Lazard CEO Speculates on the Economic Recession
A lot can be said about American entrepreneur Bruce Wasserstein. With regard to the ongoing crisis that befell on the rest of the investment banks in America, the 61-year old banker managed to survive amid the season’s Wall Street slump. As mentioned in a 2008 article on Portfolio, Bruce Wasserstein has become the envy of Wall Street. At present, he keeps a steady hand on his companies, as he has become the most significant shareholders at Lazard. He also turns a watchful eye on the current economic recession.
Although most questions towards the future effects of the Wall Street meltdown are dim, Bruce Wasserstein reveals one important observation in Business Week’s cover story on the lessons learned in the ordeal. He believes that the United States needs to significantly undergo retooling of risk management and portfolio selection.
While contemplating on the present economic situation, Bruce Wasserstein observes how the people have been affected by the slump in house prices and mortgages and how the whole situation is costing people their savings. For Bruce Wasserstein, two of the best options would be moderation or modesty (for all sectors) and the proper government reforms.
Bruce Wasserstein is a graduate of the University of Michigan, Harvard Business School, and Harvard Law School, and is currently the Chairman and CEO of Lazard Ltd. Bruce Wasserstein has helped broker more than a thousand transactions worth $250 billion since the 1980s.
