Word: lazard
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...airline by raising $2.3 billion and assuming $2.2 billion worth of the airline's debt. United pilots, who earn as much as $156,000 a year, have volunteered to give up anywhere from 5% to 25% of their salaries to help make the buyout work. A representative of Lazard Freres, the investment banking firm that employees have enlisted to help raise cash for the takeover bid, pronounced the venture "viable." One notable believer in the scheme was Defense Attorney F. Lee Bailey, who anted up a $1.5 million loan at the Chicago rally, where many of the attendees sported...
...answer for $1.5 million. CBS Chief Executive Laurence Tisch's deductions amounted to $1.1 million, while his brother Preston, the U.S. Postmaster General, benefited from a $480,508 write-off. The biggest hit may have to be taken by French Financier Michel David-Weill, who owns 35% of Lazard Freres, a highly successful securities firm. If the Government prevails in the case, he stands to lose at least $4.4 million in deductions...
...firms have imposed unrealistic expectations on their traders and bankers without giving them a solid grounding in old-fashioned ethical values. By pushing salaries and bonuses to outlandish heights, investment firms have turned money into the ultimate measure of success. Declares Felix Rohatyn, senior partner of the investment firm Lazard Freres, in an essay for the New York Review of Books: "Too much money is coming together with too many young people who have little or no institutional memory, or sense of tradition, and who are under enormous pressure to perform in the glare of Hollywood-like publicity...
...director whose 1986 arrest led to the eventual uncovering of the Boesky scandal. In passing sentence on the now disbarred lawyer, the judge said his punishment was intended as a deterrent. Last week another Manhattan judge gave an identical term to Robert Wilkis, 37, a former investment banker at Lazard Freres who also was in the Levine ring...
...Randy spoke [at the sentencing] for may be aminute and told the judge how he felt troubled forthe pain he has brought to his family and Lazard,and how shattering it was that Harvard had notallowed him to finish his last semester," Kaufmansaid...