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Lazard In the News
The Royal Gazette (Bermuda), “Protesters claim Lazard is 'Gouging Grandma',” July 14, 2008
New York Daily News, “Care-home grannies blast billionaire whose firm put their rents through roof,” July 12, 2008
Boston Herald, “Union hits health co. on ‘Gouging Grandma’, July 11, 2008
Dailykos (blog), “Back to the Vulnerable Elderly,” July 17, 2008
Open Left (blog), “Reverse Robin Hood: Stealing From The Poor To Give To The Rich,” July 17, 2008
My DD (blog), “Why do we allow this system?,” July 16, 2008
HuffingtonPost.com, “The Campaign for Assisted Living and the Bigger Picture,” July 16, 2008
Vot3r.com (blog), “How you can help Atria workers and residents,” July 15, 2008
Letters on Fire (blog), “Nursing Homes Gouging Grandma!,” July 15, 2008
HuffingtonPost.com, “Who is the corporation?,” July 14, 2008
My DD (blog), “Atria Lazard Wasserstein Friday Recap,” July 11, 2008
HuffingtonPost.com, “Don’t Let Bruce Wasserstein Gouge Your Grandma!”, July 11, 2008
HuffingtonPost.com, “People aren’t products: Fighting Lazard’s gouging of the elderly,” July 10, 2008
Dailykos (blog), “Gouging Vulnerable Seniors--What Can Be Done?,” July 10, 2008
Seeing the Forest (Blog), Gouging Vulnerable Seniors -- What Can Be done?, July 10, 2008
whoar.co.nz (blog), Billionaires Are Gouging Your Grandparents..., July 10, 2008
DailyKos.com (blog), Living and Working at Atria, July 9, 2008
The New York Post, “Union Slams Lazard Over Elder Care,” July 8, 2008
Gawker.com, “Union Takes Anti-Wasserstein Fight to (Most) New York Media,” July 8, 2008
Wall Street Journal Deals of the Day, “Victory is Near for Activist Shareholders,” July 8, 2008
The Huffington Post, "People As Products, Taking Advantage of the Elderly," July 8, 2008
SeeingTheForest.com (blog), Extreme Wealth Just Isn't Enough, July 8, 2008
The Huffington Post, "When Seniors are the Product," July 7, 2008.
Boztopia (blog),"Socially Irresponsible Investing", July 3, 2008Boztopia (blog), "I've never had a day off in 10 years", July 1, 2008
The Royal Gazette (Bermuda), May 7, 2008: Protesters question Lazard Ltd. bosses about senior care homes »
The Royal Gazette (Bermuda), May 6, 2008: Union plans protest at Lazard shareholder meeting today »
Protesters traveled to Bermuda for the Lazard Ltd. annual shareholder meeting, demanding Lazard use its influence to get better pay for workers and better quality care at Atria, one of the country's largest senior living providers owned by a Lazard-affiliated private equity buyout fund. They also questioned CEO Bruce Wasserstein and members of Lazard's Board about the company's widely-criticized executive compensation practices, including a new compensation plan.
Forbes, May 6, 2008: Lazard Loses, but Wasserstein Wins »
Financial Times, May 7, 2008: Lazard's Profits Take Surprise Hit from Crunch »
Despite a 71% drop in first-quarter earnings and a 35% loss in share value over the last year, Wasserstein is able to make up to $89.6 million in 2008 under Lazard's new compensation plan.
New York Times, May 7, 2008: Harry & David Shelves I.P.O. Plans »
Wasserstein's investment firm shelved plans to take Harry & David public, citing poor market conditions. The company filed its initial prospectus in August 2005 and hadn't updated it since November of that year.
Wall Street Journal, March 25, 2008: Bear Bid Was 'Fair' at $2 and $10 Bankers Blessed Both Deal Prices, Riling Critics of the Practice (by subscription only) »
Lazard fails to shield Bear Stearns shareholders from "low-ball bids"
"On March 16, the Wall Street merger experts at Lazard Ltd. gave Bear Stearns Cos. directors a written assurance that $2 a share was a fair price for the company, which was then teetering on the brink of bankruptcy.
"Eight days later, Monday, the same bankers at Lazard told the same Bear Stearns board that $10 a share—five times as much—also was fair. Both bids came from J.P. Morgan Chase & Co. with backing from the Federal Reserve.
"Critics of such "fairness opinion" letters, commonly used to justify prices for acquisitions of public companies, jumped on the first Lazard letter as evidence that such opinions give shareholders little protection against low-ball bids."
Wall Street Journal, February 13, 2008: Greenhill's Thrift Pays Off: More Left for Shareholders; As Firm Pinches On Employees, Other Costs (by subscription only) »
Lazard lags behind competitor in creating shareholder value
"What makes Greenhill stand out? It is more careful with its pennies. First, the mergers specialist's noncompensation expenses are an industry-low 10 percent of revenue. That is almost half the ratio at Lazard..."