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.
Rohatyn’s death at his home in Manhattan on Saturday was reported by the New York Times, citing his son Nicolas. No cause of death was given.
Rohatyn, who advised Carey during negotiations over the panel’s creation, became chairman of the nine-member board in September 1975. Nine months later, Carey also named him to the state’s Emergency Financial Control Board, increasing his power over the city’s budget. With anti-Semitism on the rise in Europe in the 1930s, Rohatyn’s parents moved their family to Romania, then to France. After they divorced, Rohatyn, at 8, was sent to a French-speaking boarding school in Switzerland. By the time he rejoined his mother in Paris, she had a new husband, Henry Plessner, whose precious-metals company did business with Lazard Freres et Cie.
Much of Lazard’s early acquisitions work was in support of ITT’s buying spree under then-Chairman Harold Geneen, the executive widely credited with creating the multinational conglomerate.
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