Recommended by: WiseSuit Staff

Cohan recounts the long history of Lazard Frères in this acutely perceptive account from an investigative journalist and former banker. Switched from a private partnership to a diversified, publicly traded company in 2005, Lazard was the last great American investment bank to make that change.

The story interweaves with of the career of Felix Rohatyn, Lazard's most well-known and influential banker. Readers will see the firm's history from its founding as a New Orleans dry goods retailer in 1848 to the early 1960s discussed in two of the 21 chapters.

Cohan focuses his account on the next twenty five years with more detail, but follows Rohatyn closely and takes on the business press. Since Cohan worked at Lazard for six years, the chapters on the last 20 years contain spell-binding information, and rely on his personal recollections and interviews with associates, many of whom remain unidentified. The resulting work embodies three integrated stories: a complete history of Lazard, a well-written biography of Rohatyn and a moving insider's account of Wall Street infighting.

Cohan successfully paints the characters of the men who started Lazard Frères & Co. from a dry goods store in New Orleans in 1848 to one of the larger merger and acquisition brokers functioning in New York City. The account follows the firm's growth from a family-owned company to international broker status. Cohan spends a large part of the story focused on the internal fight in the 1980s between Rohatyn, the savvy financial advisor who helped the City of New York out of bankruptcy, and Michel David-Weill, the last heir of the original partners.

With its contrasting details, this book will draw in those closest to the industry. The readers will discover that David-Weill's percentage of the firm's profits was 25.7552 in 1977. Also, that Lazard paid $100 million to settle a municipal bond kickback scheme. Even disclosed is the little known fact about which senior partner's vice included the Hoyo de Monterrey Epicure No. 1 brand of illegal Cuban cigars.  

This is a book about the true masters of the investing universe. Intermingled throughout the financial accounts are the personal lives of those recounted. The reader is treated with stories of reckless love-life indiscretions, over-conspicuous alcohol consumption, shallow vanities and betrayals, and the arbitrary collection of high-priced art and lavish houses. All of which makes for intriguing and captivating reading.

About the Author:

William Cohan is a graduate of Duke University and is a former award-winning newspaper investigative reporter in Raleigh, North Carolina. He worked on Wall Street for six years. He spent six years at Lazard Frères in New York and later became managing director at JP Morgan Chase.

Categories:  Leadership ,  Biography,  Corporate Finance