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jerryking : stephen_schwarzman   6

Stephen Schwarzman: ‘I like to do things that are beautiful’
September 20, 2019 | Financial Times | by Lionel Barber.

Schwarzman’s fortune (net worth about $18bn) has bought him power and influence. He’s graduated from being a mega dealmaker to philanthropist, back channel in US-China relations and “Trump whisperer”. I want to explore these multiple roles, but also pin down why the man who has built one of the most successful financial businesses on the planet has never quite received the credit he believes he deserves......Blackstone started as a boutique advisory firm, with the goal of making enough money to start its own private equity fund. Private equity has attracted controversy because of alleged asset-stripping: buying companies, loading them with debt (“leverage”) and selling them off at a handsome profit, with favourable tax treatment.

Schwarzman casts himself as a long-term investor, not a scavenger in sheep’s clothing. He recounts with gusto the megadeals and the risk-taking involved in picking the right time to buy and sell assets, ranging from US Steel’s railroad network to the Waldorf hotel.

His skill is market timing. Blackstone has expanded into real estate and hedge funds and other “alternative assets”, with $545bn under management today. Blackstone funds are also the largest owner of real estate in the world. The firm’s rise epitomises the “buy side” revolution that favours asset managers at the expense of traditional banks trading liquid securities.

Schwarzman has written a book, which is part memoir, part Blackstone management primer called What It Takes: Lessons in the Pursuit of Excellence. (A better title would be Whatever It Takes, I suggest.) ......Blackstone is a meritocracy, he says, where two iron rules apply: no internal politics and do not lose money. “I go from the premise that anybody of talent does not want necessarily to be a private in an army. The lowest they want is to be a lieutenant colonel and preferably they’d all like to be generals.”......We turn to Schwarzman’s generous philanthropy. In recent years, he has donated $100m to the New York Public Library, $150m to Yale, £150m to Oxford university, $350m to MIT. He’s also set up the Schwarzman scholars, a one-year masters programme on global affairs for top international students to study at Tsinghua University in Beijing.
alternative_investments  Blackstone  books  dealmakers  investors  market_timing  philanthropy  private_equity  Stephen_Schwarzman  U.S.-China_relations 
september 2019 by jerryking
Schwarzman Scholars Announces Inaugural Class to Study in China - The New York Times
By ALESSANDRA STANLEY JAN. 10, 2016

On Monday, the program will announce the first 111 scholarship winners. Mr. Schwarzman, chairman and co-founder of the Blackstone Group, the private equity and investment giant, started the program with a goal of identifying, as he put it, “your best guess as future leaders of the world.”

Some of the recipients, selected from a pool of 3,000 applicants, already seem well on their way.

Lt. Daniel Glenn, 28, is a graduate of the United States Naval Academy. He did his scholarship interview via Skype from a secret location in Iraq, where he is the officer in charge of a Navy special operations platoon that defuses bombs and underwater explosives. Lieutenant Glenn has also founded two philanthropic organizations, and he broke a Guinness World Record for running a mile in an 80-pound bomb suit (8 minutes and 30 seconds). He told his interviewers that he intended to eventually run for the Senate.

Other winners include Rugsit Kanan, 22, a Harvard student from Thailand who writes poetry in English, Thai and Mandarin and plays on the Thai national chess team; Wang Zhe, 26, an economics major from Tsinghua University who was secretary of the Communist Youth League at the school of architecture and taught math and science in Kenya; and Jacob Gaba, 22, a computer science major at Dartmouth College who made a video of himself called “Guy Dances Across China in 100 Days” that went viral.

At his Manhattan office on Thursday, Mr. Schwarzman said that he had modeled his fully funded master’s program on the Rhodes scholarship, but that his was “global with a bit of a U.S. twist.”

His goal is to establish a $450 million endowment that would fund up to 200 students every year: 45 percent from the United States, 20 percent from China and 35 percent from other countries.
financiers  moguls  passions  China  Colleges_&_Universities  elitism  Stephen_Schwarzman  scholarships  Rhodes  Tsinghua  philanthropy 
january 2016 by jerryking
Panic of the Plutocrats - NYTimes.com
By PAUL KRUGMAN
October 9, 2011

a broader syndrome, in which wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.

Last year, you may recall, a number of financial-industry barons went wild over very mild criticism from President Obama. They denounced Mr. Obama as being almost a socialist for endorsing the so-called Volcker rule, which would simply prohibit banks backed by federal guarantees from engaging in risky speculation. And as for their reaction to proposals to close a loophole that lets some of them pay remarkably low taxes — well, Stephen Schwarzman, chairman of the Blackstone Group, compared it to Hitler’s invasion of Poland.

And then there’s the campaign of character assassination against Elizabeth Warren, the financial reformer now running for the Senate in Massachusetts. Not long ago a YouTube video of Ms. Warren making an eloquent, down-to-earth case for taxes on the rich went viral. Nothing about what she said was radical — it was no more than a modern riff on Oliver Wendell Holmes’s famous dictum that “Taxes are what we pay for civilized society.”
Godwin's_Law  Nazis  Paul_Krugman  protests  GOP  hypocrisy  Elizabeth_Warren  Occupy_Wall_Street  Wall_Street  financiers  Stephen_Schwarzman  The_One_Percent  plutocracies  plutocrats  character_assassination 
october 2011 by jerryking
U.S. business leaders finally getting that international feeling
Dec. 10, 2010 | G&M | CHRYSTIA FREELAND...After a century
when succeeding in the U.S. was the surest route to commercial success,
the country’s best businessmen and women have realized that the way to
win is to go global....in the U.S. just 10 % of Fortune 500 chiefs were
foreigners. Now that the American century is over, however, U.S. biz
leaders are catching on fast. A sign of the times was the recent
decision by Stephen Schwarzman, CEO of Blackstone, to move to Paris for
3 to 6 mths. next year...Like Blackstone, GE is moving its chiefs to
where the action is: Last month John Rice, a GE vice-chairman, was
reassigned to Hong Kong, where he will oversee non-U.S. sales, mktg.
& operations....the shift of U.S. capital and American capitalists
outside the country will further polarize an already bitter national
debate. By 2012, Americans won’t just be arguing about tax breaks for
millionaires, they’ll be targeting the millionaires who spend six months
a year in Paris or Hong Kong.
globalization  Chrystia_Freeland  Blackstone  Fortune_500  parochialism  GE  Stephen_Schwarzman  CEOs  leadership  cosmopolitan 
december 2010 by jerryking

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