MAC and the chief negotiator between the city, the unions, and the banks, was widely given credit for the success of MAC and the rescue of New York City from bankruptcy, despite the large social costs. He also drew the fire of some critics, who accused him of bailing out the banks, while slashing workers' wages and benefits and reducing the power of municipal unions. As Rohatyn wrote in the MAC annual report, however, "The alternative to such cutbacks would have been bankruptcy for the city, which would have generated infinitely greater social costs". In a letter to The New York Times on March 4, 2012, Rohatyn attributed New York City's fiscal turnaround from possible bankruptcy in the late 1970s to the leadership of former New York Governor Hugh Carey and to the cooperative efforts of the city's banks and unions, though not to President Gerald Ford's belated agreement to federally guarantee the newly issued city bonds. After the New York City fiscal crisis By the time Bill Clinton was elected, Rohatyn had aspired to be United States Secretary of the Treasury since the 1970s. He had supported longtime client Ross Perot's candidacy, however, and Clinton appointed Lloyd Bentsen instead. In 1996, the Clinton administration put forward his candidacy for the post of Vice Chairman of the Federal Reserve, but a formal nomination was not made because of ideological opposition from Republicans. According to The New York Times, in the 1990s, Rohatyn described derivatives as "financial hydrogen bombs, built on personal computers by 26-year-olds with M.B.A.s". In 2006 Rohatyn joined Lehman Brothers as a senior advisor to chairman Dick Fuld. On January 27, 2010, Rohatyn announced his return to Lazard as special advisor to the chairman and chief executive officer, after a short role at Rothschild. Diplomacy Rohatyn was United States Ambassador to France from 1997 to 2000, during the second term of the Clinton Administration and was a Commander in the French Legion of Honour. He was a member of the Council on Foreign Relations, American Academy of Arts and Sciences, and a trustee for the Center for Strategic and International Studies. He also delivered a speech to D-Day veterans at Omaha Beach in 1999, on the 55th anniversary of the Liberation of Normandy. He told them that a "democratic, prosperous Europe is the finest monument" to the veterans' exploits. He said, "I ask the children here today to