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John E. Morris

David Carey

King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone Hardcover – October 5, 2010

by David Carey (Author), John E. Morris (Author)

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Strippers and Flippers . . . or a New Positive Force Helping to Drive the Economy . . .

The untold story of Steve Schwarzman and Blackstone, the financier and his financial powerhouse that avoided the self-destructive tendencies of Wall Street. 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.
The financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were the cowboys, recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster.
Blackstone is now ready to break out once again since it is sitting on billions of dollars
that can be invested at a time when the market is starved for capital.

The story of a financial revolution—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.

Great human interest story: 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 Steve 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.

Controversial: Analyzes the controversies surrounding Blackstone and whether it and other private equity firms suck the lifeblood out of companies to enrich themselves—or whether they are a force that helps make the companies they own stronger and thereby better competitors.

The story by two insiders with access: 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.

Forward-looking: How Blackstone and private equity will drive the economy and provide a model for how financing will work.

Print length

400 pages
Language

English
Publisher

Crown Business
Publication date

October 5, 2010
Dimensions

6.5 x 1.35 x 9.6 inches
ISBN-10

0307452999
ISBN-13

978-0307452993
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Editorial Reviews

Review

“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 hell. 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

About the Author

DAVID CAREY is 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.

JOHN E. MORRIS, now an editor with Dow Jones Investment Banker, was for many years an assistant managing editor at The Deal in New York and London and before that was an editor and writer at The American Lawyer magazine.

To find out more visit: www.king-of-capital.com

Excerpt. © Reprinted by permission. All rights reserved.

CHAPTER 1
The Debutants

"More Rumors About His Party Than About His Deals,” blared the front-page headline in the New York Times in late January 2007. It was a curtain-raiser for what was shaping up to be the social event of the season, if not the era. By then, the buzz had been building for weeks.
   Stephen Schwarzman, cofounder of the Blackstone Group, the world’s largest private equity ﬁrm, was about to turn sixty and was planning a fête. The ﬁnancier’s lavish holiday parties were already well known in Manhattan’s moneyed circles. One year Schwarzman and his wife decorated their twenty-four-room, two-ﬂoor spread in Park Avenue’s toniest apartment building to resemble Schwarzman’s favorite spot in St. Tropez, near their summer home on the French Riviera. For his birthday, he decided to top that, taking over the Park Avenue Armory, a fortiﬁed brick ediﬁce that occupies a full square block amid the metropolis’s most expensive addresses.
   On the night of February 13 limousines queued up and the boldface names in tuxedos and evening dresses poured out and ﬁled past an encampment of reporters into the hangarlike armory. TV perennial Barbara Walters was there, Donald and Melania Trump, media diva Tina Brown, Cardinal Egan of the Archdiocese of New York, Sir Howard Stringer, the head of Sony, and a few hundred other luminaries, including the chief executives of some of the nation’s biggest banks: Jamie Dimon of JPMorgan Chase, Stanley O’Neal of Merrill Lynch, Lloyd Blankfein of Goldman Sachs, and Jimmy Cayne of Bear Stearns.
   Inside the cavernous armory hung “a huge indoor canopy . . . with a darkened sky of sparkling stars suspended above a grand chandelier,” mimicking the living room in Schwarzman’s $30 million apartment nearby, the New York Post reported the next day. The decor was copied, the paper observed, “even down to a grandfather clock and Old Masters paintings on the wall.”
   R&B star Patti LaBelle was on hand to sing “Happy Birthday.” Beneath an immense portrait of the ﬁnancier— also a replica of one hanging in his apartment— the headliners, singer Rod Stewart and comic Martin Short, strutted and joked into the late hours. Schwarzman had chosen the armory, Short quipped, because it was more intimate than his apartment. Stewart alone was known to charge $1 million for such appearances.
   The $3 million gala was a self-coronation for the brash new king of a new Gilded Age, an era when markets were ﬂush and crazy wealth saturated Wall Street and especially the private equity realm, where Schwarzman held sway as the CEO of Blackstone Group.
   As soon became clear, the birthday affair was merely a warm-up for a more extravagant coming-out bash: Blackstone’s initial public offering. By design or by luck, the splash of Schwarzman’s party magniﬁed the awe and intrigue when Blackstone revealed its plan to go public ﬁve weeks later, on March 22. No other private equity ﬁrm of Blackstone’s size or stature had attempted such a feat, and Blackstone’s move made official what was already plain to the ﬁnancial world: Private equity—the business of buying companies with an eye to selling them a few years later at a proﬁt—had moved from the outskirts of the economy to its very center. Blackstone’s clout was so great and its prospects so promising that the Chinese government soon came knocking, asking to buy 10 percent of the company.
   When Blackstone’s shares began trading on June 22 they soared from $31 to $38, as investors clamored to own a piece of the business. At the closing price, the company was worth a stunning $38 billion—one-third as much as Goldman Sachs, the undisputed leader among Wall Street investment banks.
   Going public had laid bare the fantastic proﬁts that Schwarzman’s company was throwing off. So astounding and sensitive were those ﬁgures that Blackstone had been reluctant to reveal them even to its own bankers, and it was not until a few weeks before the stock was offered to investors that Blackstone disclosed what its executives made. Blackstone had produced $2.3 billion of proﬁts in 2006 for the ﬁrm’s sixty partners— a staggering $38 million apiece. Schwarzman personally had taken home $398 million that year.
   That was just pay. The initial public offering, or IPO, yielded a second windfall for Schwarzman and his partners. Of the $7.1 billion Black-stone raised selling 23.6 percent of the company to public investors and the Chinese government, $4.1 billion went to the Blackstone partners themselves. Schwarzman personally collected $684 million selling a small fraction of his stake. His remaining shares were worth $9.4 billion, ensuring his place among the richest of the rich. Peter Peterson, Blackstone’s eighty- year- old, semiretired cofounder, garnered $1.9 billion.
   The IPO took place amid a ﬁnancial revolution in which Blackstone and a coterie of competitors were wresting control of corporations around the globe. The private equity, or leveraged buyout, industry was ﬂexing its muscle on a scale not seen since the 1980s. Blackstone, Kohlberg Kravis Roberts and Company, Carlyle Group, Apollo Global Management, Texas Paciﬁc Group, and a half-dozen others, backed by tens of billions of dollars from pension funds, university endowments, and other big investors, had been inching their way up the corporate ladder, taking over $10 billion companies, then $20 billion, $30 billion, and $40 billion companies. By 2007 private equity was behind one of every ﬁve mergers worldwide and there seemed to be no limit to its ambition. There was even talk that a buyout ﬁrm might swallow Home Depot for $100 billion.
Private equity now permeated the economy. You couldn’t purchase a ticket on Orbitz.com, visit a Madame Tussauds wax museum, or drink an Orangina without lining Blackstone’s pockets. If you bought coffee at Dunkin’ Donuts or a teddy bear at Toys “R” Us, slept on a Simmons mattress, skimmed the waves on a Sea- Doo jet ski, turned on a Grohe designer faucet, or purchased razor blades at a Boots pharmacy in London, some other buyout ﬁrm was beneﬁting. Blackstone alone owned all or part of ﬁfty-one companies employing a half-million people and generating $171 billion in sales every year, putting it on a par with the tenth-largest corporation in the world.
The reach of private equity was all the more astonishing for the fact that these ﬁrms had tiny staffs and had long operated in the shadows, seldom speaking to the press or revealing details of their investments. Goldman Sachs had 30,500 employees and its proﬁts were published every quarter. Blackstone, despite its vast industrial and real estate holdings, had a mere 1,000 employees and its books were private until it went public. Some of its competitors that controlled multibillion-dollar companies had only the sketchiest of websites.
   Remarkably, Blackstone, Kohlberg Kravis, Carlyle, Apollo, TPG, and most other big private equity houses remained under the control of their founders, who still called the shots internally and, ultimately, at the companies they owned. Had there been any time since the robber barons of the nineteenth century when so much wealth and so many productive assets had come into the hands of so few?
   Private equity’s power on Wall Street had never been greater. Where buyout ﬁrms had once been supplicants of the banks they relied on to ﬁnance their takeovers, the banks had grown addicted to the torrent of fees the ﬁrms were generating and now bent over backward to oblige the Blackstones of the world. In a telling episode in 2004, the investment arms of Credit Suisse First Boston and JPMorgan Chase, two of the world’s largest banks, made the mistake of outbidding Blackstone, Kohlberg Kravis, and TPG for an Irish drugmaker, Warner Chilcott. Outraged, Kohlberg Kravis cofounder Henry Kravis and TPG’s Jim Coulter read the banks the riot act. How dare they compete with their biggest clients! The drug takeover went through, but the banks got the message.
   JPMorgan Chase soon shed the private equity subsidiary that had bid on the drug company and Credit Suisse barred its private equity group from competing for large companies of the sort that Blackstone, TPG, and Kohlberg Kravis target.
To some of Blackstone’s rivals, the public attention was nothing new. Kohlberg Kravis, known as KKR, had been in the public eye ever since the mid-1980s, when it bought familiar companies like the Safeway supermarket chain and Beatrice Companies, which made Tropicana juices and Sara Lee cakes. KKR came to epitomize that earlier era of frenzied takeovers with its audacious $31.3 billion buyout in 1988 of RJR Nabisco, the tobacco and food giant, after a heated bidding contest. That corporate mud wrestle was immortalized in the best-selling book Barbarians at the Gate and made Henry Kravis, KKR’s cofounder, a house hold name. Carlyle Group, another giant private equity ﬁrm, meanwhile, had made waves by hiring former president George H. W. Bush and former British prime minister John Major to help it bring in investors. Until Schwarzman’s party and Blackstone’s IPO shone a light on Blackstone, Schwarzman’s ﬁrm had been the quiet behemoth of the industry, and perhaps the greatest untold success story of Wal...

Product details

Publisher ‏ : ‎ Crown Business; First Edition (October 5, 2010)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 400 pages
ISBN-10 ‏ : ‎ 0307452999
ISBN-13 ‏ : ‎ 978-0307452993
Item Weight ‏ : ‎ 1.55 pounds
Dimensions ‏ : ‎ 6.5 x 1.35 x 9.6 inches

Best Sellers Rank: #463,041 in Books (See Top 100 in Books)
- #218 in Free Enterprise & Capitalism
- #890 in Economic History (Books)
- #1,318 in Business Professional's Biographies

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About the authors

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John E. Morris
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John E. Morris is a journalist, writer and editor, and the author of two books.
The most recent is Subway: The Curiosities, Secrets, and Unofficial History of the New York City Transit System (2020), a lavishly illustrated history and celebration of New York’s subway packed with original research and 200 rarely seen photos, maps and illustrations. His aim was to capture what’s marvelous, surprising, aggravating and comical about the system and its history, with frequent digressions into subjects such as the city’s raucous politics, the struggle to create a good subway map, passenger etiquette and changes in the way the movies and TV have portrayed the subway over time.
Morris is also co-author with David Carey of King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone (2010), a best-selling history of Blackstone Group and the private equity industry. The book tells the story of the personalities that built Blackstone into the world’s largest alternative assets firm, while setting the business in its historical and competitive context. King of Capital has been translated into Chinese, Russian, Japanese, Korean and Turkish.
Morris has covered business, finance and law in the U.S and Europe for Bloomberg, Dow Jones, The Deal and The American Lawyer magazine. He was a philosophy major at the University of California, Berkeley and earned a law degree at Harvard.
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David Carey
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Hawkeye

King of Capital………Great untold success story

Reviewed in the United States on April 18, 2014

Verified Purchase

I purchased this book to better understand more about private equity (PE) after I purchased a position in Blackstone. The authors reveal (in this dry read for the layman) historically what happened behind the financial revolution and reveal how Blackstone and PE changed forever the game of financing and Wall Street.

For the “Baby Boomer” the book takes you back to the mid-70s and testifies to the history of the Leverage Buy Out (LBO). It coalesces with companies, people, and tactics used to gain control of everyday companies. It appears this Merger and Acquisition (M&A) hostile takeover era sometimes has led to many corporate boards of today buying back their stock and consistently increasing dividends to keep shareholders satisfied. Additionally, it appears although the take-over wave of the 80s may have been ignored by many of us; the scandal of Drexel Burnham Lambert and the Milken junk bond adventures are remembered that led to his imprisonment.

I read this book right after “The Smartest Guys in the Room” by McLean and Elkind and as that work this one is a thorough examination of another corporate finance subject, private equity. In fact the authors spend some time simply explaining terms even the difference between PE versus venture capitalist which I originally thought were the same. “The story of Blackstone parallels that of PE and its transformation from a niche game played by a handful of financial entrepreneurs and upstart firms into an established business of giant institutions backed by billions of public pension money, and other mainstays of the investment world.” This compelling look at this little understood Wall Street world assisted me in understanding my investment selection.

9 people found this helpful

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Avalon

this is a reporter's view - it lacks the power of an insider's up close understanding of the facts

Reviewed in the United States on October 8, 2013

Verified Purchase

This book is a fairly quick read that lays out the history of Blackstone and the origins of some of its spinoffs. Overall, I would say this book reads like a reporter's account of the facts of the situation. It does not have anywhere near the level of detail of an insider or someone that had intimate knowledge of the doings or workings of this firm. For that reason, i was a little disappointed with this book as it did not describe what has made this one of the great players in finance. Sure there is discussion of the leadership's obsessions with this or that and some color of the roles some of the senior players had in the direction of the firm, but I struggled to identify what was the critical element, other than the leadership's, or more specifically Schwartzman's, relentless pursuit of success that made this a great firm. It certainly appeared the author relied a great deal or was heavily influenced by Schwartzman's account and as such I was left wanting and believing as with so many other books written by reporters, not industry experts or insiders, that they lacked an understanding of the true dynamic within the organization. In the author's defense, there is a fair amount of criticism of the firm throughout the book. The most critical part revealed the culture of the firm which is described as a revolving door where talented individuals are not nurtured, but sooner or later get frustrated and trade away. Not too unusual on Wall Street, but the author describes this turnover as far more excessive than normal and given some of the talent that left, it is pretty hard to believe Blackstone has achieved all it has given some of these departures. Its a quick read that would be helpful to understand the firm if you are doing business with them, but this certainly would not qualify as a definitive account of this remarkable firm.

11 people found this helpful

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Brian LaRocca

Comprehensive Summary of Blackstone's History

Reviewed in the United States on December 6, 2018

Verified Purchase

If you are looking for a history of the company and its rise to the forefront of Wall Street titans, this is the book. The authors had incredible access such as two years of interviews with Schwarzman himself. They exhaustively go through each deal, the personalities behind them, the infighting and the external negotiations that allowed Blackstone to separate itself from the rest of the pack. Considering the privileged access, I thought the authors criticized the firm and its leaders when appropriate.

If you are looking for more of a general finance book or a thrilling read, this is not that book. Barbarians at the Gate is better for pure entertainment. Do not expect the same sort of roller coaster here but do expect a well written and comprehensive summary of the good and the bad within the company.

I also do like the authors' strong defense of private equity in general. They do write for a publication called The Deal so they are biased but they provide coherent and important arguments showing the importance of strong investor control in the functioning of well managed companies.

17 people found this helpful

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Sam Lawhon

Great Insight into Private Equity

Reviewed in the United States on January 3, 2020

Verified Purchase

The author does a wonderful job of leading the reader through this story of one of the private equity greats, while also delving deep into the world of private equity. I wish the author would have spent a little more time on Mr. Schwarzman's life. Nonetheless, it was fascinating to dig into the story of Blackstone.

A few takeaways:
-Focus on what you do well. There will always be other opportunities and people may very well capitalize on them. It doesn't mean you will
-Private equity certainly has a role in the markets, though that has changed over time
-"If we don't reinvent ourselves, we're dead" -Scharzman
-Just because you can give someone money, even lots of it doesn't make you special. The key is to be able to differentiate yourself from all the other people throwing money around

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Top reviews from other countries

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Rolando cc

If you want to know more about PE this is book to read

Reviewed in Mexico on November 15, 2020

Verified Purchase

All the anecdotes and stories found in this book are really inspiring and gives you a big understanding about the private equity industry.

Un Famazon

A brief summary of LBOs from ‘80s to 2007

Reviewed in Spain on March 5, 2022

Verified Purchase

LV

Great read

Reviewed in Germany on March 4, 2020

Verified Purchase

For someone interested in PE, this is a book that is hard to put down.

Andrea

Nice

Reviewed in Italy on August 22, 2018

Verified Purchase

Nice

tomomori

世界を統べる男たち。

Reviewed in Japan on August 2, 2022

Verified Purchase

最近、ブラックロックのラリー・フィンクがESG投資宣言をしたとかって記事を読み、ゾワーリとして「持ってるだけで読んでなかった」この一冊に目を通した。エンロン破綻後に「企業の社会的責任（CSR）」とか盛んにやってたが、現在はESGだとか。環境（E: Environment）、社会（S: Social）、ガバナンス（G: Governance）だそうな。ESG投資ってのはディズニーですがな。ディズニーはESGスコアが高いので有名。なんでって、そりゃポリコレ会社っすから。多様性部門とか設けていて、「ディズニーキャラの半分をLGBTQキャラにする」とかとか方針を述べている社内会議の様子が最近リークされていた。こういうのはESGスコア上げの為。ま、会議参加者は女とゲイばっかでどーも活動家系らしく大マジにしろ。
で、本書はブラックストーン称揚本。CEOはスティーブ・シュワルツマン。この方、最近、自慢話自伝を出版されてませんでしたか。まあ「資本の王」になったら自慢もしたくなるか。ブラックストーンは2007年に知れ渡るまではウォールストリート外では有名会社ではなかった。シュワルツマンが2007年に豪勢な六十歳お誕生日会を開き、ついでにIPO（新規上場）に踏み切り、一気に名が知れ渡った。ブラックストーンここにありってのか、俺たちはKKRよりもカーライルグループよりもデカいし儲けてるプライベートエクィティなんやぞ、と。
本書はプライベートエクィティの歴史、LBOの歴史なぞを語り起こしつつ、延々と延々と延々と延々と…更に延々と…ディール話が続く。アテクシはマイケル・ミルケンが登場する部分以外は目を開けて寝ながら読んだ。八十年代、全米で年間売上3500万ドルの企業は約2万3千社、そのうち投資適格債を発行出来たのはわずか５％。95％の企業が発行する社債は「ジャンク債」になり、流通市場もなかった。その社債群の為にマーケットを作った男、マイケル・ミルケン。感慨深いのは、ミルケンがああもズタボロにされ、民主党のプラウダ誌たるニューヨークタイムズに世紀の大悪人扱いされ、しかし現在のアメリカはブラックストーンとかブラックロックにひたすら跪いてるって点。ミルケンの資金調達パワーをどーしても模倣出来なかった他行が「ブリッジローン」を発明したとか、個人的に面白い部分はある。かつて、ミルケンが一言「highly confident」とさえ言えば投資家がワヤワヤと集まるミルケン黄金期があった。なんでかって、他行がトンズラしても中小企業が集まるジャンク債市場を守る為にマーケットメイクをする男だったからだ。だから絶大な信頼を集めた。そしてアメリカンエスタブリッシュメントは蛇蝎の如くミルケンを憎んだもんだった。
話がズレている。ブラックロックはブラックストーンから派生した会社だが、ホレホレ、本書にちゃんとあるぞ、ラリー・フィンクはオバマ大統領のアドバイザーだったって。皆さん、金融危機後の「ウォール街占拠運動」がオバマの同性婚合法化によってアレよアレよとたち消えたってご存知ですか。そして階級闘争がアイデンティティポリティクスに転換したと。アテクシはずっと「誰がやった？」思案してきた。アメリカンエリートが何より恐れたのは階級闘争だ。あの急展開と、黒人大統領にヤンヤヤンヤと喝采したアメリカの現在の「分割して統治せよ」的惨状。異様なまでにLGBTQに拘り大挙してスポンサーなぞをやる大銀行群。全てがコーポレート祭り化し、貧富の差はジョーダンでしょってくらいに拡大し続け、でもLGBTQでBLMだからシリアスな政治なのってアメリカの大馬鹿リベラル。ニューヨークタイムズにワシントンポスト、アンタらだよ。
アテクシは影にいるのはゴールドマンサックスやろうずっと思っていたが、ゴールドマンサックスだけでは出来ない離れ業。「資本の王」たちにしか出来ません。そして「資本の王」たちの元で全てが結託していないと。ハリウッドに目を転じると、かつてミラマックスの上にいたのはディズニー。じゃあディズニーの上にいるのは誰かったら、ブラックロック。
あらゆる企業の上に巨大ファンド群がいる。中国の軍需産業に投資しながら、傘下のメディアに言論統制を促しながら、安上がりなプライド月間の旗印なんかには鷹揚に金を出し（企業ロゴ付きで）、ESG投資しまーすとか宣言しながら。
で、ヴォルカー時代をちょっとだけ経験し、グリーンスパンの金利低下時代とバーナンキの超低金利時代を謳歌し、現在、明日はどっちだの金利上昇時代に突入している。さて、ここでアテクシにやって来るのはイエーツの「The Second Coming」のイメージだったりする。

善人はあらゆる信念を見失い
悪人は強烈な情熱に満ち溢れ

眩いばかりの世界精神のイメージ
砂の中から立ち上がるスフィンクス
その周りを旋回する怒れる鳥たち

世界は再び暗闇を増し
新たな猛獣が生まれ出て
再臨を目指し
ベツレヘムに向かって
ぬらりぬらりと這っていく

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King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone Hardcover – October 5, 2010

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