The Last Tycoons: The Secret History of Lazard Frères & Co by William D. Cohan

Author:William D. Cohan
Language: eng
Format: mobi, epub
Tags: Corporate & Business History, France, Lazard Freres & Co - History, Banks & Banking, Bankers - France, Banks and banking, Finance, Business, Economics, Bankers, Corporate & Business History - General, History Of Specific Companies, Business & Economics, History, Banks and banking - France - History, General, New York, Banks and banking - New York (State) - New York - History, Bankers - New York (State) - New York, Biography & Autobiography, New York (State), Biography
ISBN: 9780385514514
Publisher: Random House Digital, Inc.
Published: 2007-04-14T10:00:00+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 Freres & 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 Freres, which owed its loyalty as a fiduciary to the MWRA, mistreated the Authority and put it at risk. The MWRA contracted with Lazard Freres, 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 Freres 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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