The last tycoons: the secret history of Lazard Frères & Co (140 page)

"It's too high-profile of a deal": Ibid.

"belly flop":
Red Herring
research report, May 6, 2005.

"However, a deal that is so transparently": William Wright in
Financial News,
May 9, 2005.

"There are numerous negatives": "King's Ransom for Lazard,"
Barron's,
May 9, 2005.

"Goldman obviously went way out on a limb":
Bloomberg
, May 25, 2005.

"left us with a little bit of a black eye": Interview with Wilson.

"Bruce got his $25": Luis Rinaldini,
Bloomberg
, May 23, 2005.

"doctor who botched a brain surgery": Andrew Ross Sorkin,
NYT,
May 29,2005.

"I was just very gratified": Interview with Tom Tuft, February 6, 2006.

"The trading decisions were made": Ibid.

Lazard involvement in Fidelity probe: Numerous press reports, including
NYT,
May 5, 2005, and Lazard Ltd. public filings.

Details of institutional ownership of Lazard shares: Lazard Ltd. reports as filed with the SEC.

"would give him almost unlimited power":
Financial Times,
June 3, 2005.

"Gerardo is a really talented guy": "The Taking of Lazard,"
BusinessWeek
, November 6, 2006.

"The loss of Mr. Braggiotti": Ibid.

"I presented my resignation":
Bloomberg,
June 8, 2005.

"This firm is held together with Scotch tape":
Crain's New York Business,
June 13, 2005.

"material adverse effect" to "Lazard has reiterated": Lazard Ltd. press release, June 14, 2005.

"He was the dealmaker at Mediobanca": Press reports.

"This would effectively be rebuilding the links":
Bloomberg,
November 8,2005.

"He's putting together a powerful machine": Ibid.

"Look, I'm sure they're not happy": Interview with MDW, November 30,2005.

"For me, the IPO fits into":
Le Figaro,
June 30, 2005.

"The real challenge that they face": Brad Hintz, research report, Sanford C. Bernstein, August 2005.

bought 119,500 additional Lazard shares: BW, Lazard Ltd., Form 4 filing, August 29, 2005.

"a certain phase in the history": e-mail correspondence with Marianne Gerschel, June 27, 2005.

"I will be leaving Lazard effective tomorrow": Bernard Sainte-Marie e-mail to Lazard employees, August 31, 2005, and from press reports.

"It's obscene what's going on here": Conversation with Annik Percival, January 14, 2005.

Afterword

"It is now clear that we are effectively": BW statement on Lazard Ltd. earnings call, November 9, 2005.

total compensation from Lazard of $14.2 million: Lazard Ltd. 2005 proxy statement as filed with the SEC.

Lazard priced a $638 million: Lazard Ltd. public filing with the SEC, December 6, 2006.

Bruce refused in late 2005 to publish: Interviews with MDW, Guy Rougemont, Ken Jacobs, and Scott Hoffman.

"It hurt me a little": Interview with MDW, November 30, 2005.

said to have paid around $4 million...and, for another $4 million: Interview with a friend of BW.

Camp Seahorse: Interview with a friend of BW.

Gulfstream jet: Lazard Ltd. public filings.

"His belief in his own ability": Interview with a friend of BW.

Felix and his wife: Interview with FGR, October 17, 2006.

"He's fine":
Financial Times,
August 3, 2006.

"He just wants to be in the center of the action": Ken Auletta, "The Raid,"
NY,
March 20, 2006, p. 140.

"He leads his whole life": Interview with a friend of BW.

"The Lazard Report": February 1, 2006, released publicly February 7, 2006.

"TWX is at the center of the storm": Ibid., p. 1.

"Time has not been friendly to Time Warner": BW speech at St. Regis Hotel, February 7, 2006.

"There are no compelling reasons today": Ibid.

"If Dick Parsons indeed has the secret super-spicy sauce": Ibid.

"What do you think of the new Lazard?": Conversation with Ken Jacobs, February 7, 2006.

"landed with the deafening thud": David Carr,
NYT,
February 13, 2006.

"We were disappointed": Doug Mitchelson, Deutsche Bank analyst, in
Financial Times,
February 9, 2006.

"Taxes fully understood": Auletta, "Raid," p. 143.

"what may turn out to be the biggest proxy fight":
Bloomberg,
February 16,2006.

Ten days later, it was all over: various press reports.

"No one who really has been around": Cox News Service, "Conversation with Dick Parsons," May 19, 2006.

"For reasons that remain inexplicable": Andrew Ross Sorkin, "The Adviser Who Became the Activist,"
NYT,
February 26, 2006.

"the trustee for the future of Lazard": Andrew Ross Sorkin,
NYT,
January 15, 2006.

"Had he won": Sorkin, "Adviser Who Became the Activist."

PUBLISHED BY DOUBLEDAY

Copyright (c) 2007 by William D. Cohan

All Rights Reserved

Published in the United States by Doubleday, an imprint of The Doubleday Broadway Publishing Group, a division of Random House, Inc., New York.

www.doubleday.com

DOUBLEDAY and the portrayal of an anchor with a dolphin are registered trademarks of Random House, Inc.

Title page photograph courtesy of Inmagine

Library of Congress Cataloging-in-Publication Data
Cohan, William D.

The last tycoons : the secret history of Lazard Freres & Co. / William D. Cohan.--1st ed.
p. cm.
1. Lazard Freres & Co.--History. 2. Banks and banking--New York (State)--New York--History. 3. Bankers--New York (State)--New York--Biography. 4. Banks and banking--France--History. 5. Bankers--France--Biography. I. Title.

HG2613.N54L39 2007

332.660944--dc22 2006025303

eISBN: 978-0-385-52177-2

v1.0