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.