Intended AudienceTrade
Reviews"The authors … [take] us from the early days of the Blackstone Group, when the firm was just two guys and a secretary, to the buyout boom, when Mr. Schwarzman's conspicuous consumption became a symbol of the new Gilded Age. In between, the book dives deeply into the firm's signature deals - Celanese! Nalco! Distressed cable bonds! - that made Mr. Schwarzman and his partners so rich. It also delivers some fun details about many of the now-famous Wall Street players that did tours of duty at the firm. -New York Times DealBook "Carey and Morris' thorough reporting offers a compelling look into the little understood Wall Street giant and the secrets of its success." -Worth Magazine "[R]anks as one of the most even-handed treatments of the industry. David Carey and John Morris . . . received unusual access to Blackstone. . . . This allowed them to chronicle the firm in full and entertaining fashion across its 25-year history." - Bloomberg Brief Mergers "[A] broad history of private equity, with Blackstone as the touchstone." - Fortune.com "Check out "King of Capital" because it's got gossip, it's got brains, and it's as readable as hel l. And it's got some really good Schwarzman stories too." - The Deal " King of Capital aspires to be a serious portrait of Blackstone and the way that Schwarzman so brilliantly built it up, scoring numerous coups along the way and avoiding the mistakes of many competitors. And it does a fine job in what it sets out to do." - Financial Times "The authors link Blackstone's history to the larger story of private equity's expansion and its relationship to corporate America. They offer a lucid explanation of how the debt markets evolved from junk bonds to securitised loans, changing the types of deals that private-equity firms were able to finance." - The Economist, “The authors & [take] us from the early days of the Blackstone Group, when the firm was just two guys and a secretary, to the buyout boom, when Mr. Schwarzman’s conspicuous consumption became a symbol of the new Gilded Age. In between, the book dives deeply into the firm’s signature deals - Celanese! Nalco! Distressed cable bonds! - that made Mr. Schwarzman and his partners so rich. It also delivers some fun details about many of the now-famous Wall Street players that did tours of duty at the firm. -New York Times DealBook “Carey and Morris’ thorough reporting offers a compelling look into the little understood Wall Street giant and the secrets of its success.� -Worth Magazine “[R]anks as one of the most even-handed treatments of the industry. David Carey and John Morris . . . received unusual access to Blackstone. . . . This allowed them to chronicle the firm in full and entertaining fashion across its 25-year history.� - Bloomberg Brief – Mergers “[A] broad history of private equity, with Blackstone as the touchstone.� - Fortune.com “Check out "King of Capital" because it's got gossip, it's got brains, and it's as readable as hel l. And it's got some really good Schwarzman stories too.� - The Deal " King of Capital aspires to be a serious portrait of Blackstone and the way that Schwarzman so brilliantly built it up, scoring numerous coups along the way and avoiding the mistakes of many competitors. And it does a fine job in what it sets out to do." - Financial Times “The authors link Blackstone’s history to the larger story of private equity’s expansion and its relationship to corporate America. They offer a lucid explanation of how the debt markets evolved from junk bonds to securitised loans, changing the types of deals that private-equity firms were able to finance.� - The Economist From the Hardcover edition., "The authors ... [take] us from the early days of the Blackstone Group, when the firm was just two guys and a secretary, to the buyout boom, when Mr. Schwarzman's conspicuous consumption became a symbol of the new Gilded Age. In between, the book dives deeply into the firm's signature deals -- Celanese! Nalco! Distressed cable bonds! -- that made Mr. Schwarzman and his partners so rich. It also delivers some fun details about many of the now-famous Wall Street players that did tours of duty at the firm. --New York Times DealBook "Carey and Morris' thorough reporting offers a compelling look into the little understood Wall Street giant and the secrets of its success." --Worth Magazine "[R]anks as one of the most even-handed treatments of the industry. David Carey and John Morris . . . received unusual access to Blackstone. . . . This allowed them to chronicle the firm in full and entertaining fashion across its 25-year history." -- Bloomberg Brief - Mergers "[A] broad history of private equity, with Blackstone as the touchstone." -- Fortune.com "Check out "King of Capital" because it's got gossip, it's got brains, and it's as readable as hel l. And it's got some really good Schwarzman stories too." -- The Deal " King of Capital aspires to be a serious portrait of Blackstone and the way that Schwarzman so brilliantly built it up, scoring numerous coups along the way and avoiding the mistakes of many competitors. And it does a fine job in what it sets out to do." -- Financial Times "The authors link Blackstone's history to the larger story of private equity's expansion and its relationship to corporate America. They offer a lucid explanation of how the debt markets evolved from junk bonds to securitised loans, changing the types of deals that private-equity firms were able to finance." -- The Economist
SynopsisThe story of Steve Schwarzman, Blackstone, and a financial revolution, King of Capital is the greatest untold success story on Wall Street. In King of Capital , David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and 'barbarians at the gate' into disciplined, risk-conscious investors while the financial establishment--banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley--were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance. Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity will drive the economy and provide a model for how financing will work in the years to come., The story of Steve Schwarzman, Blackstone, and a financial revolution, King of Capital is the greatest untold success story on Wall Street. In King of Capital , David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and 'barbarians at the gate' into disciplined, risk-conscious investors while the financial establishment-banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley-were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance. Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity will drive the economy and provide a model for how financing will work in the years to come.
LC Classification NumberHG4571.C37 2012