Word: mac
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...investors to buy the $4 billion in notes the city will have to market before the end of the year to meet its pressing short-term debt. "I don't know," mused Investment Banker Felix G. Rohatyn, one of the members of the new Municipal Assistance Corporation (Big Mac). "It may be enough. You can't be sure." Adds Controller Harrison ("Jay") Goldin: "The mayor has taken some very important steps. I think other things may be necessary...
Brinkmanship finally produced a compromise that all sides felt they could live with. A new agency, the Municipal Assistance Corporation ("Big Mac"), was created to restore the city's credit and to monitor its budget and borrowing practices. Because five of its voting members are appointed by the Governor and four by the mayor, the corporation will inject the state government into city affairs. Big Mac will receive regular reports on the city budget so as to be able to sound the alarm if the city turns profligate anew. Current-expense items now make up 40% of the capital...
...return for this partial surrender of home rule, the money spigot has been turned on again. Big Mac is empowered to convert up to $3 billion in short-term debt into long-term bonds. The new bonds will be backed by some $1 billion in revenues from the sales tax and stock-transfer tax. This arrangement is expected to reassure investors who were frightened away from city offerings...
...week, New York's immediate financial fate was still in doubt. State and city officials were bitterly wrangling over the powers to be given to the proposed Municipal Assistance Corporation (dubbed "Big Mac"), which would attempt to convert the city's short-term debt into long-term bonds. The banking community insisted that Big Mac should exercise tight control over the city's short-term borrowing and receive all city sales tax revenue so as to make sure that the bonds it issued would be repaid. City officials balked at such a surrender of their fiscal authority...
...carried the young, inexperienced Pacers to the final round of the A.B.A. playoffs that begin this week against the Kentucky Colonels. At the same time, recruiters from the New York Knicks and Philadelphia 76ers are trying to lure him to the N.B.A. With good reason: Big Mac, 24, is rapidly becoming known as the most valuable forward in basketball...