King of Capital

King of Capital

The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

Paperback - 2012
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An exploration of the private equity firm Blackstone Group that discusses its history, control of corporations around the world, controversies, founders, and other related topics.
Publisher: New York : Crown Business, [2012]
Edition: 1st paperback ed.
ISBN: 9780307886026
0307886026
Characteristics: viii, 391 pages ; 21 cm
Additional Contributors: Morris, John E. 1957-

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StarGladiator
Apr 07, 2013

[Update: time to review the financials on that missing Malaysia Airlines MH370: onboard: 20 plus Freescale Semiconductor people. Freescale owned by Blackstone Group, majority owner, and Carlyle Group, minority owner. Microsemi, maker of FPGAs onboard that 777, owned by Blackstone Group-spinoff, BlackRock. Who owns BlackRock? BankofAmerica, majority owner. Who owns BofA? BlackRock, majority owner! Got it?]
Let's ignore the long list of financial fraud and perfidy one could list against the largest PE firm over the past 20-some years, but instead focus on just two items: when Peterson and Schwarzman took their Blackstone Group public, they continued to pay CAPITAL GAINS tax rate, when they should legally pay the CORPORATE TAX rate. Why? Because they claimed a loophole [translation: paid off some crooked congresspeople, are there any other kind?] to allow them to sell not stock, but UNITS, or basically stock by a different name, so they can fraudulently claim they aren't selling stock!!!!! Second item: when those private equity guys get paid, they take out a loan through their targeted [LBO'd] company, and since it is a loan [actually their management fees] it isn't taxable income, and the company pays it back, not they, the recipients of the loan, although it considered by them to be their management fees. Get it? Doesn't matter it if doesn't sound logical, because fraud isn't logical, just illegal! [FYI: Original financing of the Blackstone Group: the Rockefeller family. Original financing of the Carlyle Group, the Mellon family.]

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