The Last Tycoons: The Secret History of Lazard Frères & Co.

The Last Tycoons chronicles the history of Lazard Frères & Co., one of Wall Street's most prestigious and secretive investment banks. Through extensive interviews and research, William D. Cohan reconstructs the firm's journey from its origins as a New Orleans dry goods business to its emergence as a powerful financial institution. The book focuses on the personalities and power dynamics that shaped Lazard across multiple generations, with particular attention to the reign of Michel David-Weill and the rise of Bruce Wasserstein. Cohan, a former Lazard banker himself, provides an insider's perspective on the firm's unique culture and the complex web of relationships that defined its operations. The narrative tracks Lazard's evolution through major historical events including the Great Depression, postwar reconstruction, and the transformation of Wall Street in the late 20th century. Key deals, strategic decisions, and internal conflicts are examined within their broader economic and social context. This account serves as both a corporate biography and a lens through which to examine the changing nature of American finance and power. The story of Lazard illuminates larger themes about ambition, loyalty, and the price of success in the high-stakes world of international banking.

Readers found this detailed history of Lazard Frères revealing and well-researched, particularly appreciating the behind-the-scenes accounts of power struggles and personalities at the firm. Many noted the book's comprehensive coverage of Felix Rohatyn's career and the complex dynamics between partners. Liked: - Deep reporting on internal conflicts and deal-making - Clear explanations of banking concepts - Strong coverage of key historical moments - Personal anecdotes about major players Disliked: - Length (some found it overly detailed at 752 pages) - Too many characters to track - First third moves slowly - Some tangents about personal lives seem unnecessary Ratings: Goodreads: 3.9/5 (1,100+ ratings) Amazon: 4.2/5 (160+ reviews) Notable reader comment: "Reads like a novel but packed with financial history - the Michel David-Weill era coverage alone is worth the price." - Amazon reviewer

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🌟 The author, William D. Cohan, worked at Lazard Frères for six years as an investment banker before becoming a writer, giving him unique insider access and perspective for this book. 💼 Lazard Frères began in 1848 as a dry goods store in New Orleans run by three French Jewish immigrant brothers before evolving into one of Wall Street's most prestigious firms. 👔 Felix Rohatyn, one of Lazard's most famous partners, helped save New York City from bankruptcy in the 1970s and later served as U.S. Ambassador to France. 💰 The book won the 2007 Financial Times and Goldman Sachs Business Book of the Year Award, beating out other notable finalists including Alan Greenspan's memoir. 🔍 Michel David-Weill, who led the firm for decades, insisted that partners wear suits made only by specific French tailors and required potential hires to be interviewed by his wife for social acceptability.