Felix Rohatyn, a pioneer of Wall Street’s lucrative corporate-acquisition business who steered New York City from bankruptcy in the 1970s and remained an unelected guardian of its finances for almost two decades, has died. The threat of bankruptcy receded in 1978 when the federal government approved $1.65 billion in loan guarantees for New York. AdvertisementAfter yet more stops -- in Algeria, Morocco, Portugal, Brazil -- the family reached New York City in June 1942. Carey’s call to help save New York City came in 1975. Long seen as a candidate to lead Lazard, Rohatyn declined the chance in the late 1970s.

Source: Los Angeles Times December 14, 2019 23:37 UTC