Arthur L. Carter, 93, Dies — Wall‑Street Banker Who Launched a Legendary City Paper

From Finance to Publishing

Arthur L. Carter, a former investment‑banking magnate who turned his Wall Street success into a cultural legacy, passed away at the age of 93.

Building a Media Empire

After amassing a fortune on the trading floor, Carter acquired The Nation, the long‑standing progressive magazine, and later founded The New York Observer in 1987. The paper quickly earned a reputation for its sharp, irreverent voice.

One columnist famously described the Observer as a “maypole of Manhattan gossip and intrigue,” capturing its blend of high‑society scandal, political commentary, and literary flair.

Legacy

Carter’s venture into publishing demonstrated how financial acumen could be redirected toward shaping public discourse. His work left an indelible mark on New York’s media landscape, influencing generations of journalists and readers alike.

He is survived by his family, friends, and countless admirers who remember him as both a shrewd businessman and a champion of bold, unconventional journalism.