Dealings: A Political and Financial Life [Hardcover]

Felix Rohatyn has given to us a wonderful account of what it was like to spend 50 years with one of the dominant investment banking firms in the century, the secretive Lazard Frères. First of all this is not a book for everyone. There is a somewhat limited audience, so determine if this book is for you before reading the review. I give it 4 stars only because of the somewhat limited audience for this book. For pure writing, this would be a 5 star narrative.

WHO WILL READ THIS BOOK

If you are interested in Wall Street history over the last half century than this book is very much for you? Rohatyn does an excellent and short job of going through the various crises that investors and the economy have struggled with during this period. The turbulence of the 60's, the destruction of the stock market itself in the early 1970's, the almost financial bankruptcy of New York City during that period as well, it's all here. The author was a principle participant in the rejuvenation of NYC, and devotes considerable effort to describing how all the players made it back from the brink.

A second audience should be young people. I have several young people from poor backgrounds that I mentor who have an interest in having a Wall Street career, and this book is PERFECT for them. It's easy to read, flows very nicely, and is honest and to the point. You feel as though you are sitting in your living room and having a casual conversation as Lazard Frères' illustrious investment banking partner lets you in on the salacious details of deal after deal for which he was the intermediary.

A third audience, and I fit into this audience as well, is you will find quick incisive stories of probably 50 to 100 interesting players who were power players in our country during the last half century. I found there was not a single individual that the author wrote about that I did not find fascinating. These were people that we all knew of during the period explored, and I will write of some of them below.

WHY I LIKED THIS BOOK?

Sometimes you go through a book to find the one page that will give you the reason for why you read it. Sometimes it's just a paragraph, or even a sentence, but what is that vital thought that you needed to take into your psyche. I have found that just about every book has one thought, and in this one, it was very clear. It is the element of LUCK in building a life. No question about it. I have seen this over and over again during a lifetime. I have found it difficult to believe, but I must give in to the reality of it. Do you have the LUCK?

This thought smacks you right in the face when you read "Dealings". The author and his immediate family being Jewish fled France during the Nazi onslaught. At a border crossing takes place the pivotal event of this man's life, a watershed, a turning point. He knows that their papers or documents states they are Jewish, and that means being arrested and turned over to the authorities leading to the death camps. The line of cars going across the border is progressing slowly. It comes down to this, if the guard looks at the papers DEATH, if he doesn't look or stop them, LIFE. As the car crosses, the guard is casually lighting a cigarette, he waves the car through and thus LIFE has prevailed.

All through the book there is luck, and Rohatyn's life has much luck in it, and that is the lesson in my opinion for all of us. Let's go through some of the things you will learn if you decide to read "Dealings".

* He comes to the United States, attends Middlebury College in New England and flunks out of physics. The lesson is that there is always investment banking.

* His father gives him a letter of introduction to Andre Meyer who dominates Lazard Frères, the legendary banking house. While Meyer is in Europe for 3 months, Rohatyn is hired in a very junior capacity. Upon his return he summons Rohatyn to his office and asks the young man, why did you not write me to thank me for the job? If you have a son or a daughter, telling them this story could change their lives around. This is one of the most important displays of how to act that you could ever give a child. I have used it already.

* I fell off my seat when Rohatyn meets a lady who invites him to her apartment for Sunday afternoon festivities. The author shows up. There is a chef, and servants, and sitting at the table is Sam Bronfman, her father and the wealthiest Jewish individual in the world. He is the founder of Seagram's, and he gives the author casual advice that completely changes Rohatyn's career path, and life. You must read it to believe it.

* There are scores of incredible investment banking stories with all the dominant businessmen, politicians, and celebrities of the last several decades. Some of the ones you will meet include:

A) David Sarnoff - The immigrant who built RCA Corporation into a global powerhouse.

B) Harold Geneen - The CEO of ITT, the dominate conglomerate builder of the last 50 years. Together Geneen and Rohatyn would do scores of deals and immerse themselves in the dark side of politics fighting off the antitrust unit of the Justice Department and testifying before Congressional Committees, where the fix was in.

C) Steve Ross of Warner Communications who knew every Hollywood bigwig, and built an entertainment empire from the ground up with Rohatyn's assistance.

D) Bernie Cornfeld - The builder of IOS, the European based fund of funds, who wound up in a Swiss jail.

E) David Geffen - the richest man in Hollywood, still alive today and still operating.

F) Lew Wasserman - The Chairman of MCA and the most powerful man in Hollywood.

G) Michael Ovitz - The most powerful agent in Hollywood, and then powerbroker.

CONCLUSION

You will read this smart, informative book in a couple of hours. It will give you a fresh historical perspective on the life of the dominate investment banker of the last half century. This was a man so well known in his industry, that he and he alone became the template for every other major investment banker to follow. All investment bankers functioning today owe their allegiance to Felix Rohatyn, and they know it.

Get the book, have some fun, and turn it over to a young person, and let him or her dream, and thank you for reading this review.

Richard C. Stoyeck

What a great way to look back on the history of municipal finance and the birthplace of investment banking in the modern era. If you remember when New York City almost declared bankruptcy, then you can appreciate the differences today post Rudy Guiliani and Mike Bloomberg. In the 1970's, the economic issues were so low profile compared with today and the basis for many of the power brokers in today's world were set in motion by Mr Rohatyn and his cohorts in the investment banking world. The book is revealing in the sense that the author may be one of the last of our generation who was forced to come to the USA because of his Jewish heritage only to find that the same reason he had to flee Europe and the Nazi's also was a key element in his success here. He appreciated the freedom to be himself and work hard to do well and help others to do well. I highly recommend!

I enjoyed reading Rohatyn's book. I related totally to his experience as a young man, escaping from his native country and finding a new life of hope and success in America. in my book, A Middle East American, I tell the story of an Egyptian Christian who also had to leave, suddenly, everything he loved, and travel toward a destination culturally unknown to him. I lived that adventure. I found Rohatyn's book riveting at its beginnings, and lesser so toward its end. He provides very few details on how he actually saved New York City from bankruptcy, but his personal journey is an inspiration to any immigrant who doubts whether he can succeed in America. Also, I would have loved Rohatyn to dwell more on his life as an American Ambassador in Paris. Overall, a great success story!