Word: lazard
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Dates: during 1980-1989
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...statement. Said Alice Rivlin, former director of the Congressional Budget Office and director of economic studies at the Brookings Institution: "Their letter helps to restart a national debate on what this country is going to do about poverty." Concurred Felix Rohatyn, a partner of Wall Street's Lazard Freres: "Their ideas may not be politically fashionable, but that doesn't take away from the moral weight of their argument. The issues are still valid...
...tomorrow." Reason: the companies are vulnerable to high interest rates and a down turn in business because of the large loans they have taken on to finance their own purchase. Shad's views echoed those of Felix Rohatyn, a senior partner in the in vestment banking firm of Lazard Freres, who believes that buyouts are too speculative. Says Rohatyn: "We are turning the financial markets into a huge casino...
...Getty Oil last January, Boisi was convinced the bid was too low. So beginning at 7:30 one morning, he phoned six U.S. oil companies and the government of Saudi Arabia to find another buyer. Within 48 hours, Texaco responded with a higher offer. When Pennzoil, advised by Lazard Frères, was slow to close the deal, Texaco moved in. The final price for Getty: $10.1 billion, or $128 a share...
...same time, investment banking is losing its old, genteel overtones of Ivy League colleges and gentlemen's social clubs. Companies have got more fickle and change bankers with greater frequency. Says Felix Rohatyn of Lazard Freres, who built his reputation as a deal-maker during the 1960s: "Relationships are no longer as important as individual transactions. There is simply not the amount of long-term trust between clients and their investment bankers that there once...
...biggest gainers in the deal will be Dr Pepper shareholders and Lazard Frères, the Wall Street investment banking house. Stockholders will receive $22 each for shares that were worth about $15 only two weeks ago. Lazard Frères, which put the deal together, will walk away with $2.5 million for services rendered...