HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Editorials & Other Articles (Forum) » How a Banker Helped Save ...

Sun Dec 22, 2019, 02:15 PM

How a Banker Helped Save N.Y. (and Why It Will Never Happen Again)

On Tuesday morning at Frank E. Campbell, the Madison Avenue funeral home, Michael R. Bloomberg (former mayor, current presidential candidate) delivered a eulogy in memory of Felix G. Rohatyn — banker, writer, urbanist, savior, mensch.

That Mr. Rohatyn had come to this country as a World War II refugee, that he had forged a singular life in public service in gratitude for what America had given him, that he listened passionately and brought discordant voices together to harmonize in the name of the city’s resurrection — this was the theme of Mr. Bloomberg’s warm appreciation.

Historians have pointed out that there is an obvious through-line, for better or worse, from Mr. Rohatyn’s New York to Bloomberg’s. As a financier who chaired the public-benefits corporation created to rescue the city from insolvency in the 1970s, Mr. Rohatyn’s dominance marked the beginnings of a power shift in New York’s governance in which the wealthiest and their political supplicants assumed more and more control.

And yet the line is hardly as straight as it seems. It bends and curves when it hits the volcano of arrogance that so often characterizes today’s moneyed class and the collective belief that if your portfolio is big enough you are entitled to manage the empire.


I always considered Rohatyn to be one of the good guys.

1 replies, 741 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
Reply How a Banker Helped Save N.Y. (and Why It Will Never Happen Again) (Original post)
Zorro Dec 2019 OP
Turbineguy Dec 2019 #1

Response to Zorro (Original post)

Sun Dec 22, 2019, 02:21 PM

1. Rohatyn was indeed

one of the good guys.

Back in the day, Lazard Freres advised my Union pension fund.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread