What is *The Last Tycoons* by William D. Cohan about?

*The Last Tycoons* exposes the secretive world of Lazard Frères & Co., chronicling its 150-year rise as Wall Street’s most elite investment bank. William D. Cohan unveils bitter rivalries between bankers like Felix Rohatyn and Steve Rattner, manipulative leadership under Michel David-Weill, and Bruce Wasserstein’s controversial takeover. The book blends financial history with tales of ambition, art collections, and personal feuds that shaped modern finance.

Who should read *The Last Tycoons*?

This book suits finance professionals, Wall Street historians, and readers drawn to corporate intrigue. Fans of *Barbarians at the Gate* or *Den of Thieves* will appreciate its unflinching look at power dynamics. Cohan’s insider perspective—honed during his six years at Lazard—makes it essential for understanding investment banking’s golden era.

Is *The Last Tycoons* worth reading?

Yes—it won the 2007 FT/Goldman Sachs Business Book of the Year for its meticulous research and gripping narrative. Cohan’s dual expertise as a banker and journalist provides rare insight into Lazard’s cloistered culture. While dense at 752 pages, its tales of greed and legacy-building remain unmatched in financial literature.

What are the main themes in *The Last Tycoons*?

- **Power struggles**: Internal feuds between bankers like Rattner and Rohatyn destabilized Lazard. - **Leadership flaws**: Michel David-Weill’s manipulative tactics exacerbated conflicts. - **Wealth and legacy**: Profiles of tycoons’ art collections, mistresses, and rivalries reveal Wall Street’s opulent underside.

How does Bruce Wasserstein factor into Lazard’s history?

Wasserstein orchestrated a $1.4 billion deal to take control of Lazard in 2001, outmaneuvering Michel David-Weill during the firm’s decline. His aggressive leadership marked a departure from Lazard’s traditional “Great Man” ethos, symbolizing Wall Street’s shift toward ruthless dealmaking.

What criticisms exist about *The Last Tycoons*?

Some readers find its exhaustive detail overwhelming, particularly regarding lesser-known bankers. However, critics praise Cohan’s ability to humanize financial titans while exposing systemic flaws in Wall Street’s “advisory aristocracy”.

How does *The Last Tycoons* apply to modern finance?

The book’s lessons on leadership hubris and fragile corporate alliances resonate amid today’s banking crises. Lazard’s survival tactics—like prioritizing client loyalty over short-term gains—offer counterpoints to modern fintech disruption.

How does *The Last Tycoons* compare to *Barbarians at the Gate*?

Both dissect Wall Street excess, but Cohan’s focus on Lazard’s multi-generational saga contrasts with *Barbarians*’ single-deal narrative. *Tycoons* offers deeper cultural analysis, while *Barbarians* emphasizes transactional drama.

The Last Tycoons

The Secret History of Lazard Frères & Co.

William D. Cohan

3.86(1202 Reviews)

Overview of The Last Tycoons

Peek inside Wall Street's most secretive investment bank with this FT/Goldman Sachs award-winning expose. What power plays and explosive feuds built a financial empire that sent shockwaves through the entire industry when its secrets were finally revealed?

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Chapter 1

The Mystique of Lazard Frères

Lazard Frères & Co., one of the most secretive and influential banks in international high finance, has long been shrouded in mystery. For over a century, this elite investment bank has fueled fantasies of colossal fortunes and merciless struggles for domination in the investment banking sector. As someone who spent six years working at Lazard Frères in New York before moving on to other roles on Wall Street, I have had a unique vantage point from which to observe and chronicle the inner workings of this enigmatic institution. Lazard Frères was founded in the mid-19th century, and its history is intertwined with the Lazard family, who first entered the world of finance through marriage. The bank's involvement in significant financial events, such as the California gold rush, and its rivalry with the Rothschild bank, have contributed to its legendary status. Mergers and acquisitions are the firm's specialty, and private equity transactions are its second most important activity.

Chapter 2

The Era of André Meyer and Felix Rohatyn

At the heart of Lazard Frères' story are the larger-than-life personalities who shaped the firm. One such figure is André Meyer, a genius dealmaker with an authoritarian style and a clear vision for Lazard. Meyer's influence was so profound that he became known as the "Zeus" of Wall Street. His leadership, however, was not without its challenges. Meyer's vision for the firm often clashed with that of Felix Rohatyn, another titan of Lazard, who advocated for a more democratic and collaborative leadership model. The power struggle between Meyer and Rohatyn was a defining feature of Lazard's internal dynamics during this period. Meyer's decisiveness and ability to secure high-stakes deals earned him the loyalty of many employees, while Rohatyn's inclusive approach attracted those who valued a more forward-thinking work environment. This division hindered communication and cooperation within the firm, affecting its efficiency and morale. The departure of André Meyer in the 1970s did not end the internal conflicts. His exit left a vacuum that was difficult to fill, leading to a new round of power struggles as different factions vied for dominance. Felix Rohatyn emerged as a stabilizing figure, but his leadership was constantly under threat from those who felt marginalized during his rise to power. Rohatyn's ability to navigate these treacherous waters without imploding the firm was a testament to his diplomatic skills and deep understanding of Lazard’s intricate culture.

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Chapter 3

The Rise and Fall of Michel David-Weill and Bruce Wasserstein

As Lazard Frères approached its 150th anniversary, the firm was embroiled in another significant power struggle. Michel David-Weill, the inscrutable French billionaire who controlled Lazard, found himself at odds with his chosen successor, Bruce Wasserstein. David-Weill's manipulative tendencies often exacerbated the internal strife, particularly in his dealings with Felix Rohatyn and Steve Rattner, two superstar investment bankers who were pillars of New York society. Steve Rattner, a former newspaper reporter turned investment banker, posed a significant challenge to Rohatyn's dominance. Their feud became increasingly public, causing irreparable damage to the firm's internal harmony. David-Weill's attempts to manage this conflict were unsuccessful, and he eventually took the unprecedented step of relinquishing operational control of Lazard to Bruce Wasserstein. Wasserstein, fresh from selling his own M&A boutique for $1.4 billion, brought a new era of change to Lazard. However, his tenure was marked by controversy, as it became clear that he had outmaneuvered David-Weill when the Frenchman was at his most vulnerable. Wasserstein's changes, including the introduction of external executives and modern management practices, clashed with the entrenched Lazard traditions, further complicating the firm's internal dynamics.

Chapter 4

The High-Stakes World of Lazard Frères

Lazard Frères operates in a world of high drama and high stakes. The firm's history is replete with stories of vaulting ambitions, explosive feuds, and enormous wealth. The "Great Men" of Lazard, as they were known, were not just financial advisors but also masters of the worlds of government and media. Felix Rohatyn, for example, reshaped corporate America in the 1970s and 1980s, saved New York City from bankruptcy, and positioned himself as a key figure in New York society and Washington. The personal lives of these financial titans were as fascinating as their professional achievements. Fabulous art collections, worldly mistresses, and staggering amounts of money were all part of the Lazard mystique. However, this world of opulence and power was also marked by shocking self-interest and cutthroat rivalries.

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Chapter 5

The Legacy of Lazard Frères

Despite the internal strife and power struggles, Lazard Frères has maintained its position as one of the most influential investment banks in the world. The firm's ability to adapt to changing times, while retaining its core values and traditions, is a testament to the resilience of its leadership. As I reflect on my time at Lazard Frères, it is clear that the firm's story is not just about money; it is a saga of power, prestige, and the relentless pursuit of legacy. The "Great Men" of Lazard have left an indelible mark on the world of finance, and their stories continue to captivate and inspire. In the end, "The Last Tycoons" is a tale of human ambition, of the intersection of brilliance and hubris, and of the enduring impact of those who have shaped the world of high finance. It is a story that reminds us that even in the most secretive and exclusive of worlds, the dynamics of human nature remain a constant and compelling force.

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Key Themes in The Last Tycoons

investment banking history
corporate power struggles
mergers and acquisitions
wall street culture
partnership dynamics

Quotes from The Last Tycoons

Lazard Frères has long been shrouded in mystery.
Mergers and acquisitions are the firm's specialty.
The personal lives of these financial titans were as fascinating as their professional achievements.
This division hindered communication and cooperation within the firm.
It is a saga of power, prestige, and the relentless pursuit of legacy.

Characters in The Last Tycoons

André MeyerGenius dealmaker and authoritarian leader
Felix RohatynTitan of Lazard and diplomatic stabilizer
Michel David-WeillFrench billionaire who controlled the firm
Bruce WassersteinSuccessor who brought modern management changes
Steve RattnerInvestment banker and rival to Felix Rohatyn

About the Author

William David Cohan, author of The Last Tycoons: The Secret History of Lazard Frères & Co., is a bestselling financial journalist and former Wall Street mergers-and-acquisitions banker renowned for unraveling corporate power dynamics.

His 17-year career at firms like Lazard Frères and JPMorgan Chase informs this exposé of Wall Street’s elite, blending insider access with rigorous investigative reporting. A Duke University and Columbia Business School graduate, Cohan has penned acclaimed works like House of Cards (2009), Money and Power (2011), and The Price of Silence (2014), cementing his status as a chronicler of financial intrigue and institutional corruption.

As a Vanity Fair special correspondent and New York Times DealBook columnist, his analysis shapes public discourse on finance, with frequent appearances on CNN and Bloomberg. The Last Tycoons earned the 2007 FT/Goldman Sachs Business Book of the Year Award, praised for its unflinching portrayal of Lazard’s secretive world.

Cohan’s works remain essential reading for understanding the forces shaping global capitalism.

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The Last Tycoons

OverviewOverview of The Last Tycoons

One book. Many ways to hear it.

The Mystique of Lazard Frères

The Era of André Meyer and Felix Rohatyn

See every word as you hear it

The Rise and Fall of Michel David-Weill and Bruce Wasserstein

The High-Stakes World of Lazard Frères

Get more out of The Last Tycoons

The Legacy of Lazard Frères

You made it to the end of The Last Tycoons

Key Themes in The Last Tycoons

Quotes from The Last Tycoons

Characters in The Last Tycoons

About the Author

Download Summary of The Last Tycoons

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FAQs About This Book

What is The Last Tycoons by William D. Cohan about?

Who should read The Last Tycoons?

Is The Last Tycoons worth reading?

What are the main themes in The Last Tycoons?

Discover more

1,000,000+ curious minds.

1,000,000+ curious minds.

One book. Many ways to hear it.

The Mystique of Lazard Frères

The Era of André Meyer and Felix Rohatyn

See every word as you hear it

The Rise and Fall of Michel David-Weill and Bruce Wasserstein

The High-Stakes World of Lazard Frères

Get more out of The Last Tycoons

The Legacy of Lazard Frères

You made it to the end of The Last Tycoons

Users also liked

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Overview of The Last Tycoons