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45% Of World's Wealth Destroyed (.45% By Blackstone)

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Steve was kind enough to take some time out of his day to ruminate on the financial crisis over a seafood platter. In summary: This blows, thanks to ratings agencies and mark-to-market accounting, but Geithner is on the case, so don't worry.

Private equity company Blackstone Group LP (BX.N) CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world's wealth has been destroyed by the global credit crisis.
"Between 40 and 45 percent of the world's wealth has been destroyed in little less than a year and a half," Schwarzman told an audience at the Japan Society. "This is absolutely unprecedented in our lifetime."

45 percent of world's wealth destroyed: Blackstone CEO [Reuters]



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