Word: lazard
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Felix Rohatyn, 50, partner, Lazard Frères, New York City. He has made only one major investment in the past six months, a house on 2½ acres in Southampton, N.Y. "If worse comes to worse, I can always plant some lettuce and corn and live off the land," he says. Rohatyn is filling his house with antiques because "what I paid $1,000 for this year, I probably could have bought for $300 two years ago, and probably would have to spend $2,000 for a year and a half from now." He also cites as a "spectacularly...
...side, American Express enlisted the aid of the Lazard Frères investment banking firm, and Lazard in turn engaged Joseph Flom, a lawyer famed for his skill in fighting long delaying actions against takeovers and thus an expert on how to counteract such tactics. American Express further arranged $700 million in stand-by credits from major banks. It obviously does not need the money, but might prefer to borrow for the takeover rather than cash in some high-yielding securities...
Though small by major investment-bank standards, Lazard has prospered, mostly by being aggressively traditional. Following a Wall Street fashion, Lehman and other firms have been busy turning themselves into financial "supermarkets" that do everything from securities trading and corporate advice to merger brokering. Yet Lazard has remained a loosely structured group of partners; it aims to avoid large-volume low-profit activities like brokerage and remain a "deal" firm specializing in big corporate sales and mergers. A recent Lazard achievement: it put together Chrysler's sale of its European operations to Peugeot. While, at larger firms, the earnings...
David-Weill has cut Lazard's roster of full partners from 30 to 21. Those remaining, including the best-known of all, Felix Rohatyn, 50, the mastermind of New York City's financial rescue, have agreed to reduce their share of profits to make more money available for recruitment. To move into municipal bond trading, David-Weill hired the top traders at five of the biggest bond houses. Some other heavyweight hires: Frank Zarb, once the Ford Administration's energy czar, and Donald Cook, former chairman of American Electric Power, one of the U.S.'s largest...
That was the reason Lazard was so eager to battle Salomon Brothers and other large firms for Burns' services. As an economic adviser to every President since Eisenhower, he has a wide range of powerful contacts abroad. Says one Lazard partner: "He will be the supreme door opener. He knows the heads of all the central banks of the world on a first-name basis. Who is going to refuse a call from Arthur...