The Great Wasserstein-Schwarzman Spar
A prominent Democrat donor, the 61-year old Lazard CEO sparred with Republican Steve Schwarzman in a debate organized by Fortune at Per Se in New York. Speaking to an elite crowd from media and finance, Bruce Wasserstein and Schwarzman discussed the various problems of Wall Street and expressed opinions and recommendations for US President Barack Obama to handle the economic crisis.
Both CEOs explained differing views on regulation. While Schwarzman blamed excessive regulation in brokerage and banking, Wasserstein claimed there was simply mismanagement, blaming lax accounting rules for companies’ inflation of assets. He further added that accounting has become “a new exercise of creative fiction”. Wasserstein likewise expressed hope and optimism that Obama will lead the US out of the crisis through strategy.
Bruce Wasserstein possesses one of the most successful careers in mergers and acquisitions. Since the 1980s, he has clinched over 1,000 transactions worth $250 billion.
Wasserstein’s leadership has enabled the 160-year old Lazard to thrive amid the economic crisis. For its strong performance, Lazard was hailed “Bank of the Year” for surviving the economic downturn with several acquisitions and success in the restructuring industry.
