Word: levitts
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Among other things, the legislature had directed State Comptroller Arthur Levitt to invest $125 million from two state employees' pension funds in bonds is sued by the Municipal Assistance Corporation (Big Mac). In addition, the state was to try to borrow $750 million and then promptly lend it to Big Mac (TIME, Sept...
Delicate Refusal. But two unions representing state employees went to court to prevent any of their $7.2 billion pension funds from being invested in the tottering city. The court ruled that the legislature did not have the authority to order Comptroller Levitt to buy the bonds. The court did not forbid him, however, from buying them if he wanted to. Despite pleas from Governor Hugh Carey and Mayor Abraham Beame, Levitt showed no such desire...
...state had already issued $250 million in notes as part of its share of the bailout scheme. But some of the financiers who handled the deal had been stuck with an estimated $100 million in notes they could not sell. After Levitt's refusal to buy more Big Mac bonds, the bankers told MAC Chairman Rohatyn that they could not sell the remaining $500 million of the state's $750 million share at this time...
...agreement on a plan," said Carey. "We can arrange state involvement with the city." The new master plan called for (1) a triumvirate consisting of Carey, Beame and State Controller Arthur Levitt to supervise the city's finances and set limits on its spending; (2) a new financial deputy to keep a watch on the city's books; and (3) a complex plan to have the state borrow the $2 billion via the Municipal Assistance Corporation (Big Mac), the major banks and other sources...
Manning the three Crimson boats were co-captain Marie Rhoem as skipper and Cassie Levitt as crew, co-captain Sarah Herrick and Lora Fleming as co-skippers, and Pam Mack, as skipper and Ruth Bandler and Martha Kleinschmidt shared the crew duties...