Article by Yvette Kantrow. Synopsis by Creative Investment Research. Copyright, 1995.

W.R. Lazard is the largest black-owned asset management, investment banking and brokerage firm in the country. The founder of the firm, Mr. Wardell Lazard, died of an apparent drug overdose on May 11, 1994. The article discusses the firm's struggle to survive.

The practice of buying business by making political contributions to municipal officials is a longstanding practice of dubious ethical value. In addition, most municipal markets issuers - typically state and local governments - have affirmative action set aside programs. Both of these business practices in the municipal bond market are under review.

In this changing environment, the death of the founder of the largest Black-owned investment banking and brokerage firm could not have come at a worse time. The fact that the death occurred under suspicious circumstances did not help.

Our research, noted in the article, indicates there are dozens of small, struggling minority-owned firms. We recommended these firms form some type of alliance.