Other highlights (17)
“"I know it will take a very long time for my success to be recognized. I have always known it would take forever. That there is no point, absolutely no point, in trying to force one's destiny. But I know - and it’s my grandfather’s example that allows me to say this - that when I am very old, I will be entitled to this recognition.
So, I wait to be very old with great impatience."”
“In Paris, Michel David-Weill lives in a very beautiful private hotel. For his vacations and weekends, he has a choice between a house in Jamaica, another near New York, a house on the French Riviera inherited from his father where sumptuous lunches are held, a 400-hectare family property, near Paris.”
“"So it is at least the third time, in my family, that we build a fortune. It is ultimately the only way to really get rich, given a tax system as little 'stimulating'. Also facing the international monetary disorders that mean that money could very well be worth nothing at the end of every month."”
“A house as lesser-known as its "boss", Michel David-Weill, and its partners. But one that makes much more money than both Rothschild houses combined, the one in Paris and the one in London.”
“"The historical mistake of the Rothschilds was that they never had an American base; a base that we at Lazard have consolidated for more than forty years. Not that Lazard-Paris isn't doing well, far from it. But New York is the "sports center." If you want to be a champion, or even a semi-champion, New York is the ultimate arena. The rest of the world is just provincial in comparison," sums up Michel David-Weill.”
“The history of Lazard was, however, chaotic. Several times, the saga nearly ended abruptly. In the dark days of 1940, when all "Jewish assets" were seized, when the fabulous collections of the David-Weills were being added to the artistic loot of Hitler or Goering, who could have imagined that everything would restart less than five years later?”
“During the some one hundred and forty years over which the Lazard saga unfolds, many fortunes have been built in France. Brilliant industry captains emerged. None survived the test of time. Forgotten, Louis Renault. Squandered, the considerable fortunes of André Citroën or the perfumer François Coty.”
“He defines himself initially as: "I am first and foremost the man, the scarcely visible link, who unites and underpins the efforts of the Lazard houses. I believe that for some, Lazard-Paris is Jean Guyot; for others, Antoine Bernheim or Bruno Roger. That Lazard-New York is Félix Rohatyn or Zarb. That Lazard-London is, depending on who you ask, John Nott or Wemer Wylie... But in fact, it is true that through them, it is still me; in other words, the house is always "ours", and its story continues..."”
“In many small German states, sovereign protection is granted to these encumbering travelers only for one or two nights. Barely arrived, one must depart again. And everywhere one must pay, still pay. To have the right to enter the state, to exit it, to use a road, a bridge, to transport one's meager riches without trouble. The laws that apply to Jews are always partial, often harsh.”
“Lazard Frères became a general partnership "for the operation of manufacturers and trading houses, banks, commission, and consignment in Paris and San Francisco, and in all other locations." The House of Banking was born! A historic date for this future investment bank was this January 1er, 1864.”
“His biographer, Charles Altschul, describes him as "the real driving force of the house", emphasizing his character traits: "He was very ambitious, indefatigable, always in control. With his combative spirit, he led the policy of the house as soon as he was firmly in the saddle. Those who had met him in business often found him too demanding, too authoritarian. But those who had the privilege of knowing him more closely, soon came to appreciate the charm of his personality."”
“Three types of checks circulated at the time: yellow checks for settlements in Californian gold-dollars, green checks for payments in paper dollars, and even blue checks for bills settled in silver dollars.”
“Three types of checks circulated at the time: yellow checks for settlements in Californian gold-dollars, green checks for payments in paper dollars, and even blue checks for bills settled in silver dollars.”
“the Kahns, the Loebs, the Guggenheims, the Goldmans, the Sachses, the Warburgs, the Schiffs, the Seligmans, the Simon Rothschilds, the Belmonts, the Frederick Strauses or Lazarus Strause”
“"The purchasing power has varied little, despite the incessant increase in military spending, the finances of the State are properly managed and this policy ensures that the State enjoys excellent credit both domestically and internationally," summarizes the historian Jacques Chastenet.”
“Until World War I, the Bank primarily engaged in discounting trade drafts between France and the United States. It also profited from what would be called today foreign exchange and what was then known as the "gold points," a system that prevailed until the establishment of the Gold Exchange Standard, in other words, the universal acceptance of the gold standard. Another source of profits for Lazard house: managing a few private portfolios, few in number but well-chosen. Finally, it is probable that it was in these years 1900-1910 that it took its first stakes in industrial companie”
“Lazard Frères continues to thrive cheerfully, with its San Francisco branch. During the war, President Wilson prohibited American public agencies from lending funds to belligerents. However, this policy of financial neutrality does not apply - liberalism obliges - to private banking establishments. As a result, almost all American banks have joined one of the two sides, most often that of the Franco-British allies. Lazard is obviously among them.”
