SATURDAY, MAY 28 , 2022. THE WASHINGTON POST EZ RE B7
THOMAS MONASTER/NEW YORK DAILY NEWS/GETTY IMAGESMunicipal Assistance Corp. Chairman Felix Rohatyn, left, and George Gould, chairman of the MAC
Finance Committee, in 1975. Mr. Gould succeeded Rohatyn as chairman of MAC in 1979.
BY BLOOMBERG NEWSGeorge Gould, the former
chairman of the investment bank
Donaldson, Lufkin & Jenrette
who helped New York City solve
its financial crisis in the 1970 s
and served as U.S. treasury un-
dersecretary in President Ronald
Reagan’s administration during
the 1980s, died April 26 at his
home in Palm Beach, Fla. He was
94.
The Quattlebaum Funeral, Cre-
mation and Event Center in Flori-
da confirmed the death on its
website.
Mr. Gould spent much of his
early career at DLJ, founding the
New York-based firm’s invest-
ment management arm. “George
took the investment manage-
ment division from the $200 mil-
lion level to the $800 million level
in three years,” Richard Jenrette,
one of DLJ’s founders, told the
New York Times. Jenrette said Mr.
Gould was a “great communica-
tor, explaining things, selling
ideas.”
In 1975, a year before he left
DLJ, Mr. Gould became a member
of the Municipal Assistance
Corp., helping investment banker
Felix Rohatyn oversee New York
City’s refinancing efforts to dig
out of its financial crisis. The
publicbenefit corporation was
created after the city was unable
to borrow money for itself in the
private credit market.
While serving as president of
the Madison Fund, a mutual
fund managing $450 million in
stocks for more than 60,000
investors, Mr. Gould succeeded
Rohatyn from the part-time un-
salaried post as MAC chairman
in January 1979. But his rela-
tions with New York Gov. Hugh
L. Carey (D) grew tense because
the governor reportedly contin-
ued to seek advice from Rohatyn,
a partner with Lazard Frères &
Co.
Mr. Gould resigned that May,
but he went on to clean up the
balance sheets of several other
agencies, including the New York
State Housing Finance Agency
and the New York State Dormito-
ry Authority.
In 1985, Treasury Secretary
James A. Baker III tapped Mr.
Gould as undersecretary for do-
mestic finance, the department’s
No. 3 official. Over the next three
years, Baker focused on interna-
tional issues while Mr. Gould
dealt with domestic financial af-
fairs such as the 1987 stock mar-
ket crash, the bailout of savings-
and-loan institutions and the
raising of the U.S. debt ceiling.
While serving Reagan, Mr.
Gould warned of a default in 1987
unless the debt ceiling was in-
creased to allow the government
to meet its obligations and con-
tinue issuing bonds. “The conse-quences of not having a debt
ceiling increase on that date
would be incomprehensible,” Mr.
Gould said at the time.
His warning was a harbinger of
later political standoffs. In the
mid- 1990 s, the government un-
der President Bill Clinton shut
down as Republicans demanded
an end to rising national debt.
Another debt ceiling crisis oc-
curred in 2011, rattling financial
markets and prompting the S&P
500 to issue the first-ever down-
grade of the U.S. government’s
credit rating.
Described by Fortune maga-
zine in 1986 as a “banker with a
breezy manner and a knack for
fixing financial problems,” Mr.
Gould led the government’s ef-
forts to recapitalize the insolvent
Federal Savings and Loan Insur-
ance Corp. The insurer of depos-
its in savings institutions wasreeling as U.S. thrifts failed in
large numbers. Mr. Gould pressed
for the industry to pay for the
bailout before asking taxpayers to
cover the cost.
He also helped form consensus
on dealing with the 1987 market
crash, along with Baker, Federal
Reserve Chairman Alan Green-
span and Robert Zoellick, an as-
sistant to Mr. Gould at the time
and later a president of the World
Bank.
“We all agreed that it was im-
portant to inject huge amounts of
liquidity into the system,” Baker
said in “Work Hard, Study... and
Keep Out of Politics!,” a 2006
book he co-wrote with author
Steve Fiffer.
Mr. Gould also directed the
government’s unsuccessful bid
in Congress to let commercial
banks underwrite securities,
years before the repeal of parts of
the Glass-Steagall Act of 1933,
which effectively separated com-
mercial and investment bank-
ing.
George Sumner Bradford Dana
Gould, the son of an investor, was
born in Boston on May 22, 1927.
His mother’s great-uncle was the
abolitionist senator Charles Sum-
ner, a Massachusetts Republican,
and he traced his New England
lineage to a Bradford who arrived
in 1635, according to a New York
Times profile when he became
MAC chairman.
His father made a living as a
private investor. He was 5 when
his mother died, and he was
raised primarily by an aunt be-
fore going to boarding school. He
graduated in 1945 from the pri-
vate Phillips Academy in An-
dover, Mass., received a bach-
elor’s degree in economics from
Yale University in 1951 and com-
pleted a master’s in business ad-
ministration from Harvard Busi-
ness School in 1955.
For the next six years, he
worked in personal and philan-
thropic money management at
Jeremiah Milbank Investments
in New York before joining DLJ.
In addition to his work at the
Madison Fund, he was also a
general partner at Wertheim &
Co., a New York-based investment
bank, and vice chairman of Klin-
genstein Fields & Co., a New
York-based asset management
firm serving wealthy families.GEORGE GOULD, 94
Wall Street banker, Reagan official
helped NYC solve its financial crisis
“George took theinvestmentmanagement divisionfrom the $200 millionlevel to the $800 millionlevel in three years...[He was a] greatcommunicator,explaining things,selling ideas.”
Richard Jenrette, one of the
founders of investment bank
Donaldson, Lufkin & JenretteANNOUNCEMENTPAID DEATH
NOTICESMEMORIALDAY
HOLIDAYHOURSMay30, 2022
11 a.m. ~3p.m.PhotoDeadline:
12 noonNO EXCEPTIONSTo placeanotice,
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Ext. 4-4122[email protected]IN MEMORIAMKAINER
SELIGKAINER
May28,1929-May28, 2017
Inlovingmemory
Amusedbyeverything,
Belovedbyall
TheFamilyDEATH NOTICEMILLER
MAGDALENEL. MILLER
Of Potomac,Maryland,passed away on
Friday,May 20, 2022 with her family by
her side.Beloved wife of the late Melvin
Miller.Dear mother of the late Stephen
(Judy) Miller,Suzanne Miller (Brett Nel-
son) and Mark (Renee) Miller.Cherished
grandmotherof StephenMiller,Jr.,Patrick
(Morgan)Miller,HollyMiller,ZacharyMiller,
Elaine (Tyler Fritz) Miller,and Hayley Miller.
Great-grandmotherof Charlotteand Evie
Schaeffer.Alsosurvivedbymanyotherlov-
ingrelativesandfriends.
Friends will be receivedat Our Lady of
Mercy CatholicChurch,9200 Kentsdale
Drive,Potomac,MD20854 on Friday,June
3, 2022 from 10 a.m. to 11 a.m. followed
byaMassofChristianBurialat11a.m. In-
termentSt. Gabriel’sCemetery.Inlieu of
flowers,memorial contributionsmay be
made to MontgomeryHospiceat https://
montgomeryhospice.org/giving.Please
viewandsignfamilyguestbook
http://www.pumphreyfuneralhome.comWhen theneed arises,letfamiliesfind youintheFuneral ServicesDirectory.To be seen in the
Funeral Services
Directory,please call
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at 202-334-4122.DEATH NOTICESHAW
EDWARDSIDNEYSHAW“SID”
Sid passed away withAlzheimer’sonMay
24, 2021. His original obituarywas posted
last year in the Fairfax County Times.A
family graveside service will be held on
Tuesday,May 31, 2022, 9:45 a.m., at the
Fairfax MemorialPark, 9900 Braddock Rd,
Fairfax,VA wherehisasheswillbeinterred
nextto hisbelovedwife,Jo.DEATH NOTICEBETO
PATRICIACARVELLIBETO
PatriciaCarvelliBeto,ofSpringfield,Vir-
ginia,passedawayafterabriefillnesson
January12,2022.
Patriciaissurvivedbyoneson,Mark
ThomasBetontiandhiswifeJayelene
ofKeswick,VA,alongwithtwobeloved
grandchildren,NicholasTrentBetontiand
DominiqueNicolleBetontiofMcLean,VA.
AMemorialMasswillbecelebratedatSt.
LawrenceRoman CatholicChurch inAlex-
andria VA on Friday,June 3, 2022 at 10:30
a.m.Seefullobituaryat:
http://www.amoscarvelli.comWhen theneed arises,letfamiliesfindyou in theFuneral ServicesDirectory.To be seen in the
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202-334-4122.LAWRENCE
CATHERINEMARIELAWRENCE“Kate”
CatherineMarie Lawrence,73, of Annan-
dale,VApassedawaypeacefullyonMay22,
2022,athome.“Cathy”wasthedaughterof
ElmerandVirginiaLawrenceandgrewupin
Haymarket,VA.She married and moved to
several locationsover the years,from Cal-
ifornia to Germanyto Texas,finally settling
back in Virginia, where she became known
as“Kate,” and spent the past 35 years with
her partner and soulmate,Gerard “Gerry”
Collins.She worked in the ArlingtonPub-lic Schools for 20 years as alibrarian in an
alternativesecondaryprogram and was
astrongly positive influenceon many stu-
dents.She enjoyedavariety of creative
activities,includinggardening,decorating
and floral craft works,styled “Kate’sCot-
tageGarden.”Shewasnotonlyanamazing
mother/grandmother/partner,but was also
adear friend and confidanteto many over
the years.She will be sorely missed and al-
waysrememberedasacaringandkindspir-
it who loved interacting with and nurturing
children.
Catherinewas predeceasedby both of her
parents;her brothers,Buster,Ronnie,and
Denny;hersister,Donna;and her grandson,
John David, whom she loved dearly.She is
survivedby her daughter,Donna Donovan;
her cherishedgranddaughter,FaithFol-
lin, and her forever partner,Gerry,aswell
as her sisters,Patty (Freddy) and Carol
(Gary);brothers,Billy (Jeannette)and Danny
(Cathy), as well as many caring and loving
nieces and nephewswho always enjoyed
thecompanyoftheir“AuntCathy.”
Acelebrationofherlifewithteawillbeheld
on July 23 at Green Spring Gardenspark in
Alexandriafrom3to5p.m.Inlieuofflowers,
donationsinherhonormaybemadetoany
charitableorganization which addresses
child exploitation,such as NCMEC or Child
FindofAmerica.DEATH NOTICEBERLIN
ARNOLDBERLIN
On Thursday,May 26, 2022, Ar-
nold Berlin passed away peace-
fully surroundedby family in his
home.Born in 1937,he grew up
inBrooklyn,NewYork,takingthe
subway to Ebbets Field, playing
stoopballandrootingfortheBrooklynDodg-
ersandhisfavoriteplayers,DukeSniderand
RoyCampanella.
He never forgave the Dodgersfor leaving
Brooklyn.After graduatingfrom Georgia
Tech with aBSinEngineeringand getting
his MBA with distinctionfrom the HarvardBusinessSchool, he met the love of his
life,Barbara, and marriedher in 1962. He
worked in mortgagebanking,then real es-
tate as aproperty developerand owner,
settling in suburbanMarylandin the 1970s.
Hehadalifelongpassionforcollecting—and
was deeply involvedin the James Renwick
AllianceCraft in support of Americancon-
temporary craft. In contrast to his Brooklyn
roots,heloved the AmericanWest and cut
alarger-than-lifefigureinhisdailyattire.He
enjoyedwearingacowboy hat and boots,
accentedby colorfulsweaters.Hewas
generousto afault and would do anything
for his childrenand grandchildren,who al-
waysbroughtasmiletohisface,despitehis
curmudgeonlymotto in later years,“Every-
thing’saggravation.”
He was predeceasedby his parents,Rose
and Gerald, and his youngerbrother Ste-
phen.Heissurvivedbyhiswifeof59years,
BarbaraBerlin, his childrenJustin, Kevin,
andNoah(Laura)BerlinandDanielle(Loren-
zo) Gori-Montanelli,andgrandchildrenCal-
vin, Violet and Elodie Berlin, and Nico and
Saskia Gori-Montanelli.Agraveside service
will be held at Judean MemorialGardensin
Olney,Maryland at 2p.m., Sunday,May 29.
Family will be receivingSunday at 7p.m.at
the Berlin residence.Inlieu of flowers,do-
nationsmaybemadetotheRettSyndrome
ResearchTrust at https://reverserett.org.
ServicesentrustedtoSagelBloomfieldDan-
zanskyGoldbergFuneralCare.
http://www.sagelbloomfield.comC0979 2x3
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