Starting his career as an attorney at
Cravath, Swaine & Moore, Wasserstein then moved to
First Boston Corp. in 1977 and eventually rose to co-head of that company's then-dominant
merger and acquisition practice. In 1988, with colleague
Joseph Perella, he left First Boston to form
investment bank boutique
Wasserstein Perella & Co., which he sold in 2000, at the top of the
late 1990s bull market, to Germany's
Dresdner Bank for around $1.4 billion in stock. In 2002, he left the unit
Dresdner Kleinwort Wasserstein (formed by merging Dresdner's United Kingdom unit
Kleinwort Benson with Wasserstein Perella) to become head of the financial services firm
Lazard. In 2005, he led the
initial public offering of Lazard and became the public firm's first chairman and CEO. Wasserstein controlled Wasserstein & Co., a
private equity firm with investments in a number of industries, particularly media. In 2004, he added
New York Magazine to his media empire. In July 2007, he sold
American Lawyer Media to
Incisive Media for about $630 million in cash. He was credited with the term "
Pac-Man defense", which is used by targeted companies during a
hostile takeover attempt. ==Philanthropy==