Why is Steve Heyer still on Lazard's board?

Last month, Starwood Hotels & Resorts, Inc. (NYSE: HOT) booted CEO Steve Heyer from his CEO spot for alleged sexual harassment [subscription required]. But that doesn't bother reported ladies man, Bruce Wasserstein, CEO of Lazard Ltd. (NYSE: LAZ) on whose board Heyer still sits.

In February, HOT's board received a letter detailing 10 instances of Heyer's creation of a hostile work environment. For example, on at least one occasion Heyer made "inappropriate physical contact" with a female employee outside a restaurant bathroom. A subsequent investigation uncovered emails and text messages between Heyer, who is married, and a young, unmarried female employee. The messages were sent at times outside normal business hours and were "of a suggestive nature." Heyer "doesn't recall" the messages.

Lazard, on whose board Heyer still serves, doesn't mind. That could be because, according to my brother's book The Last Tycoons, Bruce Wasserstein has engaged in some extra-marital shenanigans of his own. For example, on page 570, the book describes how Wasserstein -- in the midst of divorcing his second wife, Chris -- carried on an affair with Lorinda Ash, a "lithe, dirty blond beauty" who then worked for art dealer, Larry Gagosian.