Who Was Felix Rohatyn and What Did He Achieve

Felix Rohatyn was a renowned investment banker and diplomat, best known for his role in restructuring the finances of New York City in the 1970s.

He was born in Vienna, Austria in 1928, to a family of Jewish descent, and later moved to the United States.

Rohatyn's early career included working for the investment bank Lazard Frères, where he rose to become a vice president.

Rohatyn's most notable achievement was his work as a financial advisor to Mayor John Lindsay, helping to restructure the city's finances and save it from bankruptcy.

His efforts led to the creation of the Municipal Assistance Corporation, a public benefit corporation that issued bonds to help the city pay off its debt.

Felix Rohatyn was born in Vienna in 1928, the only son of Alexander Rohatyn, a Polish Jew, and Edith (Knoll) Rohatyn, a native of Austria, who divorced his father.

His great-grandfather, Feivel Rohatyn, was Chief Rabbi of Zlotshov, 50 km from Ukrainian town Rohatyn. Rohatyn in Ukrainian translates "Horn Stacket" in English.

The family left Austria in 1935 for France, where Rohatyn attended the Lycée Janson-de-Sailly and was awarded a prize for excellence in 1938.

After the German invasion of France in 1940, they fled to Casablanca, Lisbon, and in 1941, Rio de Janeiro, before arriving in the United States in 1942.

Rohatyn was born in Vienna in 1928, the only son of Alexander Rohatyn, a Polish Jew, and Edith (Knoll) Rohatyn, a native of Austria, who divorced his father.

His family had a long history in the brewing business, with his father managing breweries in Vienna, Romania, and Yugoslavia.

Rohatyn's great-grandfather, Feivel Rohatyn, was Chief Rabbi of Zlotshov, a town near the Ukrainian town of Rohatyn, which translates to "Horn Stacket" in English.

The family left Austria in 1935 for France, where Rohatyn would spend the next several years of his life.

He attended the Lycée Janson-de-Sailly in Paris, where he was awarded a prize for excellence in 1938.

Rohatyn's education was interrupted by the German invasion of France in 1940, and he fled to Casablanca, Lisbon, and eventually Rio de Janeiro before arriving in the United States in 1942.

Luis Martins de Souza Dantas, the Brazilian ambassador to France, provided visas that enabled the family to escape France and the Holocaust.

Rohatyn was educated at schools in France before joining McBurney School in the US, where he later graduated with a B.S. in physics from Middlebury College in 1949.

Rohatyn joined the New York office of Lazard Frères under André Meyer, starting his career in the investment banking world.

After serving in the United States Army during the Korean War, he returned to Lazard in 1952.

He was made a partner in the firm in 1961 and went on to become managing director.

Rohatyn brokered numerous major mergers and acquisitions, including those on behalf of International Telephone and Telegraph (ITT), where he became a director in 1966.

He served on the boards of several prominent companies, including Englehard Mineral and Chemical Corporation, Howmet Turbine Component Corporation, and Owens-Illinois.

In 1975, New York City faced a severe fiscal crisis, with a budget deficit of $1.5 billion and a debt of $8.5 billion.

The city's financial woes were so dire that it was on the verge of defaulting on its debt.

The New York City Fiscal Crisis was a major financial crisis that hit the city in the 1970s. It started in 1975.

The crisis was caused by a combination of factors, including a decline in tax revenue and a rise in spending. The city's tax base had shrunk due to a decline in population and an increase in exemptions.

A key event that exacerbated the crisis was the 1975 default on a $900 million bond issue. This default led to a loss of investor confidence in the city's ability to manage its finances.

The city's financial situation was further complicated by the fact that it was required to pay a significant portion of its revenue to the state and federal governments. This left the city with limited funds to address its financial woes.

The crisis had a significant impact on the city's services, leading to a 25% reduction in the city's workforce.

The Portsmouth Times, April 17, 1972, reported on the economic concerns of the time.

Felix Rohatyn, an ITT director, predicted a devastating impact on ITT and the economy.

Rohatyn's concerns were likely due to the struggles of New York City, which was facing a severe fiscal crisis.

The Portsmouth Times was published in Portsmouth, Scioto County, Ohio, USA, on April 17, 1972.

The publication was on page 33.

The Portsmouth Times, April 4, 1973, reported on the New York City Fiscal Crisis, highlighting key players involved in negotiations.

Felix Rohatyn, an ITT official, played a crucial role as a go-between in talks over the antitrust suit.

The Portsmouth Times provided valuable insights into the crisis, shedding light on the complexities of the situation.

Rohatyn's involvement was significant, given his position as a key negotiator.