King of Capital
The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
(Sprache: Englisch)
The story of Steve Schwarzman, Blackstone, and a financial revolution, King of Capital is the greatest untold success story on Wall Street.
In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed...
In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed...
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The story of Steve Schwarzman, Blackstone, and a financial revolution, King of Capital is the greatest untold success story on Wall Street.In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and 'barbarians at the gate' into disciplined, risk-conscious investors while the financial establishment-banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley-were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance.
Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity will drive the economy and provide a model for how financing will work in the years to come.
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CHAPTER 1 The Debutants
"More Rumors About His Party Than About His Deals, blared the front-page headline in the New York Times in late January 2007. It was a curtain-raiser for what was shaping up to be the social event of the season, if not the era. By then, the buzz had been building for weeks.
Stephen Schwarzman, cofounder of the Blackstone Group, the world s largest private equity rm, was about to turn sixty and was planning a fête. The nancier s lavish holiday parties were already well known in Manhattan s moneyed circles. One year Schwarzman and his wife decorated their twenty-four-room, two- oor spread in Park Avenue s toniest apartment building to resemble Schwarzman s favorite spot in St. Tropez, near their summer home on the French Riviera. For his birthday, he decided to top that, taking over the Park Avenue Armory, a forti ed brick edi ce that occupies a full square block amid the metropolis s most expensive addresses.
On the night of February 13 limousines queued up and the boldface names in tuxedos and evening dresses poured out and led past an encampment of reporters into the hangarlike armory. TV perennial Barbara Walters was there, Donald and Melania Trump, media diva Tina Brown, Cardinal Egan of the Archdiocese of New York, Sir Howard Stringer, the head of Sony, and a few hundred other luminaries, including the chief executives of some of the nation s biggest banks: Jamie Dimon of JPMorgan Chase, Stanley O Neal of Merrill Lynch, Lloyd Blankfein of Goldman Sachs, and Jimmy Cayne of Bear Stearns.
Inside the cavernous armory hung a huge indoor canopy . . . with a darkened sky of sparkling stars suspended above a grand chandelier, mimicking the living room in Schwarzman s $30 million apartment nearby, the New York Post reported the next day. The decor was copied, the paper observed, even down to a grandfather clock and Old Masters paintings on the wall.
R&B star Patti LaBelle was on hand to sing
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Happy Birthday. Beneath an immense portrait of the nancier also a replica of one hanging in his apartment the headliners, singer Rod Stewart and comic Martin Short, strutted and joked into the late hours. Schwarzman had chosen the armory, Short quipped, because it was more intimate than his apartment. Stewart alone was known to charge $1 million for such appearances.
The $3 million gala was a self-coronation for the brash new king of a new Gilded Age, an era when markets were ush and crazy wealth saturated Wall Street and especially the private equity realm, where Schwarzman held sway as the CEO of Blackstone Group.
As soon became clear, the birthday affair was merely a warm-up for a more extravagant coming-out bash: Blackstone s initial public offering. By design or by luck, the splash of Schwarzman s party magni ed the awe and intrigue when Blackstone revealed its plan to go public ve weeks later, on March 22. No other private equity rm of Blackstone s size or stature had attempted such a feat, and Blackstone s move made official what was already plain to the nancial world: Private equity the business of buying companies with an eye to selling them a few years later at a pro t had moved from the outskirts of the economy to its very center. Blackstone s clout was so great and its prospects so promising that the Chinese government soon came knocking, asking to buy 10 percent of the company.
When Blackstone s shares began trading on June 22 they soared from $31 to $38, as investors clamored to own a piece of the business. At the closing price, the company was worth a stunning $38 billion one-thi
The $3 million gala was a self-coronation for the brash new king of a new Gilded Age, an era when markets were ush and crazy wealth saturated Wall Street and especially the private equity realm, where Schwarzman held sway as the CEO of Blackstone Group.
As soon became clear, the birthday affair was merely a warm-up for a more extravagant coming-out bash: Blackstone s initial public offering. By design or by luck, the splash of Schwarzman s party magni ed the awe and intrigue when Blackstone revealed its plan to go public ve weeks later, on March 22. No other private equity rm of Blackstone s size or stature had attempted such a feat, and Blackstone s move made official what was already plain to the nancial world: Private equity the business of buying companies with an eye to selling them a few years later at a pro t had moved from the outskirts of the economy to its very center. Blackstone s clout was so great and its prospects so promising that the Chinese government soon came knocking, asking to buy 10 percent of the company.
When Blackstone s shares began trading on June 22 they soared from $31 to $38, as investors clamored to own a piece of the business. At the closing price, the company was worth a stunning $38 billion one-thi
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Autoren-Porträt von David Carey, John E. Morris
David Carey and John E. Morris
Bibliographische Angaben
- Autoren: David Carey , John E. Morris
- 2012, 400 Seiten, Maße: 13,4 x 21,1 cm, Kartoniert (TB), Englisch
- Verlag: Penguin Random House
- ISBN-10: 0307886026
- ISBN-13: 9780307886026
- Erscheinungsdatum: 04.07.2016
Sprache:
Englisch
Pressezitat
The authors [take] us from the early days of the Blackstone Group, when the firm was just two guys and a secretary, to the buyout boom, when Mr. Schwarzman s conspicuous consumption became a symbol of the new Gilded Age. In between, the book dives deeply into the firm s signature deals Celanese! Nalco! Distressed cable bonds! that made Mr. Schwarzman and his partners so rich. It also delivers some fun details about many of the now-famous Wall Street players that did tours of duty at the firm. New York Times DealBook
Carey and Morris thorough reporting offers a compelling look into the little understood Wall Street giant and the secrets of its success.
Worth Magazine
[R]anks as one of the most even-handed treatments of the industry. David Carey and John Morris . . . received unusual access to Blackstone. . . . This allowed them to chronicle the firm in full and entertaining fashion across its 25-year history.
Bloomberg Brief Mergers
[A] broad history of private equity, with Blackstone as the touchstone.
Fortune.com
Check out "King of Capital" because it's got gossip, it's got brains, and it's as readable as hell. And it's got some really good Schwarzman stories too.
The Deal
"King of Capital aspires to be a serious portrait of Blackstone and the way that Schwarzman so brilliantly built it up, scoring numerous coups along the way and avoiding the mistakes of many competitors. And it does a fine job in what it sets out to do."
Financial Times
The authors link Blackstone s history to the larger story of private equity s expansion and its relationship to corporate America. They offer a lucid explanation of how the debt markets evolved from junk bonds to securitised loans, changing the types of deals that private-equity firms were able to finance.
The Economist
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