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Exploitation of Residents at Wasserstein and Lazard-linked Senior Care Facilities Exposed
Lazard CEO Bruce Wasserstein comes under fire as healthcare workers’ union informs residents, families that Atria senior care facilities value private equity gain over safety measures
See the new video by Robert Greenwald's Brave New Films that exposes how Wasserstein and Lazard are gouging seniors:
Members of the Service Employees International Union (SEIU) launched an online campaign today to bring attention to ongoing safety concerns at leading assisted living provider Atria Senior Living, as well as the controversial business practices of its parent, Lazard Real Estate Partners, a private equity fund affiliated with Lazard Ltd. While costs have increased for Atria residents and some Lazard executives celebrate record compensation, problems with resident care persist. Beginning today, Web ads running on some of the world’s largest news sites will highlight Atria’s gouging of its elderly residents. View the ads online: web ad #1 and web ad #2. Read more
Major Union Questions Pennsylvania Pension Fund, Calls On PSERS to Protect Workers, Retirees
Eileen Connelly, Executive Director of the Service Employees International Union’s Pennsylvania State Council, today called on the Pennsylvania School Employees’ Retirement System (PSERS) to protect retiree pension dollars and workers’ rights by steering clear of an investment management firm affiliated with Lazard, Ltd., a troubled firm whose affiliates have lost money for PSERS annuitants and whose past is replete with union-busting and scandals. Read their letter and the press release.Atria Workers Criticize Lazard's Anti-Worker Policies and Poor Performance at Retirement Fund Hearing
As the Los Angeles Board of Deferred Compensation Administration held public hearing on controversial, underperforming investment company Lazard, worker and retiree advocates testified about the structure and underperformance of the Lazard Mid-Cap fund, with $11 million in city money, and about the anti-worker policies at Lazard affiliated companies at a meeting of the Los Angeles Board of Deferred Compensation Administration. More Protesters Challenge Lazard Execs at Annual Shareholder Meeting
Protesters traveled to Bermuda for Lazard Ltd.'s annual shareholder meeting, demanding that Lazard use its influence to get better pay for workers and better quality care at Atria, one of the country's largest senior living providers owned by a Lazard-affiliated private equity buyout fund.
They questioned CEO Bruce Wasserstein and members of Lazard's Board about the company's widely-criticized executive compensation practices, including a new compensation plan. Under the new plan, CEO Bruce Wasserstein is able to make up to $89.6 million for 2008, despite the company's losing over 30% of its stock value since May 2007. On the day of the shareholder meeting, Lazard announced that its first-quarter earnings dropped 71%.
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The Royal Gazette (Bermuda) news story, "Union plans protest at Lazard shareholder meeting today"
Financial Times news story, "Lazard's Profits Take Surprise Hit from Crunch"
The Royal Gazette (Bermuda) news story, "Protesters question Lazard Ltd. bosses about senior care homes"
Forbes article, "Lazard Loses, but Wasserstein Wins"
SEIU Encourages Pension Fund Leaders to "Steer Clear of Lazard"
Representatives from SEIU's Capital Stewardship program distributed materials about Lazard at the Council of Institutional Investors' Spring Meeting, as part of SEIU's ongoing effort to educate pension fund leaders and staff about Lazard's history of corruption, bad advice, and risky asset management practices.
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Workers, Residents’ Family Members Confront Lazard Execs Over Concerns at Atria Senior Living, Protest Outside NY Investor Meeting
Workers and family members of elderly residents at Atria Senior Living centers confronted private equity owner Lazard’s executives outside their annual meeting of buyout fund investors today, demanding better care and wages at hundreds of facilities across the country.
Atria—the third-largest assisted living provider in the United States and largest provider in New York—has come under fire recently for skyrocketing rent increases, reprimands from government agencies for poor health and labor practices, and a series of troubling incidents at facilities across the country. The protesters blamed Atria’s bad performance on Lazard’s greed—putting multi-million-dollar profits ahead of the needs of elderly residents and workers who have been under-trained and over-worked.
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Thinking of Hiring Lazard? Think Again.
Atria Senior Living: Lazard and Bruce Wasserstein are taking big chances with investors' money. Read more »
You're Fired! Read more about how, when and why Lazard was fired by some clients. »
More NEWS coverage of Lazard and Bruce Wasserstein. »
Bruce Wasserstein is OVERPAID.
Bruce Wasserstein is the chairman and chief executive officer of Lazard, Ltd. and Lazard Group.1 He a has significant ownership stake in Lazard Alternative Investments, which controls Atria Senior Living.
In 2007, Lazard paid Bruce Wasserstein $41 million. That means Bruce Wasserstein made $19,711 an hour last year.2 Not bad for a guy who reportedly does not run the firm on a day-to-day basis, right?3
Just since 2005, Wasserstein has received $466.2 million from Lazard, and Portfolio Magazine estimates that Wasserstein's net worth is "north of $2 billion."4
Read more about Bruce and His Billions »
Lazard Unveiled: Behind the Corporate Veil
Lazard uses the common Wall Street practice of creating complicated corporate structures that shield buyout firms from responsibility for their actions but retain a significant amount of control. "Ownership" of Atria Senior Living, one of the largest assisted living providers in the country, is a perfect example.
Read how Bruce Wasserstein and Lazard should take responsibility for fixing Atria Senior Living. »