"Do we want people 50 or 100 years from now to look back and say that we here, today, sat back and allowed this city to die?" That question was posed last week by Investment Banker Felix Rohatyn as he and other defenders of New York's fiscal integrity fought their most desperate battle so far to keep the city from defaulting. Such a default could have potentially grave consequences for many other city governments. Against the odds, Rohatyn & Co. appeared to be prevailing−temporarily. A plan patched together by Governor Hugh Carey and...
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