Felix Rohatyn facts for kids
Quick facts for kids
Felix Rohatyn
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Rohatyn in New York, in 1985
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| United States Ambassador to France and Monaco | |
| In office September 11, 1997 – December 7, 2000 |
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| President | Bill Clinton |
| Preceded by | Pamela Harriman |
| Succeeded by | Howard H. Leach |
| Personal details | |
| Born |
Felix George Rohatyn
May 29, 1928 Vienna, Austria |
| Died | December 14, 2019 (aged 91) Manhattan, New York, U.S. |
| Nationality | American |
| Political party | Democratic |
| Spouses |
Jeannette Streit
(m. 1956; div. 1979)Elizabeth Fly Vagliano
(m. 1979; died 2016) |
| Children | 3 |
| Parents | Edith Knoll Rohatyn Alexander Rohatyn |
| Residences | Upper East Side, Manhattan Southampton, New York, U.S. |
| Education | McBurney School |
| Alma mater | Middlebury College (B.S.) |
| Occupation | Investment banker |
| Awards | French Legion of Honor |
Felix George Rohatyn (/ˈroʊɑːtɪn/ ROH-ah-tin; May 29, 1928 – December 14, 2019) was a very important American investment banker and diplomat. He spent most of his career at a company called Lazard. There, he helped arrange many large business deals where companies bought or joined with other companies. This happened from the 1960s to the 1990s.
In 1975, he played a key role in stopping New York City from going bankrupt. He was the head of a group called the Municipal Assistance Corporation. He also helped negotiate between the city, its workers' unions, and the people the city owed money to.
Later, Rohatyn became a strong supporter of rebuilding America's roads, bridges, and other important structures. He worked with politicians and business leaders to create plans for making these things stronger. He also helped New York City rebuild after Hurricane Sandy.
From 1997 to 2000, Rohatyn served as the United States Ambassador to France. This means he represented the U.S. in France.
Contents
Early Life and Education
Felix Rohatyn was born in Vienna, Austria, in 1928. His family was Jewish. They left Austria in 1935 and moved to France. When Germany invaded France in 1940 during World War II, his family had to flee again. They traveled through several countries, including Portugal and Brazil. In 1942, they finally arrived in the United States.
A kind Brazilian ambassador to France, Luis Martins de Souza Dantas, helped them escape. He gave them special visas that allowed them to leave France and avoid the Holocaust.
Rohatyn went to schools in France before coming to the U.S. In America, he attended McBurney School. He later studied physics at Middlebury College and graduated in 1949.
Career in Finance
After college, Rohatyn joined a famous investment bank in New York called Lazard Frères. In 1950, he served two years in the United States Army during the Korean War. He returned to Lazard in 1952 and became a partner in the firm in 1961. This meant he became one of the important leaders there.
At Lazard, he helped arrange many big business deals. He also served on the boards of several large companies and the New York Stock Exchange.
Saving New York City from Bankruptcy
In 1975, New York City was in big financial trouble. It was running out of money and faced bankruptcy. This means it couldn't pay its bills or its workers. The Governor of New York, Hugh Carey, asked Felix Rohatyn to help.
Rohatyn was put in charge of a special committee. This committee suggested creating a new organization called the Municipal Assistance Corporation (MAC). The MAC's job was to help the city raise money by selling special bonds. Rohatyn became the chairman of the MAC.
The MAC, led by Rohatyn, told the city it had to make big changes. These changes included freezing workers' wages, laying off some employees, raising subway fares, and charging tuition at the city's universities. Even with these changes, the city still struggled.
Rohatyn and the MAC worked hard to convince banks to help. They asked banks to wait longer to get their money back and to accept less interest. They also persuaded banks to buy MAC bonds. Slowly, people started to trust the MAC bonds again.
Under Rohatyn's leadership, the MAC successfully sold $10 billion in bonds. By 1977-1978, New York City had fixed its short-term money problems. By 1985, the city no longer needed the MAC's help.
Many people gave Rohatyn credit for saving New York City from bankruptcy. He was the main negotiator between the city, its unions, and the banks. He explained that if the city had gone bankrupt, the problems would have been much worse for everyone.
Later Financial Roles
Felix Rohatyn was considered for important government jobs, like United States Secretary of the Treasury. However, he didn't get these roles at the time.
He was known for being careful about new financial tools. In the 1990s, he described some complex financial products called "derivatives" as "financial hydrogen bombs." This showed he thought they could be very risky.
In 2006, Rohatyn joined Lehman Brothers as a senior advisor. Later, in 2010, he returned to Lazard as a special advisor.
Diplomacy in France
From 1997 to 2000, Felix Rohatyn served as the United States Ambassador to France. He was appointed by President Bill Clinton. For his work, he received a high honor from France called the Legion of Honour.
As ambassador, he helped create the French-American Business Council. This group brought together top business leaders from both countries to discuss economic issues. He also helped start the TransAtlantic Conference of Mayors, where mayors from the U.S. and Europe met to talk about city problems.
His wife, Elizabeth Rohatyn, also started a program called FRAME. This program connected French and North American art museums to create art exhibitions and educational programs together. FRAME is still active today.
In 1999, Rohatyn gave a speech at Omaha Beach in France. This was on the 55th anniversary of D-Day, a very important day in World War II. He told the veterans there that a "democratic, prosperous Europe is the finest monument" to their brave actions. He also told the children present that they were "in the company of real heroes."
Rebuilding America's Infrastructure
Felix Rohatyn was a strong supporter of improving America's public infrastructure. This means building and repairing things like roads, bridges, public transportation, and water systems. He believed that strong infrastructure was key to a strong economy.
In 2007, he co-chaired a group called the Commission on Public Infrastructure. This group included governors, members of Congress, and business leaders. They worked on ideas for strengthening U.S. infrastructure. Based on their work, some senators tried to create a National Infrastructure Reinvestment Bank to fund these projects.
Rohatyn also wrote a book called Bold Endeavors: How our Government Built America, and Why It Must Rebuild Now. In his book, he argued that investing in infrastructure could greatly boost the U.S. economy. He compared it to big projects from the past, like the First transcontinental railroad and the Interstate Highway System.
After Superstorm Sandy hit New York in 2012, Governor Andrew Cuomo asked Rohatyn to help. He co-chaired a commission that developed plans for rebuilding after the hurricane.
Personal Life
Felix Rohatyn was married twice. He had three children with his first wife, Jeannette Streit. Later, he married Elizabeth Fly Vagliano.
Felix Rohatyn passed away on December 14, 2019, in Manhattan, New York. He was 91 years old.
Images for kids
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Rohatyn in New York, in 1985
