King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

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.

David Carey is a senior writer for the ＂Deal,＂ a news service and magazine covering private equity and mergers and acquisitions. He has followed the buyout industry for more than fifteen years and is a frequent guest on CNBC. John E. Morris is an editor with ＂Dow Jones Investment Banker＂ and a former assistant managing editor at the ＂Deal＂ in New York and London.
George K. Wilson has narrated over one hundred fiction and nonfiction audiobook titles, from Thomas L. Friedman to Thomas Pynchon, and has won several ＂AudioFile＂ Earphones Awards.