The Last Tycoons: The Secret History of Lazard Frères & Co.

The Last Tycoons: The Secret History of Lazard Frères & Co.
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The Last Tycoons: The Secret History of Lazard Frères & Co. find apartment for rent Guests who viewed this item ultimately bought... CHECK NOW for LOWEST PRICES TODAY!!! The Last Tycoons: The Secret History of Lazard Frères & Co. find apartment for rent for BUY & BEST DISCOUNT FOR BLACK FRIDAY DEALS 2011 !!!... BEST DISCOUNT The Last Tycoons: The Secret History of Lazard Frères & Co. find apartment for rent for BEST DEALS PRICES & REVIEW : BLACK FRIDAY 2011 !!!... The Last Tycoons: The Secret History of Lazard Frères & Co. Overviews A grand and revelatory portrait of Wall Street’s most storied investment bank Wall Street investment banks move trillions of dollars a year, make billions in fees, pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart. Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built. William D. Cohan, himself a former high-level Wall Street banker, takes the reader into the mysterious and secretive world of Lazard and presents a compelling portrait of Wall Street through the tumultuous history of this exalted and fascinating company.  Cohan deconstructs the explosive feuds between Felix Rohatyn and Steve Rattner, superstar investment bankers and pillars of New York society, and between the man who controlled Lazard, the inscrutable French billionaire Michel David-Weill, and his chosen successor, Bruce Wasserstein. Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix’s dreams are dashed after the arrival of Steve, a formidable and ambitious formernewspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly.   The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique, for .4 billion.  Bruce’s take: more than 0 million. But it turned out Great Man Bruce had snookered Great Man Michel when the Frenchman was at his most vulnerable.  The LastTycoons is a tale of vaulting ambitions, whispered advice, worldly mistresses, fabulous art collections, and enormous wealth—a story of high drama in the world of high finance.  .../ The Last Tycoons: The Secret History of Lazard Frères & Co. / find apartment for rent

The Last Tycoons: The Secret History of Lazard Frères & Co.
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barbarians at the gates of central park : The Last Tycoons: The Secret History of Lazard Frères & Co.

Cohan has done an extraodinary whole of research, and this enables him to paint a vivid picture of the important personalities at Lazard as well as to capture the firm's quirky culture. But, with the exception of its blistering catalogue of the current Lazard leader, Wasserstein, the reader doesn't get a good sense of exactly what these investment bankers do during their day jobs. What is the nature of their advice, do they earn their keep, and with the advantage of history do they give the right advice? Other than Wasserstein, whom Cohan criticizes as dead wrong and fully mercenary throughout his career, we don't get a good sense of how these bankers do their work.

Absent that insight, and this may be difficult comprehension to deliver given the nature of the advice and surrounding circumstances, the book tends to degenerate into gossip. whatever who has worked in a professional firm can, of course, describe to Lazard's dysfunctional culture and can appreciate the value of rainmaking over hard work. So this is quite exciting and possibly useful gossip. But the real demand presented by Lazard is just what do these bankers do and are they errant fiduciaries who take advantage of their sway over a deal to drive it at all costs so as to ensure ridiculously high fees?

With respect to Wasserstein, Cohan's contempt shines through. He does seem to recount everything that is wrong with Wall Street, though in fairness to him, his Ipo of Lazard has worked out far best than I would have thought.

The author seems more conveniently disposed to Rohatyn, Ratner, and Meyer, though there is not adequate data about the exact deals they worked on to draw a conclusion.

This is an exciting book that is very well written and that gives some real comprehension into the workings of a notable Wall road firm. But it ultimately does not grapple with the larger issues presented by the company or offer any suggestions for change.

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