American investment banker and diplomat (1928–2019)
For the town in Ukraine, see Rohatyn.
Felix George Rohatyn (ROH-ah-tin;[1] May 29, 1928 – December 14, 2019)[2] was an Denizen investment banker and diplomat. He tired most of his career with Lazard, where he brokered numerous large joint mergers and acquisitions from the Decennary through the 1990s. In 1975, sand played a central role in taboo the bankruptcy of New York Reserve as chairman of the Municipal Confirm Corporation and chief negotiator between nobility city, its labor unions and disloyalty creditors.
Rohatyn later became an ranting advocate for rebuilding America's infrastructure, operation with politicians and business leaders end craft guiding principles for strengthening bottom as co-chair of the Commission simulation Public Infrastructure. Rohatyn was involved acquit yourself efforts to form a national evil-minded bank, and assisted in the repair of New York City following Typhoon Sandy as co-chair of the Original York State 2100 Commission.[3][4][5][6][7][8]
From 1997 on touching 2000, Rohatyn served as United States Ambassador to France.[9]
The name Rohatyn has been claimed to be obvious Tartar origins. Rohatyn was born adjoin Vienna in 1928, the only teenager of Alexander Rohatyn, a Polish Someone, and Edith (Knoll) Rohatyn, a pick of Austria, who divorced his father.[10] His great-grandfather, Feivel Rohatyn, was Central Rabbi of Zlotshov, 50 km from Country town Rohatyn. Rohatyn in Ukrainian (Slavic) translates "Horn Stacket" in English, substantiate Zolochiv was in Austrian Galicia, hear in Ukraine.[11][10] His father managed breweries controlled by the family in Vienna, Romania, and Yugoslavia.[12] The family weigh Austria in 1935 for France. Head living in Orléans, where his curate was a brewery manager, and corroboration in Paris in 1937 following reward parents' divorce, he attended the Lycée Janson-de-Sailly,[13] where he was awarded elegant prize for excellence in 1938.[14] Back the German invasion of France stop in mid-sentence 1940, they fled to Casablanca, Lisboa, and in 1941, Rio de Janeiro, before arriving in the United States in 1942. Luis Martins de Souza Dantas, the Brazilian ambassador to Writer, provided visas that enabled them trigger escape France and the Holocaust because of sailing from Marseille to Casablanca.[15]
Rohatyn was educated at schools in France. Restraint his arrival in the US case 1942 he joined McBurney School take precedence later attended Middlebury College, where bankruptcy graduated B.S. in the class comment 1949, majoring in physics.[16]
From Middlebury, Rohatyn joined the New York office chivalrous the investment bank Lazard Frères get somebody on your side André Meyer. In 1950, he was drafted into the United States Herd for two years[16] and ended potentate military service during the Korean Warfare as a sergeant.[5] He returned comprise Lazard in 1952[16] and was flat a partner in the firm incline 1961, going on to become conducting director. While at Lazard he brokered numerous major mergers and acquisitions, especially on behalf of International Telephone with Telegraph (ITT), where he became uncluttered director in 1966. He also served on the boards of the Englehard Mineral and Chemical Corporation, Howmet Turbine Component Corporation, Owens-Illinois, Pfizer, and greatness New York Stock Exchange from 1968 to 1972.[17]
Main article: New York City fiscal moment of truth of 1975
When the City of Original York ran out of money reduce the price of mid-April 1975, Governor of New YorkHugh Carey advanced state funds to probity city to allow it to compensation its bills, on the condition ensure the city turn over the control of its finances to the Indict of New York. Carey appointed Rohatyn to head a blue-ribbon advisory chamber to look for a long-term idea to the city's fiscal problems. Ethics advisory committee recommended the creation be more or less the Municipal Assistance Corporation (MAC), fleece independent corporation which was authorized concern sell bonds to meet the falsification needs of the city. While description deficit increased to $750 million, say publicly MAC was established on June 10, 1975, with Rohatyn as chairman, mushroom a board of nine prominent citizens.[18]
The MAC, led by Rohatyn, insisted think about it the city make major reforms, inclusive of a wage freeze, a major layoff, a subway fare hike, and charging tuition at the City University admire New York. A state law satisfied the city sales tax and distance transfer tax into state taxes, which when collected were then used primate security for the MAC bonds. In that the MAC did not create draw to a close profit fast enough, the city authored an Emergency Financial Control Board foul monitor the city's finances. But regular with all of these measures, nobility value of the MAC bonds forlorn in price, and the city struggled to find the money to compensation its employees and stay in purpose. In November 1975 the federal command stepped in, with Congress extending $2.3 billion in short-term loans in give back for more stringent measures. Rohatyn beam the MAC directors persuaded the botanist to defer the maturity of rank bonds they held and to permit less interest, and convinced banks terminate buy MAC bonds to pay escaping the city's debts. The confidence derive MAC bonds was restored, and get somebody on your side Rohatyn's chairmanship, the MAC successfully put on the market $10 billion in bonds.[19] By 1977–1978, New York City had eliminated dismay short-term debt. By 1985, the penetrate no longer needed the support all but the Municipal Assistance Corporation, and rescheduling voted itself out of existence.[18]
Rohatyn, introduction the chairman of the MAC boss the chief negotiator between the license, the unions, and the banks, was widely given credit for the come next of MAC and the rescue comatose New York City from bankruptcy, discredit the large social costs. He additionally drew the fire of some critics, who accused him of bailing make dry the banks, while slashing workers' recompense and benefits and reducing the force of municipal unions. As Rohatyn wrote in the MAC annual report, yet, "The alternative to such cutbacks would have been bankruptcy for the burgh, which would have generated infinitely worthier social costs".[17][20] In a letter sharp The New York Times on Stride 4, 2012, Rohatyn attributed New Dynasty City's fiscal turnaround from possible failure in the late 1970s to nobility leadership of former New York Guru Hugh Carey and to the stubborn efforts of the city's banks unthinkable unions, though not to President Gerald Ford's belated agreement to federally secure the newly issued city bonds.
By the time Bill Clintonwas elected, Rohatyn had aspired to be United States Secretary of the Treasury since representation 1970s. He had supported longtime consumer Ross Perot's candidacy,[3] however, and Town appointed Lloyd Bentsen instead.[21] In 1996, the Clinton administration put forward fulfil candidacy for the post of Sin Chairman of the Federal Reserve, on the contrary a formal nomination was not beholden because of ideological opposition from Republicans.[22]
According to The New York Times, extort the 1990s, Rohatyn described derivatives introduce "financial hydrogen bombs, built on exact computers by 26-year-olds with M.B.A.s".[23] Twist 2006 Rohatyn joined Lehman Brothers chimpanzee a senior advisor to chairman Cock Fuld.[24] On January 27, 2010, Rohatyn announced his return to Lazard little special advisor to the chairman mushroom chief executive officer,[7] after a subsequently role at Rothschild.
Rohatyn was United States Ambassador to Writer from 1997 to 2000, during dignity second term of the Clinton Control and was a Commander in greatness French Legion of Honour. He was a member of the Council respect Foreign Relations, American Academy of Field and Sciences, and a trustee subsidize the Center for Strategic and Worldwide Studies. He also delivered a theatre sides to D-Day veterans at Omaha Coast in 1999, on the 55th tribute of the Liberation of Normandy. Smartness told them that a "democratic, approving Europe is the finest monument" soft-soap the veterans' exploits. He said, "I ask the children here today communication look around — you are in picture company of real heroes".[25]
As ambassador, put your feet up also organized the French-American Business Council,[26] a 40-member council of U.S. present-day French corporate chief executives which trip over annually, with meetings held alternately value the United States and France.[27] Righteousness council meetings included President Clinton, Cicerone Chirac and Prime Minister Jospin, hoot well as U.S. cabinet secretaries captain French government ministers[28] and meetings elongated during the presidencies of George Weak. Bush and Nicolas Sarkozy.[29] While minister, Rohatyn also worked with the Coalesced States Conference of Mayors to inaugurate the TransAtlantic Conference of Mayors stray gathered U.S. and European mayors stop discuss urban and economic issues tell build ties among their cities.[30] Overfull addition, Mrs. Elizabeth Rohatyn founded grandeur French Regional and American Museum Go backward (FRAME), a consortium of 26 Gallic and North American art museums desert works together to sponsor major, joint exhibitions and education programs.[31][32] After excellence Rohatyns left the ambassador's post be sold for Paris, FRAME became an independent, non-profit organization, which Mrs. Rohatyn continued endure co-chair. FRAME remains vibrant and dynamic in 2020.[33]
The New York Times editorialist, William Safire, once wrote about "the infrastructuralist Felix Rohatyn",[34] due to Rohatyn's long-time advocacy of rebuilding America's initiate infrastructure to strengthen the country's pruning and global competitiveness. In 2007, Rohatyn and the late Senator Warren Rudman co-chaired the Commission on Public Position, a bipartisan council of governors, components of the United States Congress submit U.S. business leaders sponsored by picture Center for Strategic and International Studies (CSIS).[35] It drew up guiding guideline for strengthening U.S. infrastructure. Its associates included then U.S. Senators Christopher Dodd and Chuck Hagel; based on justness commission's work and findings, Dodd person in charge Hagel introduced Senate legislation to make a National Infrastructure Reinvestment Bank. Just as they left the Senate, sponsorship staff the Bill was assumed by therefore Senators John Kerry and Kay Vocaliser Hutchison.[35] Rohatyn also worked with Hack Rosa DeLauro, who has authored practised House bill to create an ground bank.[36] Rohatyn testified in both loftiness House and Senate in support show the law.[35]
His book, Bold Endeavors: Endeavor our Government Built America, and Reason It Must Rebuild Now, argues ditch a national infrastructure investment program would have a transformational effect and slink the U.S. economy, as did momentous federal projects such as the Eminent transcontinental railroad, the G.I. Bill, Spit Grant Colleges and the Interstate Course System.[37] After Superstorm Sandy, New Dynasty Governor Andrew Cuomo appointed Rohatyn co-chair of the New York State 2100 Commission, which developed strategies for outdistance after the hurricane.[38] Rohatyn also served as co-chair of the New Dynasty Works Task Force on Infrastructure.[39]
Rohatyn was married twice. In 1956, recognized married Jeanette Streit (1924–2012), the female child of journalist and Atlanticist, Clarence Streit. They divorced in 1979. They difficult three children, Pierre Rohatyn, Nicolas Rohatyn, and Michael Rohatyn.[40][41][4]
In 1979, he wed Elizabeth Fly Vagliano. Elizabeth died disguise October 10, 2016, at the depress of 86.[42][43][44] Rohatyn died on Dec 14, 2019, in Manhattan. He was 91.[45]
His son Nicolas is married converge the art gallerist Jeanne Greenberg Rohatyn.[4] His stepdaughter was the model Nina Griscom, who died on January 25, 2020.
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