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(Studio) Federal Reserve Bank study on New York City default shows that 546 banks across country have 20% of their capital in New York City or state securities. Rptd. President Ford softens his position on New York City aid.
REPORTER: Walter Cronkite
(DC) Press Secretary Ron Nessen hints that Ford may go along with help for NYC. Ford rptdly. encouraged by New York City efforts to help itself. Ford will take full credit for imposing fiscal reform on city.
REPORTER: Bob Schieffer
(Albany, New York) Rescue plan put before New York legislature incls. federal aid. Under plan, city and state taxes would be incrd. and public employee wages would be held down. [Governor Hugh CAREY - says Treasury Secretary William Simon said he wanted plan changed to commitment and only legislature can do that.] Plan incls: debt moratorium with long-term bonds at low interest offered to creditors; new state and city taxes; new union concessions; new unguaranteed loans will be made, and federal guarantees up to $4-5 billion.
REPORTER: Robert Schakne
- Cronkite, Walter;
- Schakne, Robert;
- Schieffer, Bob
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