New York financial savior Felix Rohatyn passed away on Dec. 14. In his memoir, he exhibited a love of dealmaking and a distaste for the greed of the 1980s and 2000s. Sadly, his tenets are unlikely to regain much ground, wrote richardbeales1 in 2010.
Felix Rohatyn would, as the dustjacket of his new memoir notes, belong in any investment banking Hall of Fame. Yet the Lazard Freres old-timer, financial savior of New York and U.S. ambassador to Paris reveals surprisingly little of himself in the book – but he does exhibit a relatively unobtrusive ego, a love of dealmaking and strong distaste for the greed of the 1980s and 2000s.
A large part of his success stemmed from becoming a trusted adviser to dealmaking corporate chieftains. Among these was Harold Geneen, the ambitious chairman of the conglomerate ITT. The story of Rohatyn helping Geneen do a string of acquisitions – culminating in a struggle with political enemies, especially over the purchase of Hartford Fire Insurance – is one of the book’s most memorable passages.
The brush with scandal was, it seems, the result of doing what Rohatyn enjoyed most: beyond providing advice, he often took upon himself the role of go-between. That hints at an ego less inflated than many on Wall Street, as does his stated lack of interest in running Lazard – despite, he says, Meyer’s wish that he should do so.
There is material to comfort officials like Treasury Secretary Hank Paulson and New York Federal Reserve President Tim Geithner who faced tough decisions in 2008, too. Rohatyn says he learned that, in a crisis, those responsible have to act early, even though information available at the time is probably both inadequate and wrong.
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