Daniel Convissor's Website
But the Board wasn't aware of one aspect of the deal: it had been told that the Sanitation Department had drafted a service agreement that guaranteed the delivery of a certain amount of highly flammable garbage to the incinerator every day for 20 years, but that amount was 3,000 tons a day. [Total garbage generated in NYC = 27,000 tons per day. Paper = 9,200 tons per day. Plastic = 2,700 tons per day (Daily News 22 April 1990).] The agreement also called for unspecified penalties against the city if it failed to provide the amount or quantity of garbage agreed upon....
[Koch asked] his Corporation Counsel to investigate the possibilty that the Navy Yard deal was tainted.... Investigating attorneys found that "Steisel probably attended one" of the meetings where the role of Lazard in the underwriting syndicate was discussed. It was during that meeting, on November 6, that Deputy Sanitation Commissioner Casowitz, "supported by Steisel, ured [Koch and his Deputy Mayors] to acquiesce in Signal's determination that the syndicate inclue Lazard as a lead underwriter, and presented arguments to that conclusion."...
The next day, November 7, according to the report, Steisel lunched with DelGiudice and Tamagni, first partner in Lazard's municipal finance group. On December 10, Steisel and DelGuidice set up an appointment to discuss job opportunities.... On December 30, Stesel visited Lazard to meet with the remaining partners in the municipal finance group. The very next day... Stesel signed an incinerator contract that guaranteed Lazard a full senior underwriter's cut of the approximately $30 million in commissions. On January 10, 1986, DelGiudice tendered Lazard's job offer. Steisel accepted...
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Last updated: 4 April 1999