As Wall Street faced the ongoing financial crisis yesterday, a vestige of another troubled time closed its doors. The Municipal Assistance Corp., which was created to save New York City from bankruptcy in 1975, held its final board meeting last week and its staff is now gone. Though MAC will continue to exist on paper for another year, it has now essentially become a part of history.

Felix Rohatyn, a banker and former U.S. ambassador to France who served as MAC's chairman from 1975 until 1993, said that the years of the fiscal crisis "were probably the most exciting years of my professional life."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.