Magical Triangle From War's Wreckage

“Their American base, their intact international network, as well as their two major specializations - foreign exchange and the financing of gold transfers - suddenly became major assets. While bonds collapsed and the franc quickly lost two-thirds of its pre-war value, London and New York fully benefited from the paralysis of the old European financial centers. Over the post-war years, these gentlemen from Lazard thus set up a magical New York-London-Paris triangle, governed by a top-tier team that made the firm a true hidden power. Governments would often call on them. The talent and genius of the partners during this delicate period was to always think big and international.”

“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.”