Word: lazard
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...June, Franklin D. Raines '71 took over as president of the alumni-elected Board of Overseers. A former Rhodes scholar, Raines worked for the Carter administration and later for the investment banking firm of Lazard Freres. He currently serves as a financial consultant to Sharon Pratt Dixon, the new mayor of Washington...
...billion in corporate debt (vs. assets worth perhaps $20 billion), much of it short-term and in need of frequent refinancing. But Murdoch continued to insist to stockholders that "fortune does favor the brave." Says Steve Rattner, head of the media department at the investment bankers Lazard Freres: "Of all media moguls, Rupert has been the boldest. If Fox or Sky had crashed and burned, he would have burned too. He has an enormously strong constitution...
...computer also-rans Burroughs and Sperry in 1986 to create Unisys Corp. But after a fast start, Unisys has suffered from lagging technology and sagging military spending. With the company in turmoil, Blumenthal, 64, retired as chairman last week to concentrate on his role as a partner in the Lazard Freres investment-banking firm. He had stepped down as chief executive when he joined Lazard last April...
...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...