Bloomberg News wrote on January 19 that the successful deal “seals the legacy” of Wasserstein, and quoted former Lazard banker Philip Keevil as saying, “This deal will be a monument to Bruce.”, Wasserstein does get credit at Lazard for bringing in the business—in the sense that he finally brought in a deal—but the dénouement was seen by some as the same old script of getting the client to win by paying too much. What if Disney acquired BOTH Pixar and Studio Ghibli back in 2006?/Mario’s Mushroomy Tales, https://the-idea.fandom.com/wiki/Lucy_Jane_Wasserstein?oldid=64203. He just never spent any time with anybody else, except to have us drag his sorry ass to meetings.”. WASSERSTEIN-Wendy. It was kind of, well, ‘I won. By November 2006, Wasserstein was ready to re-introduce himself to Wall Street and corporate America. Then there is the seemingly straightforward question of precisely how Wasserstein died, three days after being hospitalized suddenly in New York with “heart palpitations” experienced in the backseat of his chauffeur-driven sedan, according to a former colleague. When Wasserstein, the head of investment firm Lazard and the owner of New York magazine, died suddenly at 61 in 2009, he left behind an estimated $2.2 billion fortune, a … She would be willing to talk about her brother and his life, but only with the consent of Bruce’s oldest child, Pamela, a 32-year-old lawyer who worked at the Wall Street law firm Wachtell Lipton and Leon Black’s Apollo Management L.P. before becoming a project director at the Tribeca Film Institute. With stories about Wasserstein’s brilliant rise and the three different Wall Street firms he inspired, including his contentious final act as head of Lazard, the author profiles a master negotiator who made his own rules. Word around town was that Chao was fine with his decision to adopt Wendy Wasserstein’s daughter, Lucy Jane, and have her come live at 927 Fifth after Wendy’s death. Last I read, Lucy Jane Wasserstein was being raised by her late uncle Bruce's former wife, who is also raising two sons, Lucy's cousins. *FREE* shipping on eligible orders. chosen by an independent board of directors. One out of 10 was smart, scary smart. He’d come in; he’d go to his office. Daughter Lucy Jane (pictured with cousins Jack and Dash) was left in the care of Bruce and Claude Wasserstein. The couple divorced before Bruce's sudden death. Less than a year later, in 1977, by offering to double his salary to $100,000, Perella persuaded Wasserstein to join him at First Boston (now Credit Suisse) to help build the mergers-and-acquisitions group at the firm. My uncle, financier Bruce Wasserstein, interviewed my and my cousins and questioned us on our five-year plans from the time we were ten. (Wasserstein had originally asked for a 10-year contract for $365 million.) He was “alienated by his partner’s overbearing nature,” according to a Forbes article about Wasserstein’s death. Always secretive, he withdrew further as his health apparently failed and his personal relationships turned tumultuous. The baby is Lucy Jane, who turned 2 on Sept. 12. The fact that he was sick wasn’t noticed by a lot of us for a month or two.”, In July 2006, Wasserstein was seen around town again. Already, big changes are afoot at Lazard. Jacobs has been cleaning house of a number of Wasserstein’s close associates: for starters, vice-chairmen Donald Drapkin and Chuck Ward and longtime Wasserstein acolyte Doug Taylor have left the firm. “It was almost like part of his grand strategy,” explains Joseph Perella, who founded the investment bank Wasserstein Perella & Co. with him in 1988. Adds another former partner, “He was a horrible manager, because he was completely self-involved by the time he had gotten control of the firm.… You see that in the succession of marriages and children, and blowing Claude up, and marrying Chao, and having an affair with a business-school student and having a child out of wedlock. What if The Gumazing Gum Girl! After Wasserstein’s death, Jacobs expensed in one fell swoop the costs remaining on Wasserstein’s five-year employment contract. The child's difficult birth was three months premature and is recorded in Wasserstein's collection of essays, Shiksa Goddess. This was a reporting coup for sure, since Wasserstein had all but abandoned the idea of allowing himself to be the focus of a major magazine story after Deirdre Fanning of Forbes had written the infamous “Bid ‘Em Up Bruce” cover story, of August 1989, which suggested that Wasserstein encouraged his clients to hugely overpay for companies. ), And this is the same Bruce Wasserstein who deprived the state and city of New York of some $75 million in capital-gains taxes (12 percent of his capital gain of around $625 million) when he claimed to have moved his residence to London in 2001, after he had sold Wasserstein Perella to Dresdner Bank, and then Allianz, the giant German insurer, bought Dresdner. “If you go back over those 30 years, what you discover is he had a significant influence, if not the significant influence, in building three different firms and three firms that were each very different, one from the others. “I find that question offensive,” says Georgette Levis, Bruce’s sole surviving sister and the proprietor of the Wilburton Inn, in Manchester, Vermont, when asked to disclose the location. How could you have done that?’” recalls a managing director. After splitting up with the glamorous and stunning Claude, he fathered a child, in 2008, with a recent graduate of Columbia Business School. What if United Productions of America remains open? But you’d take him to client meetings and most of the time you’d be exchanging looks with the C.E.O. There is even debate inside the firm about the role he had in Kraft’s prolonged—and ultimately successful—$21.4 billion acquisition of Cadbury, the British chocolate company. He gave an exclusive interview to BusinessWeek, which put him on the cover. If he generated $30 or $40 million worth of fees in the nine years he was at Lazard, he generated a lot. He went on to have two more sons, Jack and Dash, with his third wife, Claude Becker, a former CBS News producer.) His condition was initially stabilized in the hospital. Lucy Wasserstein's parents: “He believes he is that. Brighten up your looks Lets rumble in our jungle Lazard announced it was setting aside $90 million (pre-tax) to cover costs of an unspecified number of future firings. As friends gather to mourn financier Bruce Wasserstein, Ralph Gardner Jr. reports on the future of Lazard Frères, New York … Wasserstein hated the nickname and felt betrayed by the press—which had previously fawned over him—but there was no disputing the story’s main premise, especially after both Allied Stores Corporation and Federated Department Stores Inc. filed for bankruptcy following a protracted takeover battle won by Wasserstein’s client Robert Campeau, a little-known Canadian real-estate developer, who offered much more than other bidders using primarily borrowed money that he was unable to pay back. Last November 17, the board selected Kenneth Jacobs, 51, a longtime Lazard partner who had had a hand in bringing Wasserstein to the firm in 2001, to be Wasserstein’s successor and the firm’s first-ever chairman and C.E.O. The mysteries start with where his grave is. It was their most public meeting since Perella had left, in 1993. Wendy and the Lost Boys: The Uncommon Life of Wendy Wasserstein: Salamon, Julie: Amazon.sg: Books I mean, he was just useless.”, The argument coming from the board was that had Wasserstein left and the stock subsequently dropped they would have gotten sued. After a brief pause, Bruce—always a bit faster and more confident than most of us—answered: ‘And that’s precisely your strategic dilemma.’”. “He left all the day-to-day work up to [newly appointed C.E.O.] “We were a newly public company,” says a Lazard partner. “Felix is a legend in our industry, and I am honored that he is returning to the firm that he helped to create,” Jacobs said in January. Wasserstein and Perella had a reunion of sorts in February 2008 at the Lotos Club, in New York, during a dinner celebrating the 20th anniversary of the founding of their firm. It would be as if one sought to measure the expanse of the heavens with the span of the human hand.… Something vast and powerful and good has passed from us. Life After Wasserstein. (Years earlier, it is said, he suffered from a heart condition and had quadruple-bypass surgery.) Lucy Jane Wasserstein. I don’t think I want to try to characterize his reasons for it.”, Wasserstein promptly moved back to New York, as the head of Lazard, in early 2002. What if Nickelodeon started out as a studio before launching its own TV channel? Wasserstein had been hospitalized in serious condition for an irregular heartbeat. Shortly thereafter he was seen squiring Angela Chao to parties, including Lally Weymouth’s exclusive Fourth of July party in Southampton, and to dinners in Manhattan. Lucy Wasserstein Family. (With his second wife, Christine Parrott, Wasserstein had three children: Pamela, Ben, who works with a producer at HBO, and Scoop, now a law-school student. 1999. On behalf of the firm, Judi Mackey issued this statement: “Bruce was a visionary leader of the firm from January of 2002 until his untimely passing in October 2009. What made the news so shocking to Wall Street lawyer Toby Myerson was that he had seen his friend four months before, on July 20, at Myerson’s birthday party in the Hamptons. “What the fuck? “When they came and told us this, we were like, ‘Are you fucking crazy? Once, when they were being photographed for the cover of Fortune magazine, Wasserstein made a big deal about how they would look together. Wasserstein's sister, Pulitzer Prize-winning playwright Wendy Wasserstein, died suddenly in 2006 of lymphoma at 55. The book's final piece chronicles the difficult birth of Lucy Jane to Wasserstein, a single, first-time mother at 48. “I don’t think Bruce really cared as much about creating a firm where the younger partners could prosper, and the shareholders could prosper, as much as creating a firm that was good for him,” says one senior banker at the firm. In 1999, at age 48, Wasserstein had a daughter, Lucy Jane, born three month prematurely. If you want to look at him in the worst light, you would say he didn’t give a damn. Living alongside Lucy was a baby whom I’ll call Shayna Hutchinson. On February 19 it sold another 1.8 million or so shares for $66.3 million, and on March 16 Lazard filed a registration statement for the estate to sell another 7.6 million or so shares, worth around $282 million. Trivia. Wendy and the Lost Boys: The Uncommon Life of Wendy Wasserstein [Salamon, Julie] on Amazon.com.au. Date of birth. And the idea that either Bruce’s or Wendy’s admirers might want to pay their respects by visiting their gravesite is not received kindly. Bhutani and Parr were appointed to the Lazard board in January. “He was very engaged and engaging.” He was seated next to Kathleen Begala, Democratic strategist Paul Begala’s sister and the wife of Yves-André Istel, an investment banker who had worked for Wasserstein for eight years. We’ve got to get to know him.”. But then he wouldn’t allow you to capitulate, so the negotiation cycle would begin anew.”, Myerson thinks all these contradictions made his friend extraordinary. If you haven’t heard about it, that means the family members and others didn’t want to talk about it. Female. https://www.jpost.com/Arts-and-Culture/Books/What-Wendy-knew Together, they made First Boston a leader in M&A, and then, in 1988, they left the firm after Wasserstein made a dramatic, failed gambit to become C.E.O. To revist this article, visit My Profile, then View saved stories. Yet, they remain appalled by how little he actually did—both in bringing in new business and in managing the company—while negotiating for himself one huge pay package after another. In December 2005, seven months after he engineered the initial public offering of Lazard—after which the firm was required to make regular public disclosures to the Securities and Exchange Commission and to investors about finances and material events—Wasserstein gave two interviews in which he said he had just recovered from pneumonia and several bouts of the flu. He was put on life support immediately upon arrival at the hospital. What if TriStar Pictures was founded in 1934? the firm would now be a shadow of its former self, assuming it was even still around. She lives here with Jack (twelve) and Dash (eleven), her two sons with Bruce, and Lucy (eleven) the daughter of Claude’s late sister-in-law, Pulitzer Prize–winning playwright Wendy Wasserstein. His family is extremely eager to squelch such rumors. They sat at the head table together. I don’t really care if you lost. What if Sausage Party is a kid-friendly film? Conceived via artificial insemination, daughter Lucy Jane came into the world in 1999 with her father’s identity still secret. “It was really quite special because they were arm in arm,” Toby Myerson explains. They knew that Wasserstein had pledged to the analyst community that Lazard would pay out a maximum of 57.5 percent of annual revenue in the form of compensation, so this was a zero-sum game: what he took for himself would necessarily cut into what they could make. In 2009, Forbes had estimated Wasserstein’s net worth at $2.2 billion, making him the 147th wealthiest person in America. What if United Productions of America remains open? 19 (approx.) Vernon Jordan, the Lazard banker and a member of its board of directors, said, “To measure the life and accomplishments of Bruce Wasserstein is as if one would take a thimble and try to empty an ocean. A graduate of University of Michigan, he earned a law degree and MBA at Harvard. So I shouldn’t front-run them.”, Indeed, the story that lots of people are telling is that Wasserstein was living an unhealthy lifestyle. Some marriages end in divorce. This stuff just rolled off his back. So, that’s the way he was. The mystery shrouding Bruce Wasserstein’s death, last October, at 61, fit the billionaire investment banker’s M.O. “If you want to look at him in the best light, you would say he just had an incredible view of himself. is, but he is one smart guy. All rights reserved. “Bruce always maintained it was a lifestyle choice and other things,” a friend recalls. ), In the end, Wasserstein’s partners were terribly demoralized. The last years of Bruce Wasserstein, the investment-banking mogul who died at age 61 last October after a brief, undisclosed illness, remain shrouded in mystery, which is probably how Wasserstein would have wanted it. Wasserstein gave birth to a daughter, Lucy Jane Wasserstein, on September 12, 1999,when she was 48 years old. Lazard and Kraft’s other advisers, meanwhile, split a fee estimated at as much as $58 million. Battle of the billionaire's Hamptons mansion: Mother of Bruce Wasserstein's love child fights with family of dead banker's five other children for access to his fabulous beachfront estate The arrhythmia caused him to lose consciousness. But apparently this is privileged information. (For unexplained reasons, the tax authorities in the state of New York allowed Wasserstein to get away with this gambit.) Mr. Wasserstein was rushed in an ambulance to a hospital in Manhattan. Despite the Kraft deal, the consensus among the rank and file at Lazard is that the firm is better off without Wasserstein. Let him go! Word around town was that Chao was fine with his decision to adopt Wendy Wasserstein’s daughter, Lucy Jane, and have her come live at 927 Fifth after Wendy’s death. “And I realized the wisdom of what Reichstetter said. Nothing about his health, nothing about his diet, nothing about his personal life—we never even knew he was married to someone before Chris [Parrott, his second wife] until I read it in your book The Last Tycoons.” He seems genuinely shocked. When Wasserstein was growing up, his family lived in the predominantly Jewish Midwood section of Brooklyn, and Bruce attended the Orthodox Yeshiva of Flatbush, on Avenue J. And building firms, not destroying them. “Bruce and Kathleen had a very, very animated discussion about politics and the present state of political affairs. After his death, Lazard issued another cryptic statement: “Mr. He didn’t circulate a lot among the troops, and he had no business. Rather than face that prospect, the board capitulated. “While being a stunningly original thinker and very forceful in business, he was always tender and caring with his family and certainly was in reaching out to embrace Lucy [Wendy Wasserstein’s daughter] when his sister passed away in a very untimely way. The writer was 55 when she died of lymphoma in 2006. It was just a question of how long he would hang on. Nobody knew more about Wasserstein, and in particular this aspect of him, than Perella, the founder of First Boston’s fledgling mergers-and-acquisitions group. “[After such negotiations] you were always off-balance and exhausted,” Perella recalls. Wendy and the Lost Boys: The Uncommon Life of Wendy Wasserstein What if Viacom and CBS didn’t demerge in 2006? And you can see those people throughout Wall Street today.” Rosen then recites a list of people who once worked with Wasserstein and Perella and now are leaders on Wall Street, among them Raymond McGuire, head of global banking at Citigroup; Hugh “Skip” McGee, global head of investment banking at Barclays Capital (and previously at Lehman Brothers); Gary Parr, a deputy chairman at Lazard; Jimmy Elliott, the global head of M&A at J. P. Morgan Chase; and Brian Finn, president of investment banking and head of alternative investments at Credit Suisse. 19 (approx.) Lucy Jane Wasserstein, daughter of the late Wendy Wasserstein, should be about 12 years old as of this writing. Then, in February 2006, he disappeared from Lazard’s offices for four months. Just click the "Edit page" button at the bottom of the page or learn more in the Biography submission guide. 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