Word: rohatyn
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...shift the blame for his problems to the system of floating exchange rates. But while Mitterrand's concerns about unstable currencies may be somewhat self-serving, they are shared by a growing number of prominent people. In recent weeks, Federal Reserve Board Chairman Paul Volcker, Investment Banker Felix Rohatyn and former West German Chancellor Helmut Schmidt have all talked of the need to dampen the swings in currency values. Former Secretary of State Henry Kissinger, like Mitterrand, has called for a summit meeting to revamp the monetary system...
...boss is by turns charming and demanding. Extremely demanding. His edict to top managers: "I don't need a $100 million mistake. Try to make it a $5 million mistake if you have to make one." Investment Banker Felix Rohatyn, who helped rescue New York City from insolvency in 1975, sums it up: "Lee is a man who can instill leadership in a crisis. He knows his business from front bumpers to back ends. He is the right man at the right time...
...about as fast as companies have been laying off workers. With The Deindustrialization of America, Boston College's Barry Bluestone and MIT's Bennett Karrison add to this growing literature, which includes everything from Lester Thurow's baleful Zero-Sum Society to the corporatist musings of Felix Rohatyn in the New York Review of Books to Ezra Vogel's jealous Japan as Number...
UNFORTUNATELY, Bluestone and Harrison's own prescriptions don't measure up to the provocative task set by their analysis. Their criticism of Thurow and Rohatyn's schemes for government-directed investment in promising new "sunrise" industries--that neither provides any guarantee that companies will actually use public capital productively--is well-taken. So is their observation that going down the "Japan, Inc." route probably involves more social regimentation than Americans would tolerate. But their program, however, is not new; it's the familiar "economic democracy" laundry list: a reinvigorated welfare state; national anti-plant closing legislation; public control over "sunrise...
...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...