NO ROOM AT THE FED

HE IS THE LEGENDARY FINANCIAL guru who rescued New York City from bankruptcy, advised Democratic mayors, Governors and Presidents, and, at 67, remains a superstar dealmaker on Wall Street. In short, Felix Rohatyn, managing director of the Lazard Freres investment house and high mandarin of capitalism, looked like Bill Clinton's logical choice for vice chairman of the Federal Reserve Board and second in command to chairman Alan Greenspan. But last week an irritated Rohatyn was still sitting in his Manhattan office, having withdrawn his name from consideration after it became clear that the Republican majority on the Senate Banking Committee would...