Word: mac
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...roll over $500 million in city notes, and city pension funds would renew a similar amount. The pension funds would also buy another $2.5 billion in city securities over the next three years. Finally, city and state banks and pension funds would give up $2.4 billion in three-year MAC bonds yielding 12% interest in exchange for ten-year securities paying 6%. Once this is all done, the Federal Government would bridge the remaining gap with some form of assistance...
...Government to make emergency loans and increase welfare payments. But Wriston called Ford's program "highly responsible" and predicted that "the effects of default are containable" and would have "minimal" impact on major New York banks, which hold a total of $2 billion in city and Big Mac debt. According to an estimate by Wall Street analysts, Chairman David Rockefeller's Chase Manhattan is worst off, holding $400 million in city and Big Mac paper because of its commitment to helping New York. Wriston's Citibank reportedly has $340 million worth, the Chemical Bank $280 million, Manufacturers...
...inevitable. Fumed Republican Senator Bob Packwood of Oregon: "Those guys sat here and lied to us. I don't think we should bail those liars out." Governor Hugh Carey told congressional leaders that the plan had virtually no hope of succeeding because of legal snarls; indeed, Big Mac Chairman Felix Rohatyn called it a "20-to-l shot." Even so, the dustup further damaged New York's already bankrupt credibility...
Dick Netzer, a member of board of directors of MAC, and dean of New York University's graduate school of public administration, told a standing-room only audience in Emerson Hall that failure to provide such a loan guarantee "would convert state and municipal bonds into assets with a real degree of risk," causing many "risk-averters" to leave the bond market, depressing bond sales...
City officials and Shanker insisted that he had received only written assurances that Big Mac would never again seek to tap the teachers' retirement fund. Shanker claimed that he was acting only to save the city and in the face of official actions that "have been extremely destructive to our school system and to collective bargaining." He added: "The situation still stinks...