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Blackstone: The Once And Future Kings Of Lehman Brothers?

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Lehman's fate still hangs in the balance of the marketplace, rising faster as the rest of the financial stocks rise and falling faster when they dip. This morning Bloomberg has a long article on the history of Lehman's past brushes with death and, more interestingly, the history of its top man, Dick Fuld.
It's worth reading in its entirety but one thing that's not explored is the irony of the possibility that the Blackstone Group might be a buyer of Lehman. Blackstone was rumored to have mulled a bid for Bear Stearns, and many think that the buyout firm would be interested in Lehman if the brokerage stumbled. The irony is that Blackstone was founded by two former Lehmanites: Pete Peterson and Steve Schwarzman. Peterson left Lehman, which he ran for years after rising through its banking department, after years of struggling with its top trader, Lewis Glucksman. Fuld was a protege of Glucksman. A purchase by Blackstone would reverse the outcome of that decades old power struggle between bankers and traders.

Lehman Fault-Finding Points to Last Man Fuld as Shares Languish