Word: rohatyn
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What inspires such worst-case speculation is the unprecedented size of the derivatives balloon. Its growth has prompted some Wall Street sages to warn that many of the newfangled instruments could be spinning far beyond anyone's control. The Jeremiahs include investment banker Felix Rohatyn, 65, one of Wall Street's elder statesmen, whose son Nicolas, 33, runs a J.P. Morgan department that uses derivatives to transact business in emerging markets in Asia, Eastern Europe and Latin America. "There's a whole different world in off-balance-sheet transactions that are potentially quite dangerous if people don't know what...
...bust-'em-up struggles (like the $25 billion 1988 fight for RJR Nabisco) that burdened corporations with excessive debt, ignited newspaper headlines and enriched everyone from corporate raiders to takeover lawyers. "The only criteria were who won or lost and how the companies were split up," says Felix Rohatyn, a senior partner at investment banker Lazard Freres, Paramount's adviser. In that rapacious era, "we wouldn't look at a deal under $1 billion," says James Stewart, a former front-page editor of the Wall Street Journal and author of the best seller Den of Thieves. "That was for spot...
...eminent New York investment banker Felix Rohatyn, who is Credit Lyonnais's official banker and represented MCA in the Matsushita deal, thinks his friend Ovitz may be getting perilously close to unavoidable conflicts of interest. "If Michael is involved both in the restructuring of the entertainment companies that Credit Lyonnais has an investment in -- by - bringing in talent, by directing their entertainment strategy, by helping them get television product or motion picture product -- and at the same time provides financial advice as to what to do with these companies, then he's probably going to be walking a very fine...
...conditioned Nevada desert, the opening of two gargantuan amusement centers dedicated to gambling and show business -- the Mirage and Excalibur hotels -- is leading Las Vegas toward its biggest year ever. In Nashville the country-music business is keeping the local economy afloat amid a tide of regional recession. Felix Rohatyn, the fiscal doctor, says the only hope for New York City, laid low by the collapse of the boom-boom Wall Street economy of the '80s, is to turn it into a tourist attraction keyed to entertainment. But the industry is also undergoing profound change in its essential financial...
...city back up to par. Although its annual budget is larger than that of all but two states, New York City is in a financial straitjacket, and the nation's economic downturn, more harshly reflected in the Northeast than elsewhere, offers little hope for future relief. Says financier Felix Rohatyn, who devised the plan that saved New York from bankruptcy 15 years ago: "I just don't see the light at the end of the tunnel. However, we cannot turn our back on the city now." Facing a $1.8 billion shortfall, the Dinkins administration has been forced to raise taxes...