Bruce Wasserstein Has Millions of Reasons to Smile

cityfile · 12/05/08 02:37PM

William Cohan, the banker-turned-author who published The Last Tycoons: The Secret History of Lazard Freres & Co. last year, has a few details on just how much Bruce Wasserstein's investment banking firm is making off the bankruptcy of Lehman Brothers. For advising Bryan Marsal, the turnaround guru who is now running what's left of Lehman, Lazard is collecting $400,000 a month for the next two years (and then $150,000 a month thereafter). But there's more: Lazard is also getting a $5 million fee for the week's worth of work it did in September advising Lehman on the sale of its headquarters at 750 Seventh Avenue to Barclays. Wasserstein is also expected to receive another $5 million for its efforts to sell Lehman's investment-management businesses, including Neuberger Berman. And there's good reason to assume that Wasserstein is sitting back right now smiling at his current circumstances, says Cohan: