Word: rohatyn
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...general strike if officials cut the budget too deeply. The squeeze pushed the city closer than ever before to a default that would shake money markets in the nation and world and left the city's leaders exhausted and dispirited. Pleading for help from Washington, Investment Banker Felix Rohatyn, chairman of the Municipal Assistance Corp. (Big Mac), plaintively said: "We just cannot go on like this much longer...
Moreover, it became abundantly clear last week that without some form of emergency federal assistance, New York will go into default by Christmas and quite possibly earlier-meaning that the city will have to postpone paying off its bills and loans. Said Investment Banker Felix Rohatyn, chairman of the Municipal Assistance Corp.: "The dikes are crumbling and we're running out of fingers." Added New York Governor Hugh Carey: "We have done all that we can to help New York City...
...rescue of New York. When members of the American Bankers Association arrived in Manhattan for a convention last week, a New York Times poll found heavy opposition to a federal bailout. But the bankers' resistance softened after speeches on the city's crisis from, among others, Mayor Beame, Carey, Rohatyn and Brenton Harries, president of Standard & Poor's Corp., the investment-research firm. Harries warned that civil disorder might follow a default and added: "As unpalatable as the specter of federal intervention is, the social and economic consequences of default of the proportions we are facing clearly make...
...proposals before various congressional committees would require the Governor to give ironclad assurances that the city would balance its budget within three years. The guaranteed bonds would be taxable and, if the city and state defaulted, would be paid out of their allotment of future federal revenue sharing. Declared Rohatyn: "We're not asking for a handout. Taxpayers elsewhere are not going to be penalized. Quite the opposite; if a federal guarantee is available, other cities will be vaccinated against the virus that has weakened...
...must take still stronger and more visible action to prove that it has changed its irresponsible fiscal ways. As Rohatyn put it very early in the crisis, "New York must be perceived as changing its life-style." That has not been the case so far. Said one Big Mac official: "The city has had to be dragged kicking and screaming to do what had to be done." For example, a deferral of a wage increase of up to 6% for city employees was supposed to take effect Sept. 1, but will not begin for most workers until Oct. 11 because...