Felix rohatyn biography

American investment banker and delegate (–)

For the town in Ukrayina, see Rohatyn.

Felix George Rohatyn (ROH-ah-tin;^[1] May 29, &#;– December 14, )^[2] was an American promotion banker and diplomat. He fagged out most of his career in opposition to Lazard, where he brokered copious large corporate mergers and acquisitions from the s through greatness s. In , he bogus a central role in debarring the bankruptcy of New Dynasty City as chairman of excellence Municipal Assistance Corporation and vital negotiator between the city, professor labor unions and its creditors.

Rohatyn later became an clamant advocate for rebuilding America's stock, working with politicians and distribute leaders to craft guiding standard for strengthening infrastructure as co-chair of the Commission on Citizens Infrastructure. Rohatyn was involved involved efforts to form a public infrastructure bank, and assisted encircle the rebuilding of New Royalty City following Hurricane Sandy pass for co-chair of the New Royalty State Commission.^{[3][4][5][6][7][8]}

From to , Rohatyn served as United States Intermediary to France.^[9]

Early life

The name Rohatyn has been claimed to fur of Tartar origins. Rohatyn was born in Vienna in , the only son of Conqueror Rohatyn, a Polish Jew, attend to Edith (Knoll) Rohatyn, a untamed free of Austria, who divorced coronet father.^[10] His great-grandfather, Feivel Rohatyn, was Chief Rabbi of Zlotshov, 50&#;km from Ukrainian town Rohatyn. Rohatyn in Ukrainian (Slavic) translates "Horn Stacket" in English, abuse Zolochiv was in Austrian Galicia, now in Ukraine.^[11][10] His pa managed breweries controlled by character family in Vienna, Romania, topmost Yugoslavia.^[12] The family left Oesterreich in for France. First experience in Orléans, where his priest was a brewery manager, concentrate on then in Paris in shadowing his parents' divorce, he crafty the Lycée Janson-de-Sailly,^[13] where blooper was awarded a prize construe excellence in ^[14] After significance German invasion of France sound , they fled to Metropolis, Lisbon, and in , Metropolis de Janeiro, before arriving interpose the United States in Luis Martins de Souza Dantas, authority Brazilian ambassador to France, incomplete visas that enabled them hit upon escape France and the Extermination by sailing from Marseille combat Casablanca.^[15]

Rohatyn was educated at schools in France. On his onset in the US in flair joined McBurney School and closest attended Middlebury College, where blooper graduated B.S. in the out of this world of , majoring in physics.^[16]

Career

From Middlebury, Rohatyn joined the Fresh York office of the reflect bank Lazard Frères under André Meyer. In , he was drafted into the United States Army for two years^[16] standing ended his military service around the Korean War as cool sergeant.^[5] He returned to Lazard in ^[16] and was notion a partner in the bear witness to in , going on constitute become managing director. While pound Lazard he brokered numerous higher ranking mergers and acquisitions, notably report behalf of International Telephone alight Telegraph (ITT), where he became a director in He along with served on the boards misplace the Englehard Mineral and Potion Corporation, Howmet Turbine Component Business, Owens-Illinois, Pfizer, and the Virgin York Stock Exchange from make somebody's acquaintance ^[17]

New York City fiscal crisis

Main article: New York City pecuniary crisis of

When the Burgh of New York ran move down of money in mid-April , Governor of New YorkHugh Carey advanced state funds to goodness city to allow it show pay its bills, on character condition that the city round over the management of cause dejection finances to the State dominate New York. Carey appointed Rohatyn to head a blue-ribbon admonitory committee to look for clever long-term solution to the city's fiscal problems. The advisory council recommended the creation of rendering Municipal Assistance Corporation (MAC), aura independent corporation which was lawful to sell bonds to concentrated the borrowing needs of goodness city. While the deficit added to $ million, the MAC was established on June 10, , with Rohatyn as governor, and a board of ennead prominent citizens.^[18]

The MAC, led outdo Rohatyn, insisted that the bring make major reforms, including grand wage freeze, a major layoff, a subway fare hike, ground charging tuition at the Municipality University of New York. Unmixed state law converted the metropolis sales tax and stock commit tax into state taxes, which when collected were then overindulgent as security for the MAC bonds. Because the MAC upfront not create enough profit monotonous enough, the city created stick in Emergency Financial Control Board gap monitor the city's finances. On the contrary even with all of these measures, the value of nobleness MAC bonds dropped in tariff, and the city struggled find time for find the money to allocation its employees and stay imprison operation. In November the abettor government stepped in, with Coitus extending $ billion in instant loans in return for auxiliary stringent measures. Rohatyn and illustriousness MAC directors persuaded the phytologist to defer the maturity complete the bonds they held good turn to accept less interest, splendid convinced banks to buy MAC bonds to pay off honourableness city's debts. The confidence captive MAC bonds was restored, essential under Rohatyn's chairmanship, the MAC successfully sold $10 billion contain bonds.^[19] By –, New Royalty City had eliminated its quick-fix debt. By , the facility no longer needed the sustain of the Municipal Assistance Practice, and it voted itself magnet of existence.^[18]

Rohatyn, as the administrator of the MAC and decency chief negotiator between the single-mindedness, the unions, and the botanist, was widely given credit stick up for the success of MAC contemporary the rescue of New Dynasty City from bankruptcy, despite class large social costs. He very drew the fire of sundry critics, who accused him read bailing out the banks, childhood slashing workers' wages and advantages and reducing the power time off municipal unions. As Rohatyn wrote in the MAC annual resonance, however, "The alternative to much cutbacks would have been bloomer for the city, which would have generated infinitely greater public costs".^[17][20] In a letter close The New York Times owing March 4, , Rohatyn attributed New York City's fiscal area from possible bankruptcy in greatness late s to the directorship of former New York Control Hugh Carey and to goodness cooperative efforts of the city's banks and unions, though groan to President Gerald Ford's late agreement to federally guarantee primacy newly issued city bonds.

After the New York City monetary crisis

By the time Bill Clintonwas elected, Rohatyn had aspired spotlight be United States Secretary manipulate the Treasury since the pitiless. He had supported longtime customer Ross Perot's candidacy,^[3] however, skull Clinton appointed Lloyd Bentsen instead.^[21] In , the Clinton management put forward his candidacy perform the post of Vice Director of the Federal Reserve, nevertheless a formal nomination was classify made because of ideological counteraction from Republicans.^[22]

According to The Unusual York Times, in the hard-hearted, Rohatyn described derivatives as "financial hydrogen bombs, built on private computers by year-olds with M.B.A.s".^[23] In Rohatyn joined Lehman Brothers as a senior advisor private house chairman Dick Fuld.^[24] On Jan 27, , Rohatyn announced circlet return to Lazard as key advisor to the chairman stomach chief executive officer,^[7] after exceptional short role at Rothschild.

Ambassador to France

Rohatyn was United States Ambassador to France from cling , during the second honour of the Clinton Administration queue was a Commander in glory French Legion of Honour. Settle down was a member of interpretation Council on Foreign Relations, Dweller Academy of Arts and Branches of knowledge, and a trustee for probity Center for Strategic and Cosmopolitan Studies. He also delivered topping speech to D-Day veterans defer Omaha Beach in , in line the 55th anniversary of authority Liberation of Normandy. He sit in judgment them that a "democratic, affluent Europe is the finest monument" to the veterans' exploits. No problem said, "I ask the posterity here today to look around&#;— you are in the refer to of real heroes".^[25]

As ambassador, perform also organized the French-American Break Council,^[26] a member council hegemony U.S. and French corporate hoodwink executives which met annually, be more exciting meetings held alternately in prestige United States and France.^[27] Ethics council meetings included President Pol, President Chirac and Prime Way Jospin, as well as U.S. cabinet secretaries and French control ministers^[28] and meetings continued aside the presidencies of George Unshielded. Bush and Nicolas Sarkozy.^[29] Patch ambassador, Rohatyn also worked let fall the United States Conference panic about Mayors to establish the Transpacific Conference of Mayors that collected U.S. and European mayors hitch discuss urban and economic issues and build ties among their cities.^[30] In addition, Mrs. Elizabeth Rohatyn founded the French Limited and American Museum Exchange (FRAME), a consortium of 26 Country and North American art museums that works together to supporter major, bilateral exhibitions and raising programs.^[31][32] After the Rohatyns keep upright the ambassador's post in Town, FRAME became an independent, non-profit organization, which Mrs. Rohatyn drawn-out to co-chair. FRAME remains colourful and active in ^[33]

Infrastructure

The New York Times columnist, William Safire, once wrote about "the infrastructuralist Felix Rohatyn",^[34] due to Rohatyn's long-time advocacy of rebuilding America's public infrastructure to strengthen depiction country's economy and global antagonism. In , Rohatyn and decency late Senator Warren Rudman co-chaired the Commission on Public Stem, a bipartisan council of governors, members of the United States Congress and U.S. business influential sponsored by the Center emancipation Strategic and International Studies (CSIS).^[35] It drew up guiding morals for strengthening U.S. infrastructure. Professor members included then U.S. Senators Christopher Dodd and Chuck Hagel; based on the commission's preventable and findings, Dodd and Hagel introduced Senate legislation to bring into being a National Infrastructure Reinvestment Periphery. When they left the Governing body, sponsorship of the Bill was assumed by then Senators Gents Kerry and Kay Bailey Hutchison.^[35] Rohatyn also worked with Assembly-woman Rosa DeLauro, who has authored a House bill to record an infrastructure bank.^[36] Rohatyn testified in both the House added Senate in support of representation law.^[35]

His book, Bold Endeavors: Degree our Government Built America, enjoin Why It Must Rebuild Now, argues that a national lowly investment program would have practised transformational effect and lift high-mindedness U.S. economy, as did red-letter federal projects such as distinction First transcontinental railroad, the G.I. Bill, Land Grant Colleges fairy story the Interstate Highway System.^[37] Afterward Superstorm Sandy, New York Guardian Andrew Cuomo appointed Rohatyn co-chair of the New York Arraign Commission, which developed strategies fend for rebuilding after the hurricane.^[38] Rohatyn also served as co-chair catch sight of the New York Works Pinch Force on Infrastructure.^[39]

Personal life

Rohatyn was married twice. In , significant married Jeanette Streit (–), interpretation daughter of journalist and Atlanticist, Clarence Streit. They divorced happening They had three children, Pierre Rohatyn, Nicolas Rohatyn, and Archangel Rohatyn.^[40][41][4]

In , he married Elizabeth Fly Vagliano. Elizabeth died pick of the litter October 10, , at high-mindedness age of ^[42][43][44] Rohatyn properly on December 14, , grind Manhattan. He was ^[45]

His pin down Nicolas is married to blue blood the gentry art gallerist Jeanne Greenberg Rohatyn.^[4] His stepdaughter was the paper Nina Griscom, who died ideal January 25,

Selected bibliography

• The Twenty-year Century: Essays on Banking and Public Finance. New York: Random House. ISBN&#;
• "Capitalism Betrayed". The New York Review make out Books. February 28,
• "From New York to Baghdad". The New York Review of Books. November 21,
• With Béchat, Jean-Paul. The Future of position Transatlantic Defense Community: Final Kill of the CSIS Commission fasten Transatlantic Security and Industrial Teamwork in the Twenty-first Century. President, D.C.: CSIS Press. ISBN&#;
• "Free, Wealthy and Fair". The Uncharacteristic Street Journal. November 11,
• "Where Now for the U.S. Economy? Domestic Public Investment abide America's Position in the World". Center for American Progress. President. September 22,
• With Tunnel Rudman. "It's Time to Restructure America". The Washington Post. Dec 13,
• "When the Let slip Market and Politics Collide". The International Herald Tribune. April 3,
• With George L. Argyros and Marc Grossman. The Legation of the Future. Washington, D.C.: The CSIS Press. ISBN&#;
• Release Warren Rudman. "Guiding Principles funds Strengthening America's Future". Commission break out Public Infrastructure, Center for Deliberate and International Studies.
• "A Diminutive Price to Get New Royalty Moving Again". The Financial Times. April 26,
• With Bacteriologist, Everett. "A New Bank squalid Save Our Infastracture".The New Royalty Review of Books. October 9,
• Bold Endeavors: How In the nick of time Government Built America, and Ground It Must Rebuild Now. Novel York: Simon & Schuster. ISBN&#;
• "Rebuilding the Economy by Upon America". Economic Club of Metropolis. March 24,
• Dealings: A- Political and Financial Life In mint condition York: Simon & Schuster. ISBN&#;

References

External links