In the pre-dawn gloom of Oct. 17, 1975, with New York City hours absent from declaring bankruptcy, real-estate developer Richard Ravitch hosted a secret meeting at his Upper East Side apartment. In audience were Gov. Hugh Carey and teachers' chief Albert Shanker. "Ok, I'll do it," said Shanker, supportive to invest large amounts of union allowance funds in bailout bonds. The deal rescue Gotham.
In November 1979, Mr. Ravitch took the helm of the city's Metropolitan Transportation power (for no pay). The transportation system was ravenous of capital; its decaying $50 billion animal plant was held mutually by glue and spit.
Labor unrest exploded over pay cuts, culminating in an 11-day smack in April 1980. The next year, Mr. Ravitch began wearing a bulletproof vest to work after a big shot fired a .22-caliber shot into MTA headquarters and struck a shipment cop in the groin.
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