Wasserstein’s pay in 2007 was $41 million—more than a quarter of the firm’s full-year profit. Last year, Wasserstein also received a new five-year deal worth about another $100 million. In contrast, CEOs at Lehman Brothers, Goldman Sachs, JP Morgan Chase, and Morgan Stanley received 1% or less of their firms’ profits. In a September 8, 2007 analyst report, S&P noted: "We see continued growth in advisory revenue in 2007, but think [Lazard}will need to limit compensation growth in order to improve operating margins."

"We plan to directly address questions to Chairman Wasserstein and all board members who are present regarding the potential risks to the company that are posed both by Lazard’s widely-criticized executive compensation practices, and by the growing dispute at the Lazard-affiliated company, Atria Senior Living," wrote Deepak Pateriya of the SEIU Capital Stewardship Program in a letter to the Lazard Board.

Protesters also traveled to Bermuda for the annual shareholder conference, demanding 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. Elderly residents who live at Atria facilities pay exorbitant fees – as much as $8,000 a month – but many suffer from medication errors, short-staffing, and other serious care problems. Average pay for Atria workers is $8-$10 an hour, and workers report that the costs of company-offered healthcare puts it well beyond their reach.

Last week, 150 workers signed and delivered a petition, demanding better pay and treatment at Atria facilities around the country. Workers also condemned Wasserstein for his multi-million-dollar payday last year while knowing about poor conditions at some Atria facilities and poverty wages for the company’s employees. The National Labor Relations Board has issued a complaint against Atria for threatening to discipline, discharge, or take wage increases away from workers because of their support for forming a union. Also, Atria is under investigation for discrimination against workers based on their national origin.