NEW YORK: Last Chance for the Big Apple

"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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!