Part 7, Chapter 48 Old Lion, Young Mayor Summary

During the Lindsay administration the Transit Authority is faced with a big deficit, which Lindsay wants to offset by using the Triborough surplus. In January 1966, Lindsay announces that they are going to merge Triborough with the Transit Authority. Lindsay will appoint the head of the new authority. Lindsay sends an aide, Arthur E. Palmer to try to talk Moses into resigning so they don't have to force him out. Moses refuses and someone in the Lindsay administration reads the bond covenants and the Triborough statute. The legislation submitted to the legislature makes no mention of the surplus funds, but Lindsay still moves to merge the two authorities.

Lindsay learns about the Power Brokers and that he can't oust Moses. Chase Manhattan, as trustee of over $379,300,000 of Triborough bonds, announces it will sue to...