Rohatyn Back at Lazard

I think I called this one a few months ago when Bruce Wasserstein died. Felix Rohatyn has rejoined Lazard as a special adviser to CEO Kenneth Jacobs. He left the firm in 1997 to become U.S. Ambassador to France under Bill Clinton and then went on to found Rohatyn Associates, an advisory firm.

He's credited with saving New York City from bankruptcy in the 1970s, and at 81 years old he is still sharp as a tack. I spoke with him briefly a few months ago when he was here in Paris, and I attended a lecture he gave on the economy, infrastructure, and social responsibility. He's an unapologetic liberal with the brains to actually pull it off.

His book, Bold Endeavors, was a fascinating read and gives some insight into where he's coming from. As an American history buff, I couldn't put it down. If you have any interest in the mechanics behind the Louisiana Purchase, how the Panama Canal came about, what went into building a cross-country railroad, and how we got electricity to rural farms nationwide, you'll enjoy the book. There's even a chapter on Land Grant Colleges for you state school kids (I'm just giving you a hard time).

There's one other reason I really like Rohatyn. He voted for Ross Perot in 1992; it was the election I believe was my generation's opportunity to get the country back on track. (Instead we elected a dope-smoking draft dodger who played the saxophone. America is so predictable.) Rohatyn's public reason for his vote was that Perot was a client of his, and there was clearly no bad blood between Rohatyn and Clinton. But if Rohatyn had supported Clinton, he'd have been a shoe-in for Treasury Secretary, so voting for Perot shows he's a man of principle.

And Lord knows we need more of those on the Street.