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The Man Who Schooled Wall Street
Wasserstein quickly resurrected Lazard—and would soon buy out David-Weill to take control of the firm. Wasserstein’s $30 million investment in Lazard rose in value to around $600 million, as the firm’s stock spiked up after it went public. Indeed, Wasserstein made more money from investment banking than any other man on the planet who did not inherit it first.
Wasserstein mysteriously disappeared from the firm in early 2006 and came back to the office in May looking noticeably thinner and unwell. Lazard never explained why. That year his sister Wendy, the Pulitzer Prize-winning playwright, died of cancer. Wasserstein decided to adopt her child, whose birth became a public affair thanks to Wendy’s writing and the fact that she never disclosed the identity of the father. In recent years, Bruce Wasserstein has shied away from much involvement in deals, with the noticeable exception of his recent participation in Kraft’s still-tentative efforts to buy Cadbury.
Today, Wall Street would be a very different place if firms looked more like Lazard and Greenhill and less like Bear Stearns and Lehman once did. By keeping Lazard’s original focus, Wasserstein has left an enduring legacy that the rest of Wall Street would do well to emulate.
William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
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William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
As Napoleon once said of military commanders, it's more important to be lucky than skillful. Fortunately for Wasserstein, he died before his luck ran out. George Patton
nice.
Bruce scammed his way through life. He left a wake of smelly crooked deals behind him. If white collar law enforcement had ever bothered to look it would have found a morbidly obese criminal. But Brucie had friends in high places. It was a grand life....you just had to be shady to afford it. He will not be missed by many.
In today's world, 61 years old is so young. I didn't know him but what i read over the years always impressed.
He does not look healthy in the photograph.
Who is better off? Wasserstein, or a kid in Darfur whose parents were murdered yesterday. Who is better off?
In spite of his miniscule couple billions of dollars, his drawer full of tide soap coupons, his penthouse full of fancy art and great couches, his heart decided enough was enough.
michaelslevinson.com
Hopefully Bruce had good enough good sense to have his casket lined with inflammable material, in case he can't make the deal.
oliverkerr stated:
"Who is better off? Wasserstein, or a kid in Darfur whose parents were murdered yesterday. Who is better off?"
Direct your question on the kid in Darfur whose parents were murdered yesterday to the impotent UN who watched it happen. During the long genocide in Darfur the UN did nothing! Nor did the mockery of the so-called council of human rights of the UN. They did nothing in fear of pissing off their own!! Of course the few that get the heck out of there and cross in Egypt get shot dead. As a matter of fact the only democracy in the ME is now full of Sudanese refugees rejected from every other Muslim, Arab country in the ME.
Dear Nevermind,
I was drawing the diff rinse between life and death, realizing the Darfur kid hardly has a life, knowing it would draw someone out. You.
We can but pray for Wasserstein's soul. He's gone.
For the kid we can do more. A couple hundred of Wasserstein's miiions would make it easier. We should do a Wasserstein deal, outfit 500 of our fiercest killers behind bars and give them a chance at the janjaweed - put a bounty on every head.
michaelslevinson.com
He took healthy cash-rich companies, burdened them with debt, raided the pension funds, fired the workers, and skimmed the cream for himself. He presided over the rise of a voracious, speculative, unproductive financial class and his legacy is an America worse off for his rapaciousness.
Good thing we still have estate taxes.
You write he made his money the old fashion way without costing the taxpayers any money but then you write: "using other people's money, including millions from First Boston. When Allied and Federated filed for bankruptcy, the together comprised the largest bankruptcy filing of all time. Creditors lost billions."
"and we are not saved..."
I worked for Bruce as was the first female Managing Director that he hired at Wasserstein Perella.
Of all the bosses that I had on Wall St, no one could compare to Bruce. Not only was he the most brilliant singular person that I have ever met - without compare. But he was also a class act and had integrity of the highest order.
And not only on Wall St - in his personal life. Taking care of his sister's daughter when she passed away.
The world lost one of its best yesterday.
Love you Bruce!
Thank you.
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