The economic downturn and the near-collapse of Wall Street last year may have dissuaded any banking and finance publication from naming their best for the annual “best of” edition. Despite the rubble that was left in the aftermath, the Investment Dealers’ Digest was still able to dig out institutions that are worth the title.

Bob Diamond, Barclays Capital’s Chief Executive Officer, was recognized as the Best Banker of the Year for his methodical takeover over of the Lehman Brothers’ ventures and assets in the United States. The Bank of the Year honors went to Lazard. Amidst the chaos in the financial and banking sector, Lazard weathered out the storm and came out almost unscathed.

In an interview, Diamond revealed that he was already contemplating on taking Lehman Brothers since May 2008. He already talked to his board of directors about a potential Lehman takeover, but waited for a few months before buying Lehman Brothers out. However, Barclays Capital did not cash in billions of dollars to the table; negotiations stalled them so much that eventually, Lehman Brothers ran out of options and was forced to file for bankruptcy.

Diamond was on his way to Smith & Wollensky’s restaurant to buy a steak when he got a call from Bart McDade, Lehman’s chief operating officer at that time. McDade offered Lehman’s United States-based broker-dealer operations, which was a part of the bankruptcy filing. Diamond jumped on the deal.

The case was different for Lazard. During the tumultuous times in the finance and banking industry, Lazard had its own problems as its shares plunged when its stock price nosedived. Led by Bruce Wasserstein, the 160 year-old firm won the recognition because of the investment bank’s “risk-averse model and its intellectual capital,” as the publication puts it.

Lazard was able to withstand the crisis mainly because its rival companies no longer exist. Even with a year like 2008, Lazard was able to figure itself in major deals such as InBev’s team up with Anheuser-Busch, the buyout of Bear Sterns by JPMorgan, Gaz de Fance’s merger with Suez, the $9 billion investment of Mitsubishi UFJ Financial Group in Morgan Stanley, and Ingersoll-Rand’s buyout of Trane.

Lazard also had its hands full advising major business organizations on reconstruction. It has provided business counsel for Tribune, Lehman, Pilgrim’s Pride, Fannie Mae, WCI, Tropicana, and even the United Auto Workers, in relation with Delphi’s bankruptcy.

The Investment Dealer Digest is a finance and banking magazine published weekly. The publication focuses on providing information and essential news on Wall Street that are useful to bankers to help them map out their business strategies and make productive business decisions.

The Investment Dealer Digest’s blend of hard-hitting cover articles, insightful stories, and its comprehensive and highly regarded league tables have reaped IDD its title as the “Bible” of Wall Street.

Related Sources:

Head of Barclays Capital Bob Diamond in US to lead Lehman bid.

The Mail Online held an interview with Bob Diamond.

Barclays buys core Lehman assets.

The European Equity report for Lazard.

Forbes profile for Lazard CEO Bruce Wasserstein.

Times Online profiles Bruce Wasserstein’s Time Warner deal.

The Harvard Business Review interview of Bruce Wasserstein.

On Nov. 06, 2008, International Business Times reported that Rep. Rahm Emanuel has accepted President-elect Barack Obama’s offer to be his White House Chief-of-Staff. Obama’s selection of Emanuel was the first major decision he made in public after being elected as president.

Rahm Emanuel made his decision after weighing important issues like public service and what he wanted to do as a parent. He also revealed that he has taken it upon himself to devote his life to public service. Rahm Emanuel also believes his knowledge about the White House is one of the reasons why President-elect Obama chose him.

Born on November 29, 1959 in Chicago, Illinois, Rahm Emanuel graduated from Sarah Lawrence College in 1981 and received his master’s degree in speech and communication in 1985 from Northwestern University. As an undergraduate, Emanuel worked for the congressional campaign of Chicago’s David Robinson.

Rahm Emanuel is notable for his “take-no-prisoners attitude” so much so that some people have taken to calling him “Rahm-bo”.

The new chief-of-staff’s political career began with an organization called Illinois Public Action. Then in 1984, he joined Paul Simon’s campaign for a seat in the U.S. senate. In 1988, he became the national campaign director for the Democratic Congressional Campaign Committee (DCCC). The following year, he played an important role – as senior advisor and chief fundraiser – for the victorious mayoral campaign of Richard M. Daley.

Rahm Emanuel’s vast knowledge about fundraising; including the identification of the country’s top donors as well as potential donors within the Jewish community. He helped Bill Clinton’s presidential primary campaign raise a whopping $72 million.

When Clinton assumed the presidency, Rahm Emanuel became the senior advisor to the president; a role which he diligently played from 1993 to 1998.

In 1988, Rahm Emanuel resigned from his White House post and took on the job of an investment banker at Wasserstein Perella (presently known as Dresdner Kleinwort).

Prior to running for congress, Rahm Emanuel was one of the Board of Directors for the Federal Home Loan Mortgage Corporation, or Freddie Mac. Rahm Emanuel is the Democratic Caucus Chairman of the United States House of Representatives.