Word: rohatyn
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...world of high finance, where an elite group of Wall Street dealmakers commands million-dollar fees for putting together megadollar agreements, Felix Rohatyn is the first among equals. As a senior partner at Lazard Freres, a New York investment-banking firm, he has presided over hundreds of mergers and acquisitions. In October, General Electric Chairman John Welch and RCA Chairman Thornton Bradshaw started talking about a merger over drinks at Rohatyn's Manhattan apartment...
Though he can claim credit for inventing many of the tools of modern corporate mergers, Rohatyn (pronounced Row-ah-tin) these days is like the sorcerer whose apprentices have run amuck. Last week, speaking before a group of TIME editors, he criticized the new excesses of takeover madness and warned that these practices are endangering the health of the American financial system. Said he: "Today things are getting badly out of hand...
Secretary of the Treasury James Baker carries with him a few quotes collected over the years from some of the experts. One is from 1982 by New York Financier Felix Rohatyn: "Huge deficits will push interest rates higher until the economy really goes into a nose-dive." Interest rates did not go up, and the economy has not gone down. But even Reagan loyalists like Baker know that it is getting harder to conjure up the swans with all the ugly-duckling economic facts that now crowd the water...
...Delaware court decision, however, struck many financial experts as a potentially dangerous step. Felix Rohatyn, a partner of the Lazard Freres investment firm and one of the most outspoken critics of Pickens-style hostile takeovers, blasted the decision because it violated the principle of investor equality. Said he: "This creates two tiers of stockholders. The vaccine is as bad as the disease. It's crazy...
...what was then the largest U.S. merger outside the oil industry. That record was topped two weeks later when Hospital Corp. of America and American Hospital Supply agreed to a $6.6 billion marriage. Meanwhile, companies ranging from National Distillers to CBS have become rumored takeover targets. Says Felix Rohatyn, a senior partner in the investment banking firm of Lazard Freres: "The takeover game as it is practiced today is really a little like the arms race. You have to stop it before it gets out of control...