A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city.
The corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B.
Members of the MAC included Donna Shalala, later the United States Secretary of Health and Human Services.
[3] In 2008, having sold almost $10 billion in bonds to keep the city solvent through its worst fiscal crisis, MAC settled its final accounts and voted itself out of existence.
[5] In 2017, it had operating expenses of $50,000, an outstanding debt of $24.45 million, and no reported staff members.