Word: rohatyn
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Dates: during 1970-1979
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Last July Felix Rohatyn, a partner in the investment banking firm of Lazard Freres who has since become chairman of New York's Municipal Assistance Corporation, suggested Otis to United as a ripe acquisition prospect. Otis, although No. 1 in its industry, has had a slowdown in orders because of the worldwide decline in construction starts on high-rise buildings. Still, the company gets a steady and reliable flow of business-about half its revenues-from maintenance of existing installations. Also, more than half of its 1974 sales of $ 1.1 billion came from overseas, where United would like...
...Republican Senator Bob Packwood of Oregon: "Those guys sat here and lied to us. I don't think we should bail those liars out." Governor Hugh Carey told congressional leaders that the plan had virtually no hope of succeeding because of legal snarls; indeed, Big Mac Chairman Felix Rohatyn called it a "20-to-l shot." Even so, the dustup further damaged New York's already bankrupt credibility...
...Times Square or Central Park, in an "Operation Alive and Kicking." Said he: "We're going to be seen and heard. That's the way New York normally responds when it gets kicked in the groin." But the time for shouting and demonstrating was long past. Rohatyn summed up the situation more accurately with gallows humor: "I feel like somebody who tries to check into a hospital and keeps getting referred to the cemetery." Facing tougher times ahead, New York has only one hope: that its long overdue cutbacks will create a base for its eventual recovery...
...general strike if officials cut the budget too deeply. The squeeze pushed the city closer than ever before to a default that would shake money markets in the nation and world and left the city's leaders exhausted and dispirited. Pleading for help from Washington, Investment Banker Felix Rohatyn, chairman of the Municipal Assistance Corp. (Big Mac), plaintively said: "We just cannot go on like this much longer...
...must take still stronger and more visible action to prove that it has changed its irresponsible fiscal ways. As Rohatyn put it very early in the crisis, "New York must be perceived as changing its life-style." That has not been the case so far. Said one Big Mac official: "The city has had to be dragged kicking and screaming to do what had to be done." For example, a deferral of a wage increase of up to 6% for city employees was supposed to take effect Sept. 1, but will not begin for most workers until Oct. 11 because...