The Last Tycoons

  • by William D. Cohan
  • Narrated by Robertson Dean
  • 32 hrs and 46 mins
  • Unabridged Audiobook

Publisher's Summary

Wall Street investment banks move trillions of dollars a year, make billions in fees, and pay their executives in the tens of millions of dollars. But even among the most powerful firms, Lazard Frères & Co. stood apart.Discretion, secrecy, and subtle strategy were its weapons of choice. For more than a century, the mystique and reputation of the "Great Men" who worked there allowed the firm to garner unimaginable profits, social cachet, and outsized influence in the halls of power. But in the mid-1980s, their titanic egos started getting in the way, and the Great Men of Lazard jeopardized all they had built.Cohan follows Felix, the consummate adviser, as he reshapes corporate America in the 1970s and 1980s, saves New York City from bankruptcy, and positions himself in New York society and in Washington. Felix's dreams are dashed after the arrival of Steve, a formidable and ambitious former newspaper reporter. By the mid-1990s, as Lazard neared its 150th anniversary, Steve and Felix were feuding openly. The internal strife caused by their arguments could not be solved by the imperious Michel, whose manipulative tendencies served only to exacerbate the trouble within the firm. Increasingly desperate, Michel took the unprecedented step of relinquishing operational control of Lazard to one of the few Great Men still around, Bruce Wasserstein, then fresh from selling his own M&A boutique for $1.4 billion. Bruce's take: more than $600 million. But as it turned out, Great Man Bruce snookered Great Man Michel when the Frenchman was at his most vulnerable.


What the Critics Say

"A competent history of Lazard, a well-written biography of Rohatyn, and an exciting insider's account of Wall Street infighting." (Publishers Weekly)


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Customer Reviews

Most Helpful

Good stuff

A book with good insights into the M&A business. Good historical perspective and valuable lessons to those who have Wall Street aspirations. The Author however spent more time than he should have on irrelevant matters - maybe in an attempt to spice the book - but winded up diluting what could have been otherwise an excellent book.
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- Mr. M Metwally

Well written, but without a point

If you already know and care about Lazard, the book will be interesting. It's well-written and carefully researched, but after 32+ hours of listening, there is no real point to the story. There's no scandal, no lessons in business strategy, no connection to wider trends. The Publisher's Summary makes the story sound much more dramatic than it actually was, so if you are looking for entertainment, look elsewhere. If you really want to know the history of the company, the book is great.
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- Krystyn

Book Details

  • Release Date: 04-12-2007
  • Publisher: Books on Tape