By William D. Cohan
A grand and revelatory portrait of Wall Street’s so much storied funding bank
Wall highway funding banks stream trillions of bucks a 12 months, make billions in charges, pay their executives within the thousands and thousands of bucks. yet even between the most powerful firms, Lazard Frères & Co. stood aside. Discretion, secrecy, and subtle process have been its guns of selection. For more than a century, the mystique and acceptance of the "Great males" who labored there allowed the company to garner incredible earnings, social cachet, and oversized impression within the halls of strength. yet within the mid-1980s, their large egos all started getting into the way in which, and the good males of Lazard jeopardized all that they had built.
William D. Cohan, himself a former high-level Wall highway banker, takes the reader into the mysterious and secretive global of Lazard and presents a compelling portrait of Wall road via the tumultuous history of this exalted and interesting company. Cohan deconstructs the explosive feuds among Felix Rohatyn and Steve Rattner, star funding bankers and pillars of recent York society, and among the guy who managed Lazard, the inscrutable French billionaire Michel David-Weill, and his selected successor, Bruce Wasserstein.
Cohan follows Felix, the consummate adviser, as he reshapes company the US within the Nineteen Seventies and Eighties, saves manhattan urban from financial disaster, and positions himself in big apple society and in Washington. Felix’s desires are dashed after the arriving of Steve, an impressive and impressive former
newspaper reporter. By the mid-1990s, as Lazard neared its one hundred and fiftieth anniversary, Steve and Felix have been feuding openly.
The inner strife because of their arguments couldn't be solved by means of the imperious Michel, whose manipulative developments served purely to exacerbate the difficulty in the company. more and more determined, Michel took the unheard of step of relinquishing operational keep an eye on of Lazard to at least one of the few nice males nonetheless round, Bruce Wasserstein, then clean from promoting his personal M&A boutique, for $1.4 billion. Bruce’s take: greater than $600 million. But it became out nice guy Bruce had snookered nice guy Michel while the Frenchman was once at his such a lot vulnerable. The LastTycoons
is a story of vaulting goals, whispered recommendation, worldly mistresses, fantastic artwork collections, and large wealth—a tale of excessive drama on this planet of excessive finance.