Stephen A. Schwarzman
| Stephen A. Schwarzman | |
|---|---|
 Stephen A. Schwarzman speaking at the World Economic Forum in Davos in January 2008 |
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| Born | Stephen Allen Schwarzman February 14, 1947 Philadelphia, Pennsylvania, USA |
| Residence | New York, New York, USA |
| Nationality | American |
| Alma mater | Yale University (A.B.) Harvard Business School (M.B.A.) |
| Occupation | Businessman Investor Co-founder, Chairman & CEO at The Blackstone Group |
| Salary | US$ 350,000 (2011) Total: US$ 4,959,440(2011)[1] |
| Net worth |  US$ 5.5 billion (2012)[2] |
| Political party | Republican |
| Religion | Judaism[3] |
| Spouse | Christine Hearst |
| Children | 3 (2 natural; 1 by marriage) |
Stephen Allen Schwarzman (born February 14, 1947) is an American billionaire private equity financier and former investment banker best known as the co-founder of the Blackstone Group.
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[edit] Early life and education
Schwarzman is a son of Arline and Joseph Schwarzman of Huntingdon Valley, Pennsylvania. His father owned Schwarzman's, a former dry-goods store in Philadelphia.[4]
Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965.[5] He attended Yale University during the same period as George W. Bush, one year behind him (both were in the Skull and Bones society)[6][7] and graduated in 1969. He then went on to Harvard Business School and graduated in 1972.
[edit] Career
Schwarzman's first job in the financial services was with Donaldson, Lufkin & Jenrette, a now defunct investment bank. After business school, Schwarzman started working at the investment bank Lehman Brothers, where he reached the rank of managing director at age 31.[8] He eventually became the head of Lehman Brothers' global mergers and acquisitions team. In 1985, Schwarzman and his partner Peter Peterson started Blackstone, which originally focused on mergers and acquisitions.[9][10]
With an estimated current[update] net worth of around $4.7 billion, Schwarzman was ranked by Forbes as the 52nd-richest person in America in 2011.[2] He lives in a large apartment at 740 Park Avenue in New York, previously owned by the Mayflower descendent George Brewster and John D. Rockefeller Jr. Schwarzman bought it from Saul Steinberg in 2000 for just under $30 million.[11] However, an article in the New Yorker claims that the apartment was purchased for $37 million.[12]
On 13 February 2007, Schwarzman celebrated his 60th birthday at the Armory on Park Avenue. Guests included Colin Powell, Mayor of New York City Michael Bloomberg, and Cardinal Edward M. Egan of New York. The climax of the evening was a half-hour live performance by Rod Stewart, for which he was reportedly paid $1 million.[13][14][15][16]
When Blackstone went public in June 2007, it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006.[17][18] He ultimately received $684 million selling part of his Blackstone stake in the IPO, keeping a stake then worth $9.1 billion.[19]
In 2007, Schwarzman was listed among Time Magazine's 100 Most Influential People in The World.[20]
Schwarzman has served as an adjunct professor at the Yale School of Management and is Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts.
In June 2007, Schwarzman described his view on financial markets with the statement: "I want war, not a series of skirmishes. (...) I always think about what will kill off the other bidder."[21]
On March 11, 2008 Schwarzman announced that he contributed $100 million toward the expansion of the New York Public Library, for which he serves as a trustee. The central reference building on 42nd Street and Fifth Avenue was renamed "The Stephen A. Schwarzman Building"[22].
In August 2010, Schwarzman compared President Barack Obama's plan to raise carried interest taxes to Hitler's invasion of Poland in 1939, a comment for which Schwarzman later apologized.[23][24]
[edit] Personal life
- Schwarzman met his first wife, Ellen Philips, during his second year at Harvard Business School, where she worked as a researcher and helped grade essays. She was the daughter of Jesse Philips, a wealthy Ohio industrialist. They were married in 1971 and divorced in 1990. They had two children:[25][26]
- Elizabeth (b. 1976) - married in November 2005 to Andrew Curtis Right, with Dr. David M. Posner, the senior rabbi at Congregation Emanu-El of New York, officiating at the Central Synagogue.[27]
- Edward Frank (b. 1979) - married in November 2007 to Ellen Marie Zajac, co-officiated by the Rev. Arthur Becker, a Roman Catholic priest and uncle of the bride, and Michael Matalon, the president of the Shaare Shalom Synagogue in Kingston, Jamaica.[28]
- In 1995, Schwarzman married Christine Hearst, an intellectual-property lawyer who grew up on Long Island. She was the daughter of Peggie and Peter Mularchuk of Hicksville, New York. Her father was a fireman.[29] She was recently been divorced from Austin Hearst, grandson of the legendary newspaper tycoon Randolph Hearst. Rabbi Bertram Siegel co-officiated along with the Rev. Sam Matarazzo, a Roman Catholic priest.[30] She has one child from a previous marriage.[31]
[edit] Additional reading
- King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone.
- Greed and Glory on Wall Street—The Fall of the House of Lehman by Ken Auletta, The Overlook Press, New York, ISBN 1-58567-088-X
[edit] External links
[edit] References
- ^ Reuters. http://www.reuters.com/finance/stocks/officerProfile?symbol=BX.N&officerId=940299.
- ^ a b "Stephen Schwarzman - Forbes". Forbes. http://www.forbes.com/profile/stephen-schwarzman.
- ^ Jerusalem Post: "The world's 50 Richest Jews: 31-40 #33 Stephen Schwarzman - Net worth: $4.7 billion September 7, 2010
- ^ New York Times: "WEDDINGS;Christine Hearst, S. A. Schwarzman" November 05, 1995
- ^ http://www.abington.k12.pa.us/shs/?page=hall_past_reward_recipients#2005, December 19, 2009
- ^ Evan Thomas and Daniel Gross, "Taxing the Super Rich," Newsweek, July 23, 2007
- ^ Andrew Clark, "The Guardian profile: Stephen Schwarzman," The Guardian, June 15, 2007
- ^ David Carey & John E. Morris, King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone, New York: Crown Business, 2010, pp. 13-30
- ^ Blackstone.com - Team
- ^ King of Capital, pp. 45-56
- ^ Gross, Michael. 740 Park: The Story of the World's Richest Apartment Building. New York: Broadway Books, 2005.
- ^ Stewart, James B. Profiles: The Birthday Party: How Stephen Schwarzman became private equity's designated villain.
- ^ Landon Thomas, Jr., “More Rumors About His Party Than About His Deals,” New York Times, Jan. 27, 2007
- ^ Michael J. de la Merced, “Dealbook -- Inside Stephen Schwarzman’s Birthday Bash,” New York Times, Feb. 14, 2007
- ^ Richard Johnson with Paula Froelich, Bill Hoffmann, and Corynne Steindler, “Page Six - $3M Birthday Party Fit for Buyout King,” New York Post, Feb. 14, 2007
- ^ Michael Flaherty, “Blackstone CEO gala sign of buyout boom,” Reuters, Feb. 14, 2007
- ^ Blackstone IPO Prospectus, http://www.sec.gov/Archives/edgar/data/1393818/000104746907005160/a2178575z424b4.htm#07NYC1853_1 (pp. 198-199)
- ^ Michael Flaherty, "Blackstone Co-Founders to Get $2.3 Billion Post IPO," Reuters, June 11, 2007
- ^ King of Capital, p. 3
- ^ "Time 100 (2007) - Stephen Schwarzman". Time Magazine. May 3, 2007. http://www.time.com/time/specials/2007/time100/article/0,28804,1595326_1615737_1616000,00.html. Retrieved 2008-11-17.
- ^ The Guardian profile: Stephen Schwarzman, 15 June 2007
- ^ Robin Pogrebin, "A $100 Million Donation to the N.Y. Public Library" New York Times, March 11, 2008.
- ^ Jonathan Alter, "A ‘Fat Cat’ Strikes Back," Newsweek, Aug. 15, 2010, http://www.newsweek.com/2010/08/15/schwarzman-it-s-a-war-between-obama-wall-st.html#
- ^ http://www.salon.com/2012/04/01/how_billionaires_destroy_democracy/
- ^ New York Sun: "Schwarzman in the Spotlight at Library Gala" By BRADLEY HOPE June 18, 2007
- ^ The New Yorker: "The Birthday Party: How Stephen Schwarzman became private equity’s designated villain" by James B. Stewart February 11, 2008
- ^ New York Times: "Zibby Schwarzman and Andrew Right" June 12, 2005
- ^ New York Times: "Ellen Zajac and Teddy Schwarzman" November 11, 2007
- ^ The New Yorker: "The Birthday Party: How Stephen Schwarzman became private equity’s designated villain" by James B. Stewart February 11, 2008
- ^ New York Times: "WEDDINGS;Christine Hearst, S. A. Schwarzman" November 05, 1995
- ^ The Guardian: "The Guardian profile: Stephen Schwarzman" by Andrew Clarke June 15, 2007
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- American billionaires
- Private equity and venture capital investors
- Harvard Business School alumni
- American money managers
- American businesspeople
- Stock and commodity market managers
- American philanthropists
- 1947 births
- Living people
- Yale University alumni
- People from Montgomery County, Pennsylvania
- Lehman Brothers
- Blackstone Group
- Jewish philanthropists
- American Jews
- American financial company founders
- American investors
- American financiers
