Bernheim
Strategic Concepts & Mechanics
Primary Evidence
"Years later, it was in the opposite direction that money would fly over the Alps. The same Bernheim, though well-versed in Italian affairs, had ingloriously lost the presidency of insurer Generali in 1999: "They dismissed me like a valet who would have stolen from the drawers of the house," he bitterly complains. From this wound obviously arises a desire for revenge, of which Vincent Bolloré, always in search of an opportunity, will be the perfect instrument. "He was a friend of the family," confirms the entrepreneur. "When I took over my father's company, I had lunch with him. Since then, we have not been separated. Behind everything I have done, Antoine has always been there." This is particularly true for Italy."
"Combret is not in a position to oppose Bernheim, one of the figures at Lazard where a simple rule prevailed: no big moves for the second fiddles. He therefore steps aside, a little stunned to see that everything is now going over his head."
"What does Bernheim explain to him? Instead of having a majority, that is to say 51% of the capital of a company A, it is better to hold 51% of a purely financial company B, which itself will hold 51% of company A. The same control over company A can be achieved by dividing the initial investment by two. The reasoning can be extended indefinitely. These are the basic principles of cascading holdings, Russian doll structures, or even stovepipe schemes. The technique is as old as the world."
"Of Bernard Arnault, he simply says: "Believe me, he is very good." The president of Dior, even if he does not always share this mentor's analysis, is very concerned about his appreciation. He is indebted to him. It is Bernheim who transmits to him the secret of the safest, fastest, and cheapest technique for realizing his projects. As a good student, he learns with perhaps excessive zeal."
"Like his grandfather had initiated him into the life of construction sites, Bernheim reveals to him the workings of finance that he masters with Machiavellian perfection."
"the Bernheims are an old Jewish family from Alsace-Lorraine, just like the Weills, the Schwobs, the Dreyfuses, the Blums, or the Mandels..."