Lazard Freres

Frank Altschul

Mary Lasker was a correspondent of Frank Altschul under both the names Lasker and Reinhardt. Altschul was a senior partner of Lazard Freres, and a key member of the Council on Foreign Relations from 1934 to 1972, including its Secretary from 1944 and Vice President from 1951 to 1971. His sister, Edith Altschul Lehman, was married to New York Governor Herbert H. Lehman. Their son, John Robert Lehman, was managing director of Lehman Brothers. (Edith Lehman, Philanthropist, Is Dead. By Albin Krebs. New York Times, Mar. 9, 1976.) Another sister, Hilda, was the wife of Dr. Arthur Master, a former president of the New York County Medical Society. Mrs. Charles Altschul. New York Times, Jun. 7, 1952.)

Frank Altschul Papers / Columbia University

Altschul was the first president of General American Investors Company, Inc. when it was established in 1927, and later its Chairman from 1948 to 1961. The current Chairman is Lawrence B. Buttenweiser of Rosenman & Colin, Samuel I. Rosenman's law firm. Directors include Sidney R. Knafel, owner of big government contractor BioReliance; and Raymond Troubh, the "corporate governance maven" sent to Enron Corp. William O. Baker of Bell Laboratories and William T. Golden, longtime treasurer of the American Association for the Advancement of Science, are directors emeritus.

Frank Altschul ran Lazard Freres in New York. His father, Charles Altschul, had been the eighth employee hired by Lazard in San Francisco. Andre Meyer, an employee of Lazard Paris, arrived in New York as a refugee in 1940, and two years later he was joined by Pierre David-Weill, whose family were the sole blood relations of the founders and who owned the firm. Meyer and David-Weill kicked out Frank Altschul in 1943, but let him have General American Investors as a going-away present. In 1944, Meyer enlisted George Murnane, who had been a partner of Jean Monnet, as his connection to people in high places. Meyer ran the firm the way its French parent had been run: "a very private, very elite house whose customers were corporations, financial institutions, and a few wealthy friends of the proprietor." (Financier, by Carrie Reich. William Morrow & Co., 1985.)

Wall Street Personalities / (pdf, 56pp)

Frank Altschul was a member of the Committee of One Hundred of the Beekman Hospital fund drive, along with Guaranty Trust directors Eugene W. Stetson, Clarence H. Mackay, and Charles H. Sabin, who was Treasurer; and William V. Griffin of Time Inc. Howard Cullman was its President. (Beekman Hospital Fund Drive Begins. New York Times, Apr. 15, 1925.) (Altschul was elected a director of the American International Corporation in 1927 (American International's Board. New York Times, Apr. 7, 1927; Display Ad 127. New York Times, Jun. 21, 1929 p. 33). He was a contributor to Mt. Sinai Hospital's fund raising drive, to which James Speyer was a major contributor (Speyer Gives $150,000. New York Times, Jan. 10, 1929.) Altschul was a trustee of the Equitable Trust Company, which subsequently merged with the Chase National Bank, of which he became a director. (The Equitable Trust Co. New York Times, Apr. 2, 1930; Long Records Back New Bank Heads. New York Times, Nov. 19, 1930.) Mrs. Frank C. Altschul was one of the illustrious boxholders for Edward L. Bernays' famous Green Ball in 1934. Frank Altschul's son Charles, Yale 1935, was killed in a plane crash the next year. (New Yorkers Are Victims. New York Times, Jan. 16, 1936; Bulletin of Yale University, Obituary Record of Graduates of Yale University Deceased during the Year 1935-1936, p. 127.) Another son, Arthur G. Altschul, was Chairman of the Board of General American Investors and a limited partner of Goldman, Sachs. (Frank Altschul, A Banker and Noted Philanthropist. By Albin Krebs. New York Times, May 30, 1981.)

Yale Obituary Record 1935-1936 / Yale University Library (pdf, 278 pp)

Charles Altschul

Charles Altschul (1857-1927), Frank Altschul's father, was born in London. He moved to San Francisco in 1877, where he joined the staff of Lazard Freres. He became manager of the London, Paris, and American Bank in 1895, and was elected President of the American Bankers' Association in 1900. He resigned from both positions in 1900 to become a partner of Lazard Freres in New York, and retired from business in 1916. (Charles Altschul, Retired Banker, Dies. New York Times, Apr. 28, 1927.) In 1897, he was appointed to a commission "to forumulate a plan for currency reforms" by the Finance Committee of the Executive Committee of the Monetary Convention at Saratoga, whose three members consisted of Alexander E. Orr of the Guaranty Trust; John J. Mitchell of Chicago, and G.S. Hanson of Macon, Georgia. (Work of Sound Money Men. New York Times, Aug. 27, 1897.) In 1901, Eugene Arnstein, Eugene Meyer and George Blumenthal withdrew from Lazard - NY, and Charles Altschul and E.L. Rieser replaced them. (Lazard Freres to Reorganize. New York Times, Jun. 13, 1901; Display Ad 7. New York Times, Jul. 3, 1901 p. 9.) Charles Altschul and Frederic Wm. Scott of Scott & Stringfellow, later director of General American Investors, were directors of the Central of Georgia Railway, whose bonds were deposited with the Central Trust. (Display Ad 24. Atlanta Constitution Sep. 16, 1907 p. 10.) In 1909, Charles Altschul was named as a possible director following the merger of the Phenix with the Fidelity Fire Insurance Company, of which Central Trust trustee Henry Evans was president, and in 1916, he was on the board of the Fidelity-Phenix, along with Evans and Dudley Olcott 2d of the Central Trust, and Eugene Meyer Jr. (Phenix In Merger With the Fidelity. New York Times, Dec. 23, 1909; Display Ad 9. New York Times, Jan. 24, 1916 p. 6.) In 1910, he was an incorporator of the Fire Companies Building Corporation, along with Evans and James N. Wallace of the Central Trust. (In the Real Estate Field. New York Times, May 13, 1910.) George Blumenthal was a director of Evans's Continental (Fire) Insurance Company from at least 1907 to 1917.

Marc Eugene Meyer

Marc Eugene Meyer was the father of Eugene Meyer Jr. Eugene Meyer, the Bush family and Brown Brothers Harriman, and the Guggenheims formed the elite network which rules the country today. (Can We Handle the Truth? By Linda Minor. Part Two: Who Created Condi Rice? June 16, 2004.) Note that Rothschild conspiracy theories ignore the role of William C. Potter and the Guggenheims in the Guaranty Trust - cast.

Can We Handle the Truth? / Sanders Research Associates

Andre Meyer

When Mary and Albert Lasker were married, "His business affairs interested her keenly, and on every level she was helpful. She introduced him to... Andre Meyer, a leading partner in Lazard Freres, who presently took over his private financial affairs." In 1947, Gunther "spent a weekend with the Laskers at Andre Meyer's summer house in Tarrytown; the other guests were [William] Donovan and Norman K. Winston." Rosita Winston had been eating with Mary at Twenty-One when she and Albert were introduced by Donovan. Meyer was also an advisor to the Kennedys, William Paley of CBS, and Katherine Graham of the Washington Post. James S. Adams of Lazard Freres was another intimate in the Lasker circle; he was involved in the takeover of the ASCC. (From: Taken at the Flood. The Story of Albert D. Lasker. By John Gunther. Harper & Borthers, 1960.) Meyer was a trustee of the Sloan-Kettering Cancer Institute in 1968. (Report of the Sloan-Kettering Institute for Cancer Research, 1968, pp. 36-37.)

Report of the Sloan-Kettering Institute for Cancer Research, 1968 / UCSF (pdf, 65 pp)

Dean Langmuir

Langmuir graduated from Williams College in 1910; became an accountant for the New York Public Service Commission from 1912-16, then "during the next five years was engaged in field investigations for various banking interests." He was with the Equitable Trust from 1922-26; in charge of research for Stevens, Scudder & Clark, 1926-28; with Lazard Freres, 1929-30; and vice president in charge of research for the Distributors Group Inc. from 1930-33, when he established his own business. He was a major in the Army Signal Corps in World War I, and was also with the Bureau of Aircraft Production. He was a treasurer and trustee of the New School for Social Research, 1929-39. (Dean Langmuir, 63, Investment Man. New York Times, Jan. 9, 1950.) He was a brother of Dr. Irving Langmuir, who won the 1932 Nobel Prize in Chemistry; Charles H. Langmuir, Vice President of the New York Life Insurance Company; and chemist A.C. Langmuir. (Dr. Langmuir Sails to Get Nobel Prize. New York Times, Nov. 30, 1932.)

Distributors Group Inc. was a fixed investment fund, founded in 1929 by Thomas F. Lee of Lee, Higginson & Co., with the Guaranty Trust Company as trustee. William M. Spencer was a director. It brokered the sale of United Cigar Stores in 1935, and in 1956 put a director on the board of P. Lorillard Co.

Dr. Alexander Duncan Langmuir (1910-1993): "Alexander D. Langmuir was born in Santa Monica, California. He received his A.B. in 1931 from Harvard, his M.D. in 1935 from Cornell University Medical College, and his M.P.H. in 1940 from the Johns Hopkins University School of Hygiene and Public Health. After serving as a public health officer in New York and as an epidemiologist with the U. S. Army from 1942 to 1946, Langmuir returned to Johns Hopkins to become associate professor of epidemiology in the school of medicine. In 1949, he became director of the epidemiology branch of the National Communicable Disease Center in Atlanta, a position he held for over 20 years. He wrote extensively on all phases of epidemiology on a global basis and was recognized internationally as a leading contributor in epidemiology. Langmuir was a visiting professor at the Johns Hopkins University School of Hygiene and Public Health from 1988 until his death in 1993." (The Alexander D. Langmuir Collection. Alan Mason Chesney Medical Archives, Johns Hopkins Medical Institutions.) He was a nephew of Dr. Irving Langmuir et al. "Dr. Langmuir married twice. His first wife was the former Sara Ann Harper. His second was Dr. Leona Baumgartner, a former Commissioner of Health in New York City." (Alexander Langmuir Dies at 83; Helped Start U.S. Disease Centers. By Lawrence K. Altman. New York Times, Nov. 24, 1993.) Dr. and Mrs. Alexander D. Langmuir made a special contribution to furnish the new offices of John Banzhaf's group, Action on Smoking and Health. (ASH Newsletter, 1980 Nov-Dec., p. 18.)

ASH Newsletter, 1980 Nov-Dec. / UCSF (pdf, 27 pp)

James S. Adams

James S. Adams (1897-1976) was born in Indiana and graduated from Indiana University circa 1921. He was an assistant to the president of the Johns-Manville Corporation (which had a plant in Richmond, Ind.), and later, after J.P. Morgan bought control, a director of its International unit. (New Johns-Manville Unit. New York Times, Sep. 23, 1929 p. 55; James S. Adams, Industrialist, 78. New York Times, Jul. 3, 1976.) The Bankers Trust Company became the administrator of its founder's estate in 1930.

Circa 1934, Adams joined the Benton & Bowles advertising firm, and handled its accounts for Eastern Airlines and Colgate-Palmolive-Peet. In 1939, he was involved in President Roosevelt's fund drive for polio ($1,329,100 Raised In Paralysis Drive. New York Times, Aug. 11, 1939). In 1940, he was elected executive vice president and a director of Colgate-Palmolive-Peet. (Colgate-Palmolive-Peet Elects A Vice President. New York Times, Jan. 12, 1940; Promoted By Colgate. New York Times, Oct. 18, 1940.) Mrs. Russell Colgate donated to the American Society for the Control of Cancer in 1926; and her brother-in-law, Sidney Morse Colgate, Scroll & Key 1885, the late chairman of Colgate-Palmolive-Peet, was the father-in-law of Dr. Howard C. Taylor Jr., the son of a founder of the ASCC. (Sidney M. Colgate, Capitalist, Dies. New York Times, Nov. 11, 1930.) Colgate's Yale ancestors go back to Rev. Jedediah Morse, B.A. 1783. (Bulletin of Yale University, Obituary Record of Graduates of Yale University Deceased during the Year 1930-1931, pp. 80-81.)

Yale Obituary Record 1930-1931 / Yale University Library (pdf, 345 pp)

For a few months in 1941, he presided over both the automotive and truck subcommittees of the US Office of Production Management, in which Paul Hoffman represented the Studebaker Corporation. (Auto Committee of 11 Named to Assist OPM. New York Times, Jul. 10, 1941.) He left the OPM in September, and was elected president and CEO of Standard Brands in December. He introduced three Vitamin B products into its line. (Standard Brands Makes Promotions. New York Times, Dec. 17, 1942.)

Adams was a member of the group that took over the American Society for the Control of Cancer in 1944, and renamed it the American Cancer Society. The group included Albert and Mary Lasker; Elmer H. Bobst; Eric Johnston; Emerson Foote; Howard Pew of Sun Oil; Ralph Reed of American Express; Harry Van Elm of Manufacturers Trust Co.; newspaper heiress Florence Mahoney; and Gen. William J. Donovan, director of the US government intelligence agency, the OSS, which evolved into the CIA. (Unraveling the Politics of Cancer, by Ralph W. Moss. New York, Paragon House, 1989).

In 1944-5, Adams headed the fund drive of the United Hospital Fund, and in 1945 was elected to its board of directors. These included Roy E. Larsen, the president of Time, Inc.; Bayard F. Pope, who was elected to the board of directors of Benson & Hedges in 1953, which merged with Philip Morris later that year; and T.J. Ross, who was Secretary of the American Health Foundation at its founding in 1969. J. Stewart Baker was chairman of the fund both years. (Adams Heads Hospitals Drive. New York Times, Sep. 8, 1944; Baker Again Heads City's Fund Drive. New York Times, Feb. 16, 1945.) Adams was on the board of directors in 1947. (United Hospital Fund Brought In $1,756,191. New York Times, Mar. 12, 1947.)

In 1946, Adams was a sponsor of the New York Heart Association fund raising campaign. Other sponsors included W. Averell Harriman; Mrs. William Randolph Hearst, Sr.; Mrs. Albert D. Lasker; Harold L. Bache, the nephew of Jules S. Bache; Leona Baumgartner; Devereux C. Josephs; Ralph T. Reed; Frank Stanton; and Thomas J. Watson Sr. Hugh Cullman and Emerson Foote were chairmen of Commerce and Industry committees. (Display Ad 46. New York Times, Jan. 31, 1946 p. 12.)

Adams directed the New York City Cancer Committee campaign in 1946. The general campaign chairman was Gen. John Reed Kilpatrick. Members of the advisory committee were Sidney J. Weinberg, president of Goldman, Sachs & Co.; Maj. Gen. William J. Donovan, of the law firm Donovan, Leisure, Newton & Lumbard; Eugene W. Stetson, chairman of the board of the Guaranty Trust Company; and Stanton Griffis, chairman of the executive committee of Paramount Pictures. (Named to Head Division in Cancer Fund Campaign. New York Times, Mar. 11, 1946.) Kilpatrick, Donovan, Adams, and Weinberg were elected to the board of directors. (Cancer Unit Elects Directors. New York Times, May 27, 1946.) Adams, Kilpatrick, Mrs. Bayard Dominick, Mrs. Bernard F. Gimbel, Mrs. Grayson M.-P. Murphy, Maj. Gen. and Mrs. Julius Ochs Adler, and Emerson Foote sponsored a benefit by the US Army Ground Forces Symphonic Band (Cancer Unit To Be Aided. New York Times, Sep. 27, 1949.)

Adams was chairman of the executive committee of the American Cancer Society in 1947. Eric Johnston, was chairman of the board of directors; Elmer H. Bobst was national campaign chairman; and Dr. A.W. Oughterson was scientific and medical director. (Cancer Fund Drive Will Begin Today. New York Times, Apr. 1, 1947) Cardinal Spellman pronounced the invocation. (Cancer Drive is On; $12,000,000 Sought. New York Times, Apr. 2, 1947.) In October, with profits slumping, Standard Brands put him out to pasture as board chairman (Standard Brands Names Board Chairman; Quarterly Net Equal to 43 Cents a Share. New York Times, Oct. 25, 1947). In November, Adams announced that he was retiring from Standard Brands and joining Lazard Freres as a general partner. (J.S. Adams to Join Lazard Freres. New York Times, Nov. 12, 1947.) Adams was a trustee of Indiana University in 1948. ($38,000 Given for 1940 Willkie Campaign To Go to His University for Scholarships. New York Times, Feb. 18, 1948.)

Directors of the New York City Cancer Committee of the American Cancer Society in 1952 included James S. Adams of Lazard Freres, William J. Donovan, W. Alton Jones, Paul U. Kellogg, and Alfred P. Sloan Jr. Mrs. Edward F. Hutton was Vice President. S. Sloan Colt, President of the Bankers Trust Company, was treasurer. (Letter, Robert A. Loberfeld of N.Y.C. Cancer Committee to Dr. Willard F. Greenwald, Medical Director of Philip Morris Co., Feb. 18, 1952.)

New York City Cancer Committee, 1952 / UCSF (pdf, 2 pp)

In 1954, as vice chairman of the American Cancer Society's board of directors, Adams called for a 'smoking parley.' "'The American Cancer Society should not be the only one in the smoking controversy,' Mr. Adams declared. The new evidence about smoking, he said, suggests that health problems involving the heart and arteries are even more pressing than are the more publicized findings linking smoking and lung cancer." The board unanimously approved resolutions offered by Dr. George V. Brindley of the University of Texas Post-Graduate School of Medicine "without substantial discussion or dissension." (Cancer Unit Asks A Smoking Parley. New York Times, Oct. 23, 1954.)

When things had settled down after the 1953 CIA coup in Iran, Adams and Robert H. Craft, president of the Chase International Corporation, were dispatched to establish an investment bank in Iran. Richard H. Demuth and Harold O. Folk of the International Bank for Reconstruction and Development were associated with the mission. (Private U.S. Group to Help Iran in Attracting Foreign Capital. New York Times, Jan. 23, 1958.) Felix G. Rohatyn of Lazard Freres and New York lawyer Nathan Greene were also members of the mission. (New Bank Proposed To Aid Development Of Iranian Industry. New York Times, Mar. 2, 1959.) The coup was engineered by Harold F. Linder, the president of General American Investors from 1948 to 1955.

In 1958, Adams was a member of New York City Mayor Wagner's new Health Research Council. Other members included Dr. Leona Baumgartner, Commissioner, Department of Health; Devereux C. Josephs, chairman of the board of the New York Life Insurance Company and a director of the Morgan Guaranty Trust; Dr. Mervin J. Kelly, president of Bell Telephone Laboratories; Mrs. Mary Lasker, president of the Albert and Mary Lasker Foundation; Dr. Robert K. Merton, Professor of Sociology at Columbia University; Gerard Piel, publisher of Scientific American; Anna M. Rosenberg, public and industrial relations consultant, Anna M. Rosenberg Associates (who married Paul G. Hoffman a few years later); Dr. Warren Weaver, vice president of the Rockefeller Foundation; and Bethuel M. Webster, counsel to the Liggett & Myers Tobacco Company. (New City Research Agency To Finance Health Studies. By Peter Kihss. New York Times, Sep. 17, 1958 p. 1; Members of Health Council. New York Times, Sep. 17, 1958 p. 22.)

In 1957, Adams called for new federal legislation to require that food additive be proved safe [sic] before they can be added to food. (Food Tests Urged By Cancer Society. New York Times, Jul. 30, 1957.) According to Adams, the American Cancer Society provided about $12,500,000 for cancer research, and the government $75,000,000. (However, Mary Lasker and the ACS effectively controlled the latter as well.) Walter J. Kohler, chairman of the board of directors, asked if more money couldn't go for research. Lowell T. Coggeshall, president of the ACS, said that private support of medical research had decreased from 27% to 10% of the total. (Rise In Research on Cancer Asked. New York Times, Oct. 23, 1958.) Adams, Elmer H. Bobst, Charles Dewey Hilles Jr., and Mrs. Albert D. Lasker, Mrs. Edward F. Hutton, Bernard F. Gimbel, and Stanton Griffis were patrons of a benefit for the New York City Cancer Committee of the ACS. Gen John Reed Kilpatrick was chairman of the Committee, the dinner and the premiere. (Cancer Society Will Be Assisted At Fete Dec. 12. New York Times, Nov. 9, 1958.) In 1960, Adams was a director of Research to Prevent Blindness, Inc., along with Mrs. Albert D. Lasker and Mefford E. Runyon, formerly of the ACS, as executive director; and Dr. C.J. Van Slyke, former deputy director of the National Institutes of Health, as its scientific director. The organization made eleven $5,000 grants in its first four months, and expected to dispense $500,000 or more annually. (New Agency Aids Blindness Study. New York Times, Jun. 5, 1960.) In 1964, Adams was elected to the board of directors of the Canada Dry Corporation, along with Norton E. Simon. Lazard Freres was the financial advisor to Canada Dry. (Canada Dry Changes Its Stand; Adds Hunt Foods Men to Board; A Correction. New York Times, Aug. 26, 1964.) "A general partner in the investment firm of Lazard Freres & Company from 1948 until his retirement in 1975, Mr. Adams was president at the time of his death of Research to Prevent Blindness, a nonprofit, voluntary foundation foundation he helped organize in 1960" (James S. Adams, Industrialist, 78. New York Times, Jul. 3, 1976.)

Mark R. Norman

Norman was a managing director of Lazard Brothers, the affiliate in London. He was the chairman of Gallaher Ltd., and a director of American Brands, parent company of American Tobacco, from 1970 to 1975.

F.J. Pizzitola

Pizzitola was a general partner of Lazard Freres, and a director of Grand Metropolitan in 1982 through 1984. Grand Metropolitan owned the Liggett Group and the Liggett & Myers Tobacco Company, and the Pinkerton Tobacco Company.

Grand Metropolitan Annual Report 1982 / UCSF (pdf, 49 pp)
Grand Metropolitan Annual Report 1984 / UCSF (pdf, 57 pp)

Lester Pollack

Pollack joined Loew's Corporation as general counsel in 1965. In 1968 Loew's acquired the Lorillard Tobacco Co. Pollack was a general partner of Lazard Freres since 1986. In 1987, he headed Lazard's $2 billion dollar counter-takeover fund, Crossroads Partners. (Lazard Building A Fund for Takeover Defenses. New York Times, Aug. 28, 1987.) He was manager of Lazard's Corporate Partners Fund, which bailed out First Bank System Inc. of Minneapolis in 1988. (One Bank's Way of Raising Capital. By Michael Quint. New York Times, June 21, 1990.)

Felix Rohatyn

Rohatyn handled the investments of Peter G. Peterson in a blind trust while Peterson was Secretary of Commerce. He was also a director of I.T.T. and Pfizer. (The Lazard Freres Style. New York Times, May 28, 1972.)

Rohatyn and Ira Harris (also of Lazard Freres) were advisors to the RJ Reynolds special committee of outside directors concerning its buy-out. (RJR Board Asserts Independence In Buy-Out Decisions. By J. Helyar et al. Wall Street Journal Nov. 9, 1988 p. A1. In: News Briefs. Awareness Bulletin Nov. 23 1988;18(18), Lorillard Tobacco.) Vernon Jordan joined Lazard after his service on the board of RJR.

Raymond S. Troubh

Raymond S. Troubh was an associate and then a general partner of Lazard Freres between 1961 and 1974; a director of Warner Communications from 1979 to 1990, and the Johns-Manville Corporation from 1988-95. He has been a director of General American Investors since 1989.

Joshua Gotbaum

Gotbaum worked in the Carter administration and was an analyst with Lazard, which handled RJR's leveraged buyout of Nabisco. "Gotbaum was a key decision maker in Clinton's $65 billion dolllar cigarette revenue proposal, and in how to spend the funds the proposal would generate. He also has been essential in analyzing the $516 billion McCain bill and whether it could actually put the tobacco companies into bankruptcy." (OMB Analyst Profiled. Scarc News, May 21, 1998.)

Stephen M. Wolf

Wolf was chairman and CEO of UAL Corporation and United Air Lines Inc. from 1987, became a director of Philip Morris in 1993, and a senior advisor to Lazard Freres in August 1994.


cast 01-15-10