Word: lazard
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Dates: during 1980-1989
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...failed bid is the talk of Wall Street once again, this time because of a Wall Street Journal report that bankers and lawyers will earn $58.7 million in fees for the deal, despite its downfall. More than $8 million will go to the investment firm Lazard Freres, which advised United's pilots union in the labor-management bid to buy the carrier for $6.8 billion...
...economic slump. While the merger- / and-acquisition game will no doubt carry on in the 1990s, such deals are apt to be less grandiose and more carefully wrought than the quick-buck transactions that are currently coming to grief. Says J. Ira Harris, a Chicago-based senior partner of Lazard Freres: "These are only midterm grades. The real grades arrive when you have an old-fashioned recession and see who survives." When that report card is in, more raiders are likely to flunk the game they touted so highly: survival of the fittest...
...executives go along with or even instigate buyouts because as major shareholders they stand to profit. The resulting companies may be leaner, but often they are also weaker, with little money to invest in expansion or innovation. Says Michel David-Weill, the French senior managing partner of the Lazard Freres investment firm: "The wave of leveraged buyouts is weakening the competitiveness of many U.S. companies that have fought so hard to regain...
...year after Black Monday, the worst day in Wall Street history, an unsettling question lingers: Could it happen again? Yes, answers a senior partner in the Lazard Freres investment banking firm and one of the most respected members of the financial community. The securities markets and the tax system must undergo fundamental reforms, he maintains. Otherwise, inadequate regulation, excessive speculation and overuse of credit could bring on a banking crisis and a stock collapse more damaging than the Crash...
...discuss Dukakis, called the reporter to volunteer an interview of his own. The best mention comes with a self-deprecating disclaimer. The best example was a double bank shot in a Business Week cover on American Express Chairman James Robinson. The article quoted Felix Rohatyn, the head of Lazard Freres and among those most commonly mentioned for Treasury Secretary, as touting Republican Robinson for that job in a Dukakis Administration. Score one for Rohatyn. It then quoted Robinson as saying he has no desire for a Cabinet post. "There was a lot of mirth in the office over that...