Stephen Schwarzman

  • 21 Oct 2011 at 10:45 AM

Laughed THROUGH THE TEARS, That Is

On Thursday night Stephen Schwarzman delivered the keynote speech at the Alfred E. Smith Memorial Foundation Dinner, an annual Catholic charity fund-raiser named in honor of the former governor of New York. By tradition, the keynote speaker of the 66-year-old event is supposed to deliver a mostly humorous speech, and Mr. Schwarzman’s roughly 15-minute peroration was laced with humor…[Such as] the line that brought the house down: “Brian Moynihan is here tonight. He’s the C.E.O. of Bank of America. As many of you know, Brian’s brother Patrick runs a Catholic boarding school in Haiti. Their parents must be so proud to see two of their boys running an underfunded, nonprofit organization. Even Mr. Moynihan, who was in the audience, laughed.” [Dealbook]

  • 20 Oct 2011 at 1:05 PM

Stephen Schwarzman’s Crab Claw Funds At Risk

Blackstone reported an unexpected third- quarter loss as an 11 percent drop in the value of its buyout holdings forced the reversal of previously booked fees. Economic net income, a measure of earnings excluding some costs tied to the firm’s initial public offering, showed a loss of $341.9 million, or 31 cents a share, compared with a profit of $339.3 million, or 31 cents, a year earlier…“The third quarter presented extremely challenging market conditions, dominated by risk aversion and volatility,” Schwarzman said in today’s statement. “Our earnings were not immune to the sharp downward trajectory of global markets.” [Bloomberg, related]

You’d think someone would’ve gotten the hint by now. Read more »

Famous friend of Britain’s Prince Andrew Kazakhstan-born beauty Goga Ashkenazi threw a wild party at her St. Tropez villa over the weekend, complete with a topless crasher. Wealthy businesswoman Ashkenazi hosted 350 for dinner, then added another 200 guests to join an after-party. Revelers included Joan Collins, Blackstone’s Steve Schwarzman, Denise Rich, movie producer Lawrence Bender and model Victoria Silvstedt. Grace Jones performed in a black thong when a young woman, who guests described as a “party crasher,” jumped onstage and ripped off her top to “grind” with the rock goddess, before the intruder was “escorted out by security,” a spy said. [NYP]

Morning Money hears that at yesterday’s executive meeting, Blackstone chief Steve Schwarzman took a shot at former NEC Chair Larry Summers’ FT column calling for a number of actions to spur job growth, including expanding the payroll tax cut to employers. “I thought I was looking at a Saturday Night Live script,” Schwarzman said, according to our source. “Who was in charge the past two years?” [MM via BI]

“We’re in a situation that’s serious enough that almost everyone in society is going to have to give something up. No one is going to like it- it’s going to be like medicine in the old days, that just tasted really bad, but if you didn’t take your medicine, you weren’t going to get healthy…Everyone in this society is going to end up bearing some burden except the very poor who need to be protected. But I think this is a widespread issue where everyone is going to be giving something up, and if you don’t, you’re not going to be able to solve the problems we have. Nine percent of GDP is over $1 trillion per year- that is piling up. It is not really as much of an abstract concept. The more we do this, eventually we reach a point where the country has great difficulty preserving the livelihoods for people as they know it. It is really an issue that must be addressed.” Read more »

He hasn’t forgiven the President’s war crimes yet but this is progress. Read more »