#felix-rohatyn

#felix-rohatyn

In 1975, New York City ran out of money. For a decade it had managed to pay for its hundreds of thousands of city employees and robust social services by taking on billions of dollars in debt. But eventually investors were no longer willing to lend the city any more money. New York teetered on the edge of bankruptcy the city shuttered more than a dozen firehouses, teachers went on strike and garbage piled up in the streets.