Overview

The financial establishment--banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley--were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, and driving the economy to the brink of disaster. In King of Capital, David Carey and John E. 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. This is the greatest untold success story on Wall Street. 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. And since it is sitting on billions of dollars that can be invested at a time when the market is starved for capital, Blackstone is now ready to break out once again. Insightful and hard-hitting, King of Capital is filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Steve Schwarzman and Peter Peterson. A great human interest story, as well, it tells how Blackstone went from two guys and a secretary to being one of Wall Street's most powerful institutions--far outgrowing its much older rival KKR--and how Schwarzman, with a pay packet one year of $398 million and $684 million from the Blackstone IPO, came to epitomize the spectacular new financial fortunes amassed in the 2000s.

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Reviews

"[King of Capital] ranks as one of the most even-handed treatments of the industry.-- ""Bloomberg Brief: Merger"" 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."" -- ""Economist"""

Author Information

David Carey is a senior writer for the Deal, a news service and magazine covering private equity and mergers and acquisitions. Before joining the Deal, he was the editor of Corporate Finance magazine and wrote for Adweek, Fortune, Institutional Investor, and Financial World. David has followed the buyout industry for more than fifteen years. He is a frequent guest on CNBC and is often quoted about private equity in the general business press. John E. Morris is an editor with Dow Jones Investment Banker. For many years prior to that, he was an editor and writer at the American Lawyer magazine and then an assistant managing editor at the Deal in New York and London. George Wilson (1921-2005) was a first lieutenant in the U.S. Army during World War II. He wrote about that experience in his book If You Survive, which is now required reading at the U.S. Military Academy at West Point.

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