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Lazard's initial public offering last week raised some $855 million and ended its long history as a partnership. But the drama and scandals that punctuated the firm's history have yet to go away.
Lazard's capital markets division, which was not included as part of the company offered to the public, is still under investigation by the National Association of Securities Dealers for excessive gift giving. Separately, a Justice Department criminal inquiry is looking into possible drug use and the hiring of prostitutes. Not surprisingly, a number of that division's employees recently jumped ship.
Indeed, Lazard's name has always been associated with a certain amount of intrigue, brought on by a mix of privilege, strife and the cachet of a mostly tight-lipped environment. Until last year, that is, when Chairman Michel David-Weill decided to engage in a public brawl...