Bruce Wasserstein
Encyclopedia
Bruce Jay Wasserstein was an American investment banker and businessman. He was a graduate of the McBurney School
, University of Michigan
, Harvard Business School
, and Harvard Law School
, and spent a year at Cambridge University. He was the Chairman and CEO of Lazard Ltd
.
, New York, to Morris and Lola (née Schleifer) Wasserstein, Bruce Wasserstein was one of five siblings. His father, Morris, a Jewish immigrant from pre-World War II Poland, emigrated to New York City and started a ribbon company. His maternal grandfather was Simon Schleifer, a Jewish teacher in the yeshiva in Wloclawek, Poland. Claims that Schleifer was a prominent playwright are most likely apocryphal, as this profession was only added to his résumé after Wendy Wasserstein
, his sister, won the Pulitzer Prize for Drama. Schleifer moved to Paterson
, New Jersey and became a Hebrew school principal.
attorney, he later rose to co-head of First Boston Corp.'s dominant merger and acquisition practice. He eventually formed investment bank boutique Wasserstein Perella & Co.
, which he sold in 2000, at the top of the 1990s bull market, to Germany's Dresdner Bank
for around $1.4 billion in stock. He left the unit Dresdner Kleinwort Wasserstein (formed by merging Dresdner's United Kingdom unit Kleinwort Benson
with Wasserstein Perella) to take the job at Lazard Frères. In 2005, he completed the initial public offering
for Lazard.
Wasserstein controlled Wasserstein & Co., a private equity
firm with investments in a number of industries, particularly media. In 2004, he added New York Magazine to his media empire. In July 2007, he sold American Lawyer Media
to Incisive Media
for about $630 million in cash. He is credited with the term, Pac-Man defense
, which is used by targeted companies during a hostile takeover attempt.
, the large academic wing of the school's new Northwest Corner complex, which will be named Wasserstein Hall in his honor.
-winning playwright Wendy Wasserstein
, whose daughter, Lucy Jane, he was raising.
Wasserstein was married four times, three times divorced. In January 2009 he married his fourth wife, Angela Chao, a sister of Elaine Chao
. Angela Chao is an executive at her father James Chao's Foremost Group, a shipping and trade concern, and on the board of BIMCO, a trade organization. She graduated from Harvard in three years, worked in investment banking at Smith Barney
, and briefly at her father's shipping company before going to Harvard Business School
, and then back to Foremost.
His political position was liberal, and he was involved with media since college, when he was an editor on his school newspaper the Michigan Daily
, then served an internship at Forbes Magazine. Inspired by Ralph Nader
, he was one of Nader's Raiders for a brief length of time. Rahm Emanuel
and Vernon Jordan were employed by Wasserstein for a few years.
McBurney School
McBurney School was a college preparatory school in Manhattan run by the YMCA of Greater New York. Among its alumni are actors Henry Winkler and Richard Thomas , novelist J. D...
, University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
, Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, and Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
, and spent a year at Cambridge University. He was the Chairman and CEO of Lazard Ltd
Lazard
Lazard Ltd is the parent company of Lazard Group LLC, a global, independent investment bank with approximately 2,300 employees in 42 cities across 27 countries throughout Europe, North America, Asia, Australia, Central and South America...
.
Early life
Born in BrooklynBrooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, New York, to Morris and Lola (née Schleifer) Wasserstein, Bruce Wasserstein was one of five siblings. His father, Morris, a Jewish immigrant from pre-World War II Poland, emigrated to New York City and started a ribbon company. His maternal grandfather was Simon Schleifer, a Jewish teacher in the yeshiva in Wloclawek, Poland. Claims that Schleifer was a prominent playwright are most likely apocryphal, as this profession was only added to his résumé after Wendy Wasserstein
Wendy Wasserstein
Wendy Wasserstein was an American playwright and an Andrew Dickson White Professor-at-Large at Cornell University...
, his sister, won the Pulitzer Prize for Drama. Schleifer moved to Paterson
Paterson, New Jersey
Paterson is a city serving as the county seat of Passaic County, New Jersey, United States. As of the 2010 United States Census, its population was 146,199, rendering it New Jersey's third largest city and one of the largest cities in the New York City Metropolitan Area, despite a decrease of 3,023...
, New Jersey and became a Hebrew school principal.
Career
Wasserstein helped broker more than a thousand transactions worth $250 billion since the 1980s. Starting his career as a Cravath, Swaine & MooreCravath, Swaine & Moore
Cravath, Swaine & Moore LLP is a prominent American law firm based in New York City, with an additional office in London. The second oldest firm in the country, Cravath was founded in 1819 and consistently ranks first among the world's most prestigious law firms according to a survey of partners,...
attorney, he later rose to co-head of First Boston Corp.'s dominant merger and acquisition practice. He eventually formed investment bank boutique Wasserstein Perella & Co.
Wasserstein Perella & Co.
Wasserstein Perella & Co. was an investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and one other founder in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock...
, which he sold in 2000, at the top of the 1990s bull market, to Germany's Dresdner Bank
Dresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
for around $1.4 billion in stock. He left the unit Dresdner Kleinwort Wasserstein (formed by merging Dresdner's United Kingdom unit Kleinwort Benson
Kleinwort Benson
Kleinwort Benson is a leading Private Bank that offers a wide range of financial services to private and corporate clients from offices throughout the United Kingdom and Channel Islands. The bank has its headquarters on St George Street in Mayfair, and is supported by seven UK regional and two...
with Wasserstein Perella) to take the job at Lazard Frères. In 2005, he completed the initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
for Lazard.
Wasserstein controlled Wasserstein & Co., a private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm with investments in a number of industries, particularly media. In 2004, he added New York Magazine to his media empire. In July 2007, he sold American Lawyer Media
American Lawyer Media
ALM, formerly known as American Lawyer Media, is an integrated media company located in New York City, and is a leading provider of specialized business news and information, focused primarily on the legal and commercial real estate sectors...
to Incisive Media
Incisive Media
Incisive Media is a publisher of business media. It is based in London, United Kingdom, with offices in New York, Hong Kong, Singapore and Beijing.-History and management:...
for about $630 million in cash. He is credited with the term, Pac-Man defense
Pac-Man defense
The Pac-Man defense is a defensive option to stave off a hostile takeover in which a company that is threatened with a hostile takeover "turns the tables" by attempting to acquire its would-be buyer....
, which is used by targeted companies during a hostile takeover attempt.
Philanthropy
In 2007 Wasserstein made a $25 million donation to Harvard Law SchoolHarvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
, the large academic wing of the school's new Northwest Corner complex, which will be named Wasserstein Hall in his honor.
Net worth
According to Forbes, as of September 17, 2008, Wasserstein's net worth was estimated to be $2.3 billion.Personal life
Bruce Wasserstein was predeceased by two siblings: businesswoman Sandra Wasserstein Meyer and Pulitzer PrizePulitzer Prize
The Pulitzer Prize is a U.S. award for achievements in newspaper and online journalism, literature and musical composition. It was established by American publisher Joseph Pulitzer and is administered by Columbia University in New York City...
-winning playwright Wendy Wasserstein
Wendy Wasserstein
Wendy Wasserstein was an American playwright and an Andrew Dickson White Professor-at-Large at Cornell University...
, whose daughter, Lucy Jane, he was raising.
Wasserstein was married four times, three times divorced. In January 2009 he married his fourth wife, Angela Chao, a sister of Elaine Chao
Elaine Chao
Elaine Lan Chao served as the 24th United States Secretary of Labor in the Cabinet of President George W. Bush from 2001 to 2009. She was the first Asian Pacific American woman and first Chinese American to be appointed to a President's cabinet in American history. Chao was the only cabinet...
. Angela Chao is an executive at her father James Chao's Foremost Group, a shipping and trade concern, and on the board of BIMCO, a trade organization. She graduated from Harvard in three years, worked in investment banking at Smith Barney
Smith Barney
Morgan Stanley Smith Barney is a retail brokerage joint venture between Morgan Stanley and Citigroup.On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of...
, and briefly at her father's shipping company before going to Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, and then back to Foremost.
His political position was liberal, and he was involved with media since college, when he was an editor on his school newspaper the Michigan Daily
Michigan Daily
The Michigan Daily is the daily student newspaper of the University of Michigan. Its first edition was published on September 29, 1890. The newspaper is financially and editorially independent of the University's administration and other student groups, but shares a university building with other...
, then served an internship at Forbes Magazine. Inspired by Ralph Nader
Ralph Nader
Ralph Nader is an American political activist, as well as an author, lecturer, and attorney. Areas of particular concern to Nader include consumer protection, humanitarianism, environmentalism, and democratic government....
, he was one of Nader's Raiders for a brief length of time. Rahm Emanuel
Rahm Emanuel
Rahm Israel Emanuel is an American politician and the 55th and current Mayor of Chicago. He was formerly White House Chief of Staff to President Barack Obama...
and Vernon Jordan were employed by Wasserstein for a few years.
Death
On October 12, 2009, Wasserstein was admitted to hospital with an irregular heartbeat. It was originally reported that his condition was serious, but that he was stable and recovering. On October 14, 2009, Wasserstein was pronounced dead. He was 61 years old.External links
- New York Daily News obituary
- "Bruce Wasserstein dies at 61"
- Wasserstein & Co. site
- Bruce Wasserstein Profile at Lazard Ltd. site
- "Lazard's Michel David-Weill, Bruce Wasserstein, issue joint statement"
- Daily Telegraph obituary
- Wasserstein went from Nader acolyte to Wall Street legend in the Harvard Law RecordHarvard Law RecordThe Harvard Law Record is an independent, biweekly student-edited newspaper based at Harvard Law School. Founded in 1946, it is the oldest law school newspaper in the United States.-Characteristics:...