Word: mac
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...enjoyed an impeccable reputation for dispassionate financial judgment. Then, last spring, Moody's downgraded its rating of bonds issued by New York State's Municipal Assistance Corp., which was created to oversee New York City's troubled finances. The drop in the rating of the original MAC bonds from A (meaning secure) to B (meaning risky) put an immediate damper on the sale of later MAC bonds, endangering the attempts to bail out New York City...
Angered state officials immediately challenged Moody's evaluation, pointing out that Standard & Poor's, the other major rating service, had continued to give MAC bonds an A-plus rating. But no one questioned Moody's motives until last week, when Felix Rohatyn, feisty, flamboyant chairman of MAC, demanded that the firm disqualify itself from evaluating MAC bonds because its political bias made it "unfit" A few days later in Washington, Assistant Secretary of the Treasury Robert Gerard cautiously agreed that if Moody's were basing its judgment on such political considerations as what the New York...
Cohen promptly sent a copy of Lockton's letter to such noted political and economic authorities as Johnny Carson, Chevy Chase and Daniel Schorr. He also mailed one to Rohatyn, who saw in it evidence that Moody's position on MAC bonds was "obviously one of political dogma." Though Moody's denies that politics was involved, MAC officials have called a meeting for this week to decide whether to sue the company or negotiate for a higher rating...
...Pousette-Dart Band. Avery, very fine band that will make you forget all about Fleetwood Mac--don't miss this if you can. Tonight and tomorrow, at Jonathan Swift...
Less rewarding, according to some U.S. gold medalists, was their lot at home. Their refrain became a familiar-and unsettling-one at the Games. "America expects its athletes to wave a flag and win a medal every four years," complained Discus Champion Mac ("Wolfman") Wilkins. "But then you're supposed to take off that silly underwear and go out and make a decent living." Long-Jump Winner Arnie Robinson, whose wife Cynthia held down two jobs so that he could devote the past three years to training, warned, "There will be some big surprises in 1980, when...