FOR IMMEDIATE RELEASE:
Tuesday, Feb. 12, 2008

CONTACT:
Jennifer Kelly, 213-401-3321, Jennifer.Kelly@seiu.org

Protesters Blast Lazard's Billionaire Boss for $100+ Million Payday While Workers and Elderly at Atria Assisted Living Facilities Are Squeezed

"Fat Cat" and Protesters Play Game "Billionaire CEO or Underpaid Worker?" Deliver Bags of $$$ to Wasserstein's Rockefeller Center Office

New York, NY--Activists and underpaid workers from local Atria Senior Living facilities protested outside the Manhattan offices of Lazard, Ltd today. Workers condemned Lazard CEO Bruce Wasserstein for taking a $100+ million payday last year despite bad conditions at Atria facilities and poverty wages for the company's employees. A Lazard-affiliated private equity buyout fund owns Atria.

"I live in a basement apartment in Queens and couldn't afford health care when I was working at Atria. I brought home $300 a week after 10 years at Atria, and this Wasserstein guy is making over $100 million? If he invested just a little of that in Atria facilities, they could increase staffing for residents, offer affordable healthcare and a living wage to hardworking employees," said Radika Munna, a former employee of Atria Lynbrook on Long Island who was fired on Thanksgiving Day after 10 years on the job because she was active in forming a union for a voice in care and working conditions.

With one protester dressed as a "fat cat CEO", protesters handed out fliers and fake money to the crowd. Participants also played "Billionaire CEO Bruce Wasserstein or Underpaid Atria Worker?," highlighting the glaring differences between Lazard CEO Wasserstein and the average Atria worker in New York City. Protesters then attempted to deliver bags of fake money to Wasserstein's 30-Rockefeller Center offices.

Wasserstein's pay package was $41 million in 2007 plus nearly $100 million for signing a new five-year deal. News reports suggested that Wasserstein's staggering take is worth approximately 13 percent of Lazard, Ltd.'s entire 2007 profit. Average pay for Atria workers is $8-$10 an hour, and workers report that the costs of company-offered healthcare puts it well beyond their reach.

The National Labor Relations Board has issued a complaint against Atria for threatening to discipline, discharge, or take wage increases away from workers because of their support for forming a union. Atria is also under investigation for discrimination against workers based on their national origin.

Elderly residents who live at Atria facilities meanwhile pay exorbitant fees - as much as $8,500 a month in New York - but many suffer from medication errors, short-staffing, and other serious care problems. "Before my mother moved in to Atria, they promised the best food and plenty of caregiving staff. We had high expectations, but I feel like we've been deceived every step of the way," said Robin Berson, whose mother lives at Atria Senior Living in Riverdale.

Lazard Ltd. is a powerhouse Wall Street firm that manages more than $140 billion. Atria is New York's largest assisted living provider with 24 facilities in the state, including 18 facilities in Manhattan, Westchester and Long Island.

More at www.improveassistedliving.org or www.behindthebuyouts.org.