Word: rohatyn
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...possibility of a country defaulting rather than accepting the IMF'S austerity demands cannot be dismissed out of hand," says New York Financier Felix Rohatyn. Notes Stuart Greenbaum, professor of banking and finance at Northwestern University: "Imagine you are a Latin dictator deep in debt. If you [accept IMF terms and] cut back on imports, you get riots in the streets. If you default, you are ostracized by the world capital markets. Now if the first approach leaves you swinging from a tree branch, you know you are going to go the default route...
...Felix Rohatyn, the Wall Street wizard who helped rescue New York City, is gaining advocates for a new Reconstruction Finance Corporation, reminiscent of the one nation's Franklin D. Roosevelt used. Rohatyn's idea is to rebuild the nation's antiquated private industrial base and public facilities. The problem, says Rohatyn, "is whether the ideas can catch up with the realities before disaster...
While that kind of pyramiding sounds ominous to some, Citicorp's Wriston contends that the chances of default by a major country are "zero." A nation that defaulted, he persuasively argues, would cut itself off from the world monetary system and be unable to finance essential imports. Felix Rohatyn, a partner in New York's Lazard Frères investment banking firm, disagrees. Says...
...corporate decisions. Such "cooperation" has been a central theme of recent "re-industrialization" plans designed to arrest the desperate decline of the U.S. economy, Sen. Gary Hart (D-Col.), for instance, has proposed breaks for companies and unions that agree to hold down labor costs. And investment banker Felix Rohatyn, an advisor to Sen. Edward M. Kennedy '54 (D-Mass.), has proposed government-sponsored wage restraint pacts modeled on the New York City rescue deal he helped to negotiate...
...nations is the proper role of government in revitalizing industry and promoting technology. At the Versailles summit, French President François Mitterrand urged that governments take the lead in planning the areas of technology that should be pursued and in financing those ventures. In the U.S., Felix Rohatyn, a partner in New York City's Lazard Freres investment banking firm, has called for a new Reconstruction Finance Corporation that would disburse government loans to help rebuild America's industrial base. Critics of this kind of national industrial planning argue, however, that public funds would too often flow...