Felix Rohatyn
Encyclopedia
Felix George Rohatyn is an American
investment banker known for his role in preventing the bankruptcy of New York City
in the 1970s, who also served as United States Ambassador to France
. He was a long term advisor to the U.S. Democratic Party
.
from 1934 to 1942, and fled the Holocaust
in Poland with the help of Luiz Martins de Souza Dantas
.
Rohatyn graduated from McBurney School
NYC. He received his Bachelor of Science
degree in physics
from Middlebury College
in Vermont
(where he joined Alpha Sigma Phi
) in 1949 following which he joined the New York office of the investment bank Lazard Frères under André Meyer
. He was made partner in the firm in 1961 and later became managing director. While at the firm, he was involved in numerous large deals, most notably advising the conglomerate ITT
in its various acquisitions.
Rohatyn became widely known in the 1970s for successfully restructuring New York City's debt and resolving the city's fiscal crisis. While running MAC for the city of New York, Rohatyn continued his deal making at Lazard. While capping his take at the firm at 6%, Rohatyn continued to be the preeminent rainmaker at Lazard well into the 1990s, completing such deals as the acquisition of Columbia by Sony.
In 1991, Rohatyn chose to back Ross Perot
, a long time client, instead of Bill Clinton
; the decision resulted in him losing the coveted Secretary of Treasury position, despite being the most prominent Democratic economic voice for dozens of years. In 1996, the Clinton administration put forward his candidacy for the post of Vice Chairman of the Federal Reserve, but a formal nomination was not made because of ideological opposition from Republicans.
In 1990, he received The Hundred Year Association of New York
's Gold Medal Award “in recognition of outstanding contributions to the City of New York.” Rohatyn is also the recipient of The International Center in New York's Award of Excellence.
In a January 17, 1997 interview on the Charlie Rose Show, Rohatyn stated that because of Wall Street’s new types of financial instruments (e.g., derivatives, swaps), to safeguard America’s businesses, America will never experience another recession.
On August 22, 2006, he was appointed by Lehman Brothers
as chairman of its international advisory committee and as a senior adviser to its chairman, Richard S. Fuld, Jr.
On January 27, 2010, Rohatyn announced his return to Lazard as Special Advisor to Chairman and CEO, after a short role at Rothschild.
from 1997 to 2000 during the second Clinton Administration and is a Commander in the French Legion of Honor. He is a member of the Council on Foreign Relations
, American Academy of Arts and Sciences
, and serves as a Trustee for the Center for Strategic and International Studies
.
While serving as Ambassador to France, Rohatyn opened a series of small diplomatic missions, called American Presence Posts, in Rennes
, Toulouse
, Bordeaux
and Lille
which brought American diplomats into contact with the people and leaders of those cities at lower cost than traditional Consulates.
He also delivered a memorable speech to D-Day
veterans at Omaha Beach
on the 55th anniversary of the Normandy Invasion in 1999. He told them that a "democratic, prosperous Europe is the finest monument" to the veterans' exploits. He said, "I ask the children here today to look around - you are in the company of real heroes."
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment banker known for his role in preventing the bankruptcy of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in the 1970s, who also served as United States Ambassador to France
United States Ambassador to France
This article is about the United States Ambassador to France. There has been a United States Ambassador to France since the American Revolution. The United States sent its first envoys to France in 1776, towards the end of the four-centuries-old Bourbon dynasty...
. He was a long term advisor to the U.S. Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
.
Career in finance
Rohatyn's family lived in FranceFrance
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
from 1934 to 1942, and fled the Holocaust
The Holocaust
The Holocaust , also known as the Shoah , was the genocide of approximately six million European Jews and millions of others during World War II, a programme of systematic state-sponsored murder by Nazi...
in Poland with the help of Luiz Martins de Souza Dantas
Luiz Martins de Souza Dantas
Luis Martins de Souza Dantas was a Brazilian diplomat who was awarded the Righteous Among The Nations by the Israeli Supreme Court in June 2003 for his participation during the Holocaust in helping Jews in France escape. It is estimated he saved 800 people, 425 confirmed to be Jewish...
.
Rohatyn graduated from McBurney School
McBurney School
McBurney School was a college preparatory school in Manhattan run by the YMCA of Greater New York. Among its alumni are actors Henry Winkler and Richard Thomas , novelist J. D...
NYC. He received his Bachelor of Science
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
degree in physics
Physics
Physics is a natural science that involves the study of matter and its motion through spacetime, along with related concepts such as energy and force. More broadly, it is the general analysis of nature, conducted in order to understand how the universe behaves.Physics is one of the oldest academic...
from Middlebury College
Middlebury College
Middlebury College is a private liberal arts college located in Middlebury, Vermont, USA. Founded in 1800, it is one of the oldest liberal arts colleges in the United States. Drawing 2,400 undergraduates from all 50 United States and over 70 countries, Middlebury offers 44 majors in the arts,...
in Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
(where he joined Alpha Sigma Phi
Alpha Sigma Phi
Alpha Sigma Phi Fraternity is a social fraternity with 71 active chapters and 9 colonies. Founded at Yale in 1845, it is the 10th oldest fraternity in the United States....
) in 1949 following which he joined the New York office of the investment bank Lazard Frères under André Meyer
André Meyer
André Benoit Mathieu Meyer was a French-born American Wall Street investment banker.Meyer was born in Paris to a low-income family. As a boy, he began following the workings of the stock market and out of necessity left school at age sixteen to work as a messenger at the Paris Bourse...
. He was made partner in the firm in 1961 and later became managing director. While at the firm, he was involved in numerous large deals, most notably advising the conglomerate ITT
ITT Corporation
ITT Corporation is a global diversified manufacturing company based in the United States. ITT participates in global markets including water and fluids management, defense and security, and motion and flow control...
in its various acquisitions.
Rohatyn became widely known in the 1970s for successfully restructuring New York City's debt and resolving the city's fiscal crisis. While running MAC for the city of New York, Rohatyn continued his deal making at Lazard. While capping his take at the firm at 6%, Rohatyn continued to be the preeminent rainmaker at Lazard well into the 1990s, completing such deals as the acquisition of Columbia by Sony.
In 1991, Rohatyn chose to back Ross Perot
Ross Perot
Henry Ross Perot is a U.S. businessman best known for running for President of the United States in 1992 and 1996. Perot founded Electronic Data Systems in 1962, sold the company to General Motors in 1984, and founded Perot Systems in 1988...
, a long time client, instead of Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
; the decision resulted in him losing the coveted Secretary of Treasury position, despite being the most prominent Democratic economic voice for dozens of years. In 1996, the Clinton administration put forward his candidacy for the post of Vice Chairman of the Federal Reserve, but a formal nomination was not made because of ideological opposition from Republicans.
In 1990, he received The Hundred Year Association of New York
The Hundred Year Association of New York
The Hundred Year Association of New York, founded in 1927, is a non-profit organization in New York City aimed at recognizing and rewarding dedication and service to the City of New York by businesses and organizations that have been in operation in the city for a century or more and by individuals...
's Gold Medal Award “in recognition of outstanding contributions to the City of New York.” Rohatyn is also the recipient of The International Center in New York's Award of Excellence.
In a January 17, 1997 interview on the Charlie Rose Show, Rohatyn stated that because of Wall Street’s new types of financial instruments (e.g., derivatives, swaps), to safeguard America’s businesses, America will never experience another recession.
On August 22, 2006, he was appointed by Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
as chairman of its international advisory committee and as a senior adviser to its chairman, Richard S. Fuld, Jr.
On January 27, 2010, Rohatyn announced his return to Lazard as Special Advisor to Chairman and CEO, after a short role at Rothschild.
Diplomacy and foreign policy
Rohatyn served as United States Ambassador to FranceUnited States Ambassador to France
This article is about the United States Ambassador to France. There has been a United States Ambassador to France since the American Revolution. The United States sent its first envoys to France in 1776, towards the end of the four-centuries-old Bourbon dynasty...
from 1997 to 2000 during the second Clinton Administration and is a Commander in the French Legion of Honor. He is a member of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
, American Academy of Arts and Sciences
American Academy of Arts and Sciences
The American Academy of Arts and Sciences is an independent policy research center that conducts multidisciplinary studies of complex and emerging problems. The Academy’s elected members are leaders in the academic disciplines, the arts, business, and public affairs.James Bowdoin, John Adams, and...
, and serves as a Trustee for the Center for Strategic and International Studies
Center for Strategic and International Studies
The Center for Strategic and International Studies is a bipartisan Washington, D.C., foreign policy think tank. The center was founded in 1962 by Admiral Arleigh Burke and Ambassador David Manker Abshire, originally as part of Georgetown University...
.
While serving as Ambassador to France, Rohatyn opened a series of small diplomatic missions, called American Presence Posts, in Rennes
Rennes
Rennes is a city in the east of Brittany in northwestern France. Rennes is the capital of the region of Brittany, as well as the Ille-et-Vilaine department.-History:...
, Toulouse
Toulouse
Toulouse is a city in the Haute-Garonne department in southwestern FranceIt lies on the banks of the River Garonne, 590 km away from Paris and half-way between the Atlantic Ocean and the Mediterranean Sea...
, Bordeaux
Bordeaux
Bordeaux is a port city on the Garonne River in the Gironde department in southwestern France.The Bordeaux-Arcachon-Libourne metropolitan area, has a population of 1,010,000 and constitutes the sixth-largest urban area in France. It is the capital of the Aquitaine region, as well as the prefecture...
and Lille
Lille
Lille is a city in northern France . It is the principal city of the Lille Métropole, the fourth-largest metropolitan area in the country behind those of Paris, Lyon and Marseille. Lille is situated on the Deûle River, near France's border with Belgium...
which brought American diplomats into contact with the people and leaders of those cities at lower cost than traditional Consulates.
He also delivered a memorable speech to D-Day
D-Day
D-Day is a term often used in military parlance to denote the day on which a combat attack or operation is to be initiated. "D-Day" often represents a variable, designating the day upon which some significant event will occur or has occurred; see Military designation of days and hours for similar...
veterans at Omaha Beach
Omaha Beach
Omaha Beach is the code name for one of the five sectors of the Allied invasion of German-occupied France in the Normandy landings on 6 June 1944, during World War II...
on the 55th anniversary of the Normandy Invasion in 1999. He told them that a "democratic, prosperous Europe is the finest monument" to the veterans' exploits. He said, "I ask the children here today to look around - you are in the company of real heroes."
Personal
Rohatyn married the former Jeanette Streit in 1956 and divorced her in 1979. He then married the former Elizabeth Vagliano. He has three children.Selected bibliography
- 1983: The Twenty-year Century: Essays on Economics and Public Finance. - New York: Random HouseRandom HouseRandom House, Inc. is the largest general-interest trade book publisher in the world. It has been owned since 1998 by the German private media corporation Bertelsmann and has become the umbrella brand for Bertelsmann book publishing. Random House also has a movie production arm, Random House Films,...
. - ISBN 9780394534503 - 2003: With Béchat, Jean-Paul. - The Future of the Transatlantic Defense Community: Final Report of the CSIS Commission on Transatlantic Security and Industrial Cooperation in the Twenty-first Century. - Washington, D.C.: CSIS Press. - ISBN 9780892064250
- 2007: Cohan, William. - The Last Tycoons: The Secret History of Lazard Freres & Co.. New York, N.Y.: Broadway Books. - ISBN 9780767919791
- 2009: Bold Endeavors: How Our Government Built America, and Why It Must Rebuild Now. - New York: Simon & SchusterSimon & SchusterSimon & Schuster, Inc., a division of CBS Corporation, is a publisher founded in New York City in 1924 by Richard L. Simon and M. Lincoln Schuster. It is one of the four largest English-language publishers, alongside Random House, Penguin and HarperCollins...
. - ISBN 9781416533122 - 2010: Dealings : A Political and Financial Life - New York: Simon & SchusterSimon & SchusterSimon & Schuster, Inc., a division of CBS Corporation, is a publisher founded in New York City in 1924 by Richard L. Simon and M. Lincoln Schuster. It is one of the four largest English-language publishers, alongside Random House, Penguin and HarperCollins...
. - ISBN 9781439181966
External links
- Charlie Rose Show, 12/21/2000 The Life of Felix Rohatyn, 53 minutes, with Felix and Elizabeth Rohatyn and Hugh CareyHugh CareyHugh Leo Carey was an American attorney, the 51st Governor of New York from 1975 to 1982, and a seven-term United States Representative .- Early life :...
. - Rohatyn talk on New York City fiscal issues at Columbia University
- Namebase Entry
- Rohatyn author page and archive from The New York Review of BooksThe New York Review of BooksThe New York Review of Books is a fortnightly magazine with articles on literature, culture and current affairs. Published in New York City, it takes as its point of departure that the discussion of important books is itself an indispensable literary activity...
- Rohatyn biography from Center for Strategic and International StudiesCenter for Strategic and International StudiesThe Center for Strategic and International Studies is a bipartisan Washington, D.C., foreign policy think tank. The center was founded in 1962 by Admiral Arleigh Burke and Ambassador David Manker Abshire, originally as part of Georgetown University...