Word: macs
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...deeply. The squeeze pushed the city closer than ever before to a default that would shake money markets in the nation and world and left the city's leaders exhausted and dispirited. Pleading for help from Washington, Investment Banker Felix Rohatyn, chairman of the Municipal Assistance Corp. (Big Mac), plaintively said: "We just cannot go on like this much longer...
...flaw in the complex $2.3 billion rescue package that the state legislature had put together last month to carry the city into December. To guarantee that the state would have help in bailing out the city, the legislature had constructed a Rube Goldberg financing scheme that offered Big Mac $750 million in state loans-but only if the other parts fell into place first. They included $225 million from three state retirement funds and $500 million from five city employees' retirement funds. Among them was the teachers' retirement system, which pledged to provide $200 million and made...
While other union captains merely fumed, Shanker mounted his power play, operating through the teachers' retirement board, whose trustees include three former teachers loyal to him. These men held the fate of New York in their hands. They simply told Big Mac that they would not buy the retirement board's remaining $150 million share of Big Mac bonds. Without that investment, the state would have to withhold a $250 million payment due last week, and the city would be forced to default...
Carey summoned the three trustees and Big Mac officials to a meeting in the conference room of his mid-Manhattan offices. All Thursday night and into Friday afternoon, the trustees waited for a signal from Al Shanker...
...must take still stronger and more visible action to prove that it has changed its irresponsible fiscal ways. As Rohatyn put it very early in the crisis, "New York must be perceived as changing its life-style." That has not been the case so far. Said one Big Mac official: "The city has had to be dragged kicking and screaming to do what had to be done." For example, a deferral of a wage increase of up to 6% for city employees was supposed to take effect Sept. 1, but will not begin for most workers until Oct. 11 because...