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Tuesdays With Orszag

News and notes on the Trump II economy—whether the tariffs can actually work, America’s role as world leader, the current market volatility—in a conversation with Lazard’s C.E.O. Peter Orszag and co-head of European investment banking Jean-Louis Girodolle.

Peter Orszag
The 90-day “pause,” said Peter, has given the administration an opportunity to “cool the temperature” around tariffs, and powerful corporate leaders, many of whom supported Trump’s reelection, an opportunity to express to the president their hopes for either a “course correction” or a “clarification” of the policy. Photo: Chris Ratcliffe/Bloomberg/Getty Images
William D. Cohan
April 30, 2025

I’ve been in Paris for the past week, and so I decided to pay a visit to my old stomping grounds, Lazard, the Grand Dame of French high finance. In particular, I wanted to check in with Jean-Louis Girodolle, the C.E.O. of Lazard’s investment banking group in France and the co-head of its investment banking group in Europe. I had never met Girodolle before—after holding several finance-related posts in the French government, he came to Lazard in 2007, 12 years after I left—but he was cordial and talkative, and very French.