King of Capital：The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

StrippersandFlippers...oraNewPositiveForceHelpingtoDrivetheEconomy...TheuntoldstoryofSteveSchwarzmanandBlackstone,thefinancierandhisfinancialpowerhousethatavoidedtheself-destructivetendenciesofWallStreet.DavidCareyandJohnMorrisshowhowBlackstone(andotherprivateequityfirms)transformedthemselvesfromgamblers,hostile-takeoverartists,and'barbariansatthegate'intodisciplined,risk-consciousinvestors.Thefinancialestablishment—banksandinvestmentbankerssuchasCitigroup,BearStearns,Lehman,UBS,GoldmanSachs,MerrillLynch,MorganStanley—werethecowboys,recklesslyassumingrisks,leveraginguptoastronomicallevelsanddrivingtheeconomytothebrinkofdisaster.Blackstoneisnowreadytobreakoutonceagainsinceitissittingonbillionsofdollarsthatcanbeinvestedatatimewhenthemarketisstarvedforcapital.Thestoryofafinancialrevolution—thegreatestuntoldsuccessstoryonWallStreet:NotonlyhaveBlackstoneandasmallcoterieofcompetitorswrestedcontrolofcorporationsaroundtheglobe,buttheyhaveemergedasamajorforceonWallStreet,challengingthelikesofGoldmanSachsandMorganStanleyfordominance.Greathumanintereststory:HowBlackstonewentfromtwoguysandasecretarytobeingoneofWallStreet'smostpowerfulinstitutions,faroutgrowingitsmucholderrivalKKR;andhowSteveSchwarzman,withapaypacketoneyearof$398millionand$684millionfromtheBlackstoneIPO,cametoepitomizethespectacularnewfinancialfortunesamassedinthe2000s.Controversial:AnalyzesthecontroversiessurroundingBlackstoneandwhetheritandotherprivateequityfirmssuckthelifebloodoutofcompaniestoenrichthemselves—orwhethertheyareaforcethathelpsmakethecompaniestheyownstrongerandtherebybettercompetitors.Thestorybytwoinsiderswithaccess:Insightfulandhard-hitting,filledwithnever-before-revealeddetailsabouttheworkingsofaheretoforesecretivecompanythatwasthepersonalfiefdomofSchwarzmanandPeterPeterson.Forward-looking:HowBlackstoneandprivateequitywilldrivetheeconomyandprovideamodelforhowfinancingwillwork.