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Lazard's Bruce Wasserstein banked large with restricted stock worth $102 million

Lazard CEO Bruce Wasserstein didn't do too bad last year, compensation wise.....

Wasserstein, 60, extended his contract for five years and received restricted stock worth $102.1 million at today's closing price. He was also granted a $36.2 million stock bonus for 2007, double the prior year's award, the New York-based company said today in a statement. Profit advanced to $122.6 million, or $1.04 a share, from $85.8 million, or 78 cents, a year earlier.

Continue reading "Lazard's Bruce Wasserstein banked large with restricted stock worth $102 million" »

Lazard's Bruce Wasserstein on the market meltdown: "Expect lots more embarrassment"

BusinessWeek's Anthony Bianco interviewed Lazard Frere's CEO Bruce Wasserstein who shared his thoughts on the market turmoil.  In short, he thinks it's far from over.  He does think there will be more M&A, much of it by strategic buyers, but private equity, which might not be able to do the huge dieals once contemplated, isn't going away::

You've seen plenty of turmoil on Wall Street. What distinguishes this round?
Of course, it started with problems in the subprime [mortgage] market. To protect themselves from that exposure, banks pulled back from risky assets of other sorts. Lenders are waiting for existing loans to wash through the system and for credit spreads and asset prices to recalibrate. Panic followed—an undifferentiated, very unsophisticated panic that persists.

 

Continue reading "Lazard's Bruce Wasserstein on the market meltdown: "Expect lots more embarrassment"" »

Does Lazard have a sustainable business plan?; London's the place to be if you're a European hedge fund; The long awaited corporate default rate rise: Is it soup yet?; IRS has plugged deferred compensation / golden parachute tax loopholes

                 
BruceWassersteinbw-001
  • Doubts suface over strategy at Lazard
  • London attracts top 14 European hedge funds
  • Unsinkable junk
  • Paying The Piper - CEO's Drilled By Angry IRS
   

 

Continue reading "Does Lazard have a sustainable business plan?; London's the place to be if you're a European hedge fund; The long awaited corporate default rate rise: Is it soup yet?; IRS has plugged deferred compensation / golden parachute tax loopholes" »

Bruce Wasserstein must be happy that not everyone hates lawyers; Credit Suisse 2.0 vs Frank Quattrone 2.0

  • Private equity firms close in on Wasserstein's ALM
  • Credit Suisse And Quattrone: Dueling Sequels

Continue reading "Bruce Wasserstein must be happy that not everyone hates lawyers; Credit Suisse 2.0 vs Frank Quattrone 2.0" »

Bruce Wasserstein on the talk that he's 'gravely ill': "It's just silly"

Brucewassersteinbusinessweek001

Businessweek20061026wassersteincover"I am trying to be fit": The current issue of BusinessWeek has Lazard's Bruce Wasserstein featured as the cover story in an excellent piece entitled "The Taking of Lazard".  In the article he addresses the rumors of health issues.  While he didn't specifically say "NO, I AM NOT SICK", sure to be seized upon by some, he says of the talk: "It's just silly".  That's a picture of him from the BW piece which we scanned from the magazine, since it didn't appear to be published on the site.  From the article, the relevant passages regarding his health:

For Wasserstein, the strain of transforming Lazard was exacerbated by the terminal illness of his younger sister, the famed playwright Wendy Wasserstein, who died of lymphoma in January at age 55. Bruce assumed responsibility for raising Wendy's only child, a 7-year-old daughter. Wasserstein has two young sons of his own with his wife, Claude, and also is father to three adult children by an earlier marriage.

The once-portly Wasserstein lost so much weight in recent months that rumors began circulating that he was gravely ill. "It's just silly," says Wasserstein, who adds that he began exercising with a personal trainer to shed the pounds he piled on after joining Lazard. "I'm exactly the same weight I was 10 years ago. I go through these cycles. I am trying to be fit."

About 45 minutes into an interview, Wasserstein jumps up and walks across his office to fetch an elaborate coffee-and-ice-cream concoction melting on a table. "My secretary gave it to me," he says, attacking the drink with a plastic spoon.

"Is it your birthday?" I ask.

"No, no, it's to fortify me for my first press interview," he says, a bit sheepishly. "Oh, the horrors!"

The Taking Of Lazard - BusinessWeek

Rumor department: Bruce Wasserstein health issues?

Brucewasserstein01_2No clue if there's any truth whatsoever to this (hopefully there's not), but bloggingstocks suggests that Lazard CEO Bruce Wasserstein may have health issues:

CEO Bruce Wasserstein seriously ill? That's the word I'm hearing from the clubby world of Wall Street....

According to my source, a few weeks after the tragic death of his beloved sister Wendy, from lymphoma, and just after delivering his infamous report on Time Warner Inc. (NYSE: TWX), Bruce went into hiding for some eight weeks. He has lost 50 pounds and is said to look like a wobbly, 75-year-old. Bruce is 58 and has always been portly. He is apparently now back at work at Lazard and is to give a speech today.

Rumor: Is Lazard CEO Bruce Wasserstein seriously ill? - bloggingstocks