The Last Tycoons by William D. Cohan

Author:William D. Cohan
Language: eng
Format: epub
ISBN: 9780385521772
Publisher: Knopf Doubleday Publishing Group
Published: 2007-04-03T00:00:00+00:00

I have provided this information to you because it contradicts the disclosure made to MWRA by Merrill Lynch that its contractual relationship with Lazard Frères & Co. “was not in connection with its provision of, or expectation to provide services to the MWRA….” On the contrary, one of the most disturbing implications of these communications is that Merrill Lynch did not tell the MWRA the truth in its disclosure statement (i.e., that it expected [Ferber] to encourage the Authority to give the firm business). Just as important is the fact that Lazard Frères, which owed its loyalty as a fiduciary to the MWRA, mistreated the Authority and put it at risk. The MWRA contracted with Lazard Frères, on the assumption that it would be its advocate, and paid the firm a premium, approximately $600,000 per year for its financial advisory services, despite the misgivings of some Board members about the amount of the contract. Any expectation that paying a high fee would translate into quality was not met. Instead, Lazard Frères treated the MWRA as collateral to increase its own profit by seeking and obtaining other business with the Authority’s underwriters.

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