Word: rohatyn
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That "monster" was largely the creation of Geneen, who became ITT's president in 1959 and chairman in 1964. He took what was basically a telecommunications company and transformed it into a vast empire that Author Anthony Sampson dubbed the Sovereign State of ITT. Says Felix Rohatyn, who as an investment banker with Lazard Freres helped put ITT together: "Under Harold Geneen, ITT was a company that essentially knew no limits. He thought anything was manageable." The result was a corporation that in 1979 had 370,000 employees in more than 100 countries. Among its multitude of ventures...
American liberals last week welcomed the bishops' statement. Said Alice Rivlin, former director of the Congressional Budget Office and director of economic studies at the Brookings Institution: "Their letter helps to restart a national debate on what this country is going to do about poverty." Concurred Felix Rohatyn, a partner of Wall Street's Lazard Freres: "Their ideas may not be politically fashionable, but that doesn't take away from the moral weight of their argument. The issues are still valid...
...such, this recovery is doomed to fall through the trap door of 200-plus billion dollar budget deficits extending as far as the economic forecaster's eye can see. The runaway deficit is, in the words of Democratic economic guru Felix Rohatyn, "a prescription for national bankruptcy," the threat of which to our well-being is matched in direness only by the myopia with which Reagan is approaching the problem...
...more leveraged takeovers and buyouts today, the more bankruptcies tomorrow." Reason: the companies are vulnerable to high interest rates and a down turn in business because of the large loans they have taken on to finance their own purchase. Shad's views echoed those of Felix Rohatyn, a senior partner in the in vestment banking firm of Lazard Freres, who believes that buyouts are too speculative. Says Rohatyn: "We are turning the financial markets into a huge casino...
Such enormous fees raise questions. Some critics wonder whether deals are pursued because of the payoff, not because they are in the client's best interest. Rohatyn is one who thinks that payments have got out of hand. Says he: "The level of fees has reached a point that is difficult to justify and invites the suspicion that there is too much incentive to do a deal. Fees are sometimes ten times as large when a deal closes as when it doesn't, so you'd almost have to be a saint not to be affected...