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Stephen A. Schwarzman


Self Description

June 2007: "Stephen A. Schwarzman is Chairman, CEO and Co-Founder of The Blackstone Group. He has been involved in all phases of the firm’s development since its founding in 1985 and approves all capital commitments by the firm.

Mr. Schwarzman began his career at Lehman Brothers, where he was elected Managing Director in 1978 at the age of 31. He was engaged principally in the firm’s mergers and acquisitions business from 1977 to 1984, and served as Chairman of the firm’s Mergers & Acquisitions Committee in 1983 and 1984.

Mr. Schwarzman is Chairman of the Board of The John F. Kennedy Center for the Performing Arts. He is also a member of the Council on Foreign Relations and The Business Council, and is on the boards of various organizations, including the New York Public Library, the New York City Ballet, the Film Society of Lincoln Center, the JP Morgan Chase National Advisory Board, and the New York City Partnership Board of Directors. Mr. Schwarzman is also a Trustee of The Frick Collection in New York City.

Mr. Schwarzman holds a BA from Yale University and an MBA from Harvard Business School. He has served as an adjunct professor at the Yale School of Management."

http://www.blackstone.com/team/pdfs/schwarzman_stephen.pdf

Third-Party Descriptions

December 2011: "The real issue has to do with the context of Schwarzman’s quote. The Blackstone billionaire, remember, is one of the more uniquely abhorrent, self-congratulating jerks in the entire world – a man who famously symbolized the excesses of the crisis era when, just as the rest of America was heading into a recession, he threw himself a $5 million birthday party, featuring private performances by Rod Stewart and Patti Labelle, to celebrate an IPO that made him $677 million in a matter of days (within a year, incidentally, the investors who bought that stock would lose three-fourths of their investments)."

http://www.rollingstone.com/politics/blogs/taibblog/a-christmas-message-from-americas-rich-20111222

August 2007: The Carry came into focus when private-equity firms, also known as buyout firms, recently began to sell themselves to the public... Last month, when Blackstone Group, the nation's largest private-equity firm, completed its initial public offering, co-founder Stephen A. Schwarzman pocketed $684 million. Lawmakers were not only dazzled by the amount but also disgusted by how little Schwarzman and other private-equity managers pay in taxes.

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/02/AR2007080202620.html

Relationships

RoleNameTypeLast Updated
Organization Head/Leader (past or present) Founder/Co-Founder of Blackstone Group Organization Jun 18, 2007
Member of (past or present) Business Council Organization Jun 18, 2007
Member of (past or present) Council on Foreign Relations (CFR) Organization Jun 18, 2007
Student/Trainee (past or present) Harvard University Organization Jun 18, 2007
Advisor/Consultant to (past or present) JPMorgan Chase & Co. Organization Jun 18, 2007
Organization Head/Leader (past or present) John F. Kennedy Center for the Performing Arts ("Kennedy Center") Organization Jun 18, 2007
Organization Head/Leader (past or present) Lehman Brothers Organization Jun 18, 2007
Student/Trainee (past or present) Yale University Organization Jun 18, 2007

Articles and Resources

Date Fairness.com Resource Read it at:
Dec 22, 2011 A Christmas Message From America's Rich

QUOTE: The entire ethos of modern Wall Street, on the other hand, is complete indifference to all of these matters. The very rich on today’s Wall Street are now so rich that they buy their own social infrastructure. They hire private security, they live on gated mansions on islands and other tax havens, and most notably, they buy their own justice and their own government....nobody even minds that they are rich. What makes people furious is that they have stopped being citizens.

Rolling Stone
Oct 28, 2010 On Wall Street: All Reward, No Risk

QUOTE: For the life of me, I can’t figure out why Wall Street bankers, traders and executives get paid so much money year after year for doing jobs that rarely require them to innovate, enlighten or put their own capital at risk, and have the nasty habit of periodically sinking our economy.

New York Times
Aug 03, 2007 Wall Street's Lucrative Tax Break Is Under Fire

QUOTE: The most controversial tax break on Wall Street, known simply as the Carry, is not authorized by any law and was never approved by Congress.

Washington Post
Jun 23, 2007 Managers Of Funds May Face Stiff Taxes: House Democrats Offer Bill; Blackstone Shares Rise in IPO

QUOTE: Top House Democrats yesterday proposed one of the most far-reaching changes to tax law in decades that would more than double what managers of private-equity and hedge funds are required to pay. The bill could raise billions of dollars for the federal government from some of Wall Street's wealthiest and most powerful financiers at a time when Congress is considering cutting the taxes paid by middle-class Americans.

Washington Post
Jun 15, 2007 Go Public, and Face Higher Taxes

QUOTE: If the proposed legislation… is adopted, publicly traded private equity firms and hedge funds would face an additional corporate tax… “It’s unfair to allow a publicly traded company to act like a corporation but not pay corporate tax, contrary to the intent of the tax code,” [Senator Charles E. Grassley of Iowa] said.

New York Times