The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 3 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Morgon: Pre-merger Lazard operated as three competing, mutually hostile houses
“There were three different banks just with the, you know, Lazar Frere, Lazar Brothers, Lazar Frere, and they hated each other. They were competing with each other, and I mean, the Brits were, they were the Brits, and the French were looking down on the Brits, …”
Morgon: 2004–2007 PE Boom Made Investment Banking More Transactional
“Because remember, 2004, five, six, seven, like a craziness of private equity, and it was less about client relationships as bankers, and more about securing a mandate with, you know, whoever was trying to buy whatever asset.”
Khoury: In 1999 REITs Traded at 20–25% Discounts to Private Value
“REITs were the antithesis of what anybody wanted to own. So the most impactful thing that I learned at Lazard, having been the grunt guy, running all the models in advance of the CEOs coming in to complain to my managing director why their stocks all traded at…”