Sunday, November 13, 2022

Orszag's Lazard Advisory on Masar

The Saudi Public Investment Fund, headed by Crown Prince Mohammed bin Salman, hired Lazard for a possible IPO.

Saudi Arabia's Public Investment Fund (PIF) is working with Lazard on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca.
A former Obama White House official heads a key part of Lazard and joined the firm as Vice Chairman of Investment Banking.

Peter R. Orszag is CEO of Financial Advisory at Lazard, leading the firm’s advisory businesses that serve companies and governments across the globe. 
One of those advisories deals with global politics.

Lazard Geopolitical Advisory will help corporate leaders assess risks and opportunities in the constantly evolving geopolitical environment. 

Lazard Geopolitical Advisory will combine some of the world’s most experienced geopolitical minds with Lazard’s unmatched business expertise. 

It will be a highly bespoke offering built to provide strategic insights on relevant geopolitical trends – advising clients on risks, opportunities, and how key developments may translate into business impact.  

The geopolitical environment has been made more complex by a ruthless Saudi Crown Prince.  Corporate leaders have been all too willing to set aside the murder of WaPo journalist Jamaal Khashoggi.

Recent moves by the Crown Prince to embarrass President Biden were followed by a few quiet concessions.  What role did Peter Orszag have softening the harsh environment?

Last month Lazard hired another former Obama advisor in its Geopolitical Advisory.

Lazard announced today that Jami Miscik has joined the firm as a Senior Advisor, effective immediately.
Miscik served as Global Head of Sovereign Risk for Lehman Brothers when it imploded in September.  

Orszag's journalist wife is Senior Global Affairs analyst with CNN.  He, of all people, should have numerous reasons for not dealing with the Saudi regime.   

Service to greed and power are reasons to work with the Saudi Crown Prince. Those generally end badly for the ones doing the servicing.

Update 12-6-22:   The U.S. court case against the Crown Prince was dismissed under the guise of sovereign immunity, something the Prince did not have at the time of the execution.  The judge said his hands were tied by the Biden administration's recommendation to the court.  Thugs win.

Update 2-17-23:   Lazard knew about a $60 million bribery scheme involving Ohio electricity provider First Energy Solutions and Ohio Now which is associated with Ohio House Speaker Larry Householder.

Update 3-22-23:  Lazard is advising First Republic Bank in the midst of the current banking crisis.