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Write-Offs: 6.21.07Special Blackstone IPO Edition

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Breaking: The Blackstone IPO priced at $31.
$$$Both the LA Times and our own Joe Weisenthal ring the alarm bells about the valuation of the Blackstone Group. No one is listening.
$$$Running the numbers on the Blackstone IPO
$$$Congressmen Henry A. Waxman and Dennis Kucinich ask the SEC to stop the IPO. (Hint: That’s not going to happen.)
$$$The boys at Deal Journal point out that Blackstone is paying half-price for the underwriting of its IPO.
$$$Andy Kessler says the Blackstone IPO is a sign of the top of this market for leveraged buyouts.
$$$The other shoe is falling: Congress may raise the taxes on “carried interest.”