Word: lazard
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...provocative idea, nonetheless, has spawned a raft of strategies for reversing the nation's economic decay. Senator Edward Kennedy has called for an American Reindustrialization Corporation to promote new investment in business and technology. Felix Rohatyn, a partner in the Lazard Freres investment bank and chairman of New York's Municipal Assistance Corporation, advocates creation of a new Reconstruction Finance Corporation, with $5 billion for loans to failing cities like New York or slumping companies like Lockheed or Chrysler. Management Expert Peter Drucker wants to accelerate the change to computer-age companies and shrink traditional blue-collar employment...
More accurately, it seemed like a scene from Annie, with the failing British Steel Corporation as the orphan child, and the part of Oliver Warbucks played by Ian MacGregor, general partner of Manhattan's Lazard Freres & Co. MacGregor, 67, was hired after nearly a year's search by the British government, which owns British Steel, turned up no one in England to run the moribund firm. Forty names were considered, and two British executives turned down...
...investment banking firm will be reimbursed for losing MacGregor's services. It will receive $1.5 million when MacGregor takes over the company in July. If he does not finish his three-year appointment, up to $1 million will have to be returned. Depending on how well MacGregor performs, Lazard could receive up to $2.6 million more. The exact amount will be worked out by a panel, which includes two Lazard representatives...
DIED. André Meyer, 81, Paris-born investment banker who dominated Wall Street's aggressive Lazard Frères & Co. for 34 years; of pneumonia; in Lausanne, Switzerland. A star at Lazard's Paris affiliate before fleeing France in 1940, Meyer became senior partner at the firm's Manhattan headquarters in 1944 and turned a cautious house into a corporate merger machine instrumental in the making of such giants as RCA and ITT. A compulsive worker, he amassed a fortune estimated at half a billion dollars, became an adviser to Presidents Kennedy and Johnson and gave millions...
...Javits of New York, the ranking Republican on the Senate Foreign Relations Committee, argued that the U.S. should not force American companies doing business abroad to adhere to antitrust standards tougher than those of the countries where they operate. Felix Rohatyn, a partner in the investment banking house of Lazard Freres, noted that governments in Europe and Japan are urging the merging of some of their own big firms to sharpen their ability to compete in world markets...