Word: rohatyn
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...part, the market's glow reflects a conviction in the business community that happy times will return with the incoming Administration. Says Felix Rohatyn, a partner in the influential Lazard Freres investment-banking firm: "Reagan is a businessman's populist. Under the Carter Administration, they considered themselves the whipping boys, overregulated and over-Naderized. Now they all see a better climate coming...
...Reagan's first priority will be to deal with some pressing economic problems. During the campaign, notes Chicago Economist Robert Genetski, "Reagan did not concentrate on the pain ahead. The necessary economic adjustment was underplayed, and 1981 is going to be rough." The new Administration, as Banker Rohatyn notes, will be "starting off with all the momentum going the wrong way." Instead of inheriting an economy that is expanding smartly, as he might have hoped, Reagan is faced with one that could plunge into recession again sometime this winter. At best, economists say, the prospect is for almost...
...help, but until that traditional cornucopia spills open, an increase in property taxes, which would not bring in enough, is about the only course of action available. Still, Koch has just about managed to eliminate the city's once gargantuan short-term debt of $4.5 billion. As Felix Rohatyn, chairman of the Municipal Assistance Corporation and the city's chief financier, told TIME'S Frederick Ungeheuer: "The city is clearly stronger than it was five years ago. But it will take at least two consecutive years of balanced budgets without gimmicks before it can get back into the long-term...
...provocative idea, nonetheless, has spawned a raft of strategies for reversing the nation's economic decay. Senator Edward Kennedy has called for an American Reindustrialization Corporation to promote new investment in business and technology. Felix Rohatyn, a partner in the Lazard Freres investment bank and chairman of New York's Municipal Assistance Corporation, advocates creation of a new Reconstruction Finance Corporation, with $5 billion for loans to failing cities like New York or slumping companies like Lockheed or Chrysler. Management Expert Peter Drucker wants to accelerate the change to computer-age companies and shrink traditional blue-collar employment...
...before any controls took effect. Similarly, Treasury Secretary G. William Miller and Anti-Inflation Adviser Alfred Kahn acknowledged in a letter to heads of 500 major corporations that some companies seem to be raising prices in anticipation of wage-price controls. Surveying the scene, New York Investment Banker Felix Rohatyn declared: "We are headed for a national bankruptcy." Said Detroit Banker Robert M. Surdam: "Scary...