Word: rohatyn
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...across the land, the call has gone out to "do something, do anything" to slow runaway prices. Democratic Presidential Challenger Edward Kennedy continues taunting Carter to come out and debate the Massachusetts Senator's recommendation for mandatory wage and price controls. On Wall Street, respected Investment Banker Felix Rohatyn last week called for a yearlong wage and price freeze and other inflation-fighting measures to stop "a slide toward national bankruptcy." Even in normally free-spending Congress, cries went up to fight inflation by slashing budgets. A bipartisan group of 44 Senators signed a petition calling for $26 billion...
World bankers and Finance Ministers will face a tense period as they attempt to muddle through the next few years of growing OPEC wealth and growing Third World indebtedness. New York Investment Banker Felix Rohatyn with grave concern calls the situation a "highly unstable base for our system." Banks will undoubtedly have to "roll over" or refinance some debts, just as many strapped households consolidate their old loans. David Rockefeller and Bank of America President A.W. Clausen also stress that the IMF will have to carry a heavier share of Third World borrowing, especially from the poorest countries like...
...Cabinet colleagues and Nixon advisers. When he left after 15 months, partly in frustration with the President's protective staff, Commerce Secretary Peter Peterson said, "The State Department is having a going-away party; it's now in its 32nd hour." Says New York Financier Felix Rohatyn: "I think he has a rather confrontationist attitude. I don't think that's a viable proposition any more...
...corporations to compete on an international basis." Senator Jacob Javits of New York, the ranking Republican on the Senate Foreign Relations Committee, argued that the U.S. should not force American companies doing business abroad to adhere to antitrust standards tougher than those of the countries where they operate. Felix Rohatyn, a partner in the investment banking house of Lazard Freres, noted that governments in Europe and Japan are urging the merging of some of their own big firms to sharpen their ability to compete in world markets...
...competitiveness in world markets, the purpose of antitrust policy should be to enhance efficiency. Most conference participants felt that a further tightening of antitrust policy might promote inefficiency by immunizing some big slow-moving companies from takeovers and protecting inept managers from being tossed out. Kennedy-Metzenbaum, remarked Rohatyn, "could be called the Large and Inefficient Business Protection Bill." The way to reduce conglomerate mergers, he added, is to improve economic policy. Bringing down inflation would lead to lower interest rates and higher stock prices. Companies then would no longer have the opportunity to buy out firms at fire-sale...