Wall Street financier George D. Gould, who was a member of a former state agency that borrowed on behalf of New York City on the verge of bankruptcy after regaining calm in the severe financial crisis of New York in the mid-1970s, on April 26. died. He was 94 years old at his home in Palm Beach, Florida.
His death was confirmed by his stepdaughter, Julie Fristo.
Mr. Gould was at home one day in 1975 when Mayor Abraham D. Beam of New York called him after midnight and invited him to breakfast that morning. So Gould was hired to join the board of the Municipal Support Corporation, which New Yorkers rushed to raise money and stop bankruptcy.
Big Mac was founded because the market became saturated and the city’s debt repayment capacity became too unstable after banks and other financial institutions refused to buy municipal and short-term bonds.
However, for decades, these agencies have collected large fees from the city and contributed to the financial gimmicks leading up to the crisis.
Mr. Gould has been a member of the corporation for four years since 1975.He Became chairman January 1979, Felix G. Rohatyn He resigned to return to Lazard Freres & Company, an investment banking and advisory firm.
However, Mr. Gould resigned as chairman next June. This was because Governor Hugh L. Cary, who appointed him, was still frustrated by seeking advice primarily from Mr. Rohatyn. New York financial recovery.Carrie asked Rohatyn is back As chairman after Mr. Gould resigned.
“As a member of the board,” Eugene J. Keirin, former executive director and chairman of MAC, said in an email: Trust with Rockefeller Republicans, which is not yet extinct at that time. “
The state legislature and parliament needed bipartisan support to obtain federal loan guarantees and other support to defeat the city in the event of a crisis.
Stephen Berger, executive director of the Emergency Financial Management Committee during the city’s financial crisis, described Gould in an email as “stable power, balanced, wise and calm.”
When several institutions in New York were under financial pressure, Mr. Gould also said that he was a state mortgage institution, a medical facility finance institution, a mortgage institution, a project finance institution, and a state dormitory office.
He was nominated in 1985 Under the Treasury Secretary Mr. Gould’s position for domestic finance by Treasury Secretary James A. Baker III Until 1988 directed by Domestic bank regulation. He received the Alexander Hamilton Award, the highest honor of the Treasury.
When he was appointed President of MAC, he pondered the difference between dealing with government flaws externally and dealing with ways to fix them internally.
“I realized the number of false opinions I had and how simple the solution was,” Gould said. New York Times 1979. “That. It’s not as easy as it looks, like when I was drinking with a few friends and said,” Hey, they really should drink it. ” “
Investigating the financial crisis and his role in it, he added: We found people who acted very responsibly for their enlightened self-interest. “
After working for the Treasury, Mr. Gould Was the chairman A member of the Finance and Governance Committee of the Federal Mortgage Mortgage Corporation, a listed company known as Freddie Mac.
George Sumner Bradford Dana Gould was born on May 22, 1927 in Boston. He was named Sumner after Charles Sumner, a US Senator of Massachusetts abolitionist who was his mother’s granduncle. Bradford represents an ancestral connection with his family, whose roots in New England date back to 1635.
His father, Ernest Wellington Gould, was a private investor. His mother, Lillian Dana (Samner) Gould, died when he was five and was raised primarily by her aunt.
After graduating from the Phillips Academy in Andover, Massachusetts, he served in the Army from 1945 to 1947 and retired as a second lieutenant. He earned a bachelor’s degree in economics from Yale University in 1951 and a master’s degree in business administration from Harvard Business School in 1955.
He spent his entire business career on Wall Street. From 1961 to 1976, he was Chairman of the Board of Donaldson, Rufkin & Jenlet Securities Corporation. He became chairman of the investment company Madison Fund in 1977 and later became a general partner of Wertheim & Company. ..
In addition to his stepdaughter, he is surviving by his wife, Darcy Mead Gould. His son, George Gould, was married to Julie (Ecoles) Gould, who died in 1983. His stepchildren, William Bancroft, Montgomery Bancroft, Michael T. Damguard. Two grandchildren. And nine grandchildren.