., Felix Rohatyn, a partner in New York City's Lazard Freres investment banking firm, has called for a new Reconstruction Finance Corporation that would disburse government loans to help rebuild America's industrial base. Critics of this kind of national industrial planning argue, however, that public funds would too often flow not to the most deserving industries...
...tight money supply, though, is only part of the puzzle. Some experts, including Felix Rohatyn, a partner in the Lazard Frères investment banking firm, argue that loan demand is still putting intense pressure on interest rates. While the high cost of money has discouraged mortgage seekers and auto buyers, corporations are still queuing up to borrow. The volume of commercial and industrial loans at large banks has risen at an annual rate of 22% in the past month...
Advocates of default insist that Poland's creditors have an unparalleled opportunity to pressure the Soviet Union by squeezing its troubled satellite. Says Felix Rohatyn, a partner in the investment-banking firm of Lazard Frěres: "For the first time in 25 years, the Western governments have a truly credible weapon in their armory, and that's control of the capital markets. The Russians can get technology elsewhere, and lots of people will provide them with grain. But nobody else can make the capital available." A default declaration might force the financially pressed Soviet Union to increase...