William D. Cohan on the Rise and Fall of GE
Masters in Business
00:00
Lazard vs Merrill
Lazard avoided trouble in the financial crisis because they didn't have a decade of over leverage. They had basically zero capital markets business and no balance sheet. Lazard, there were 72 partners and 72 non partners in the investment banking group. So you know, that was not a pyramid structure. That was a rectangular structure. There were a lot of people at the top of the funnel pushing down on the people at the bottom of the funnel.
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