Blackstone posts
FeedPosted Aug 14th 2009 10:10AM by Tom Taulli (RSS feed)
Filed under: Management, Movers and shakers, The Blackstone Group, Private equity
Over the past couple years, it's been horrible for the private equity sector, right? Well, not so for the head of the Blackstone Group (NYSE: BX), Steve Schwarzman.
According to the Corporate Library -- which put together a top ten list for the highest paid executives for 2008 -- he was first on the list. The second was Oracle's (NASDAQ: ORCL) Larry Ellison, with $543 million.
When you add up all the sources of income (cash/bonus, stock options, and restricted shares), the compensation for Schwarzman comes to $702.4 million. Just imagine if the market was stronger.
Continue reading Blackstone's Schwarzman tops list of highest paid executives
Posted May 18th 2009 1:10PM by Trey Thoelcke (RSS feed)
Filed under: Deals, Movers and shakers, The Blackstone Group, The Carlyle Group, Private equity industry
In what could be the most watched private equity deal of the year, a consortium of buyout firms led by billionaire investor Wilbur L. Ross has set its sights on BankUnited Financial Corp. (NASDAQ: BKUNA), says the Wall Street Journal (subscription required). The consortium includes Carlyle Group and Blackstone Group (NYSE: BX).
Earlier this year, federal regulators declared that the Florida-based lender was "critically undercapitalized" and demanded that it find a buyer or raise new capital. While regulators have traditionally favored other lenders in sales of banks, if Ross's group is successful, it would not only be one of the largest acquisitions in the financial-services sector made by private equity, but could also signal a shift in the government's attitude toward private-equity buyers of banks.
Continue reading BankUnited deal to open the door for private equity to acquire banks?
Posted May 7th 2009 6:10PM by Tom Taulli (RSS feed)
Filed under: The Blackstone Group
When the Blackstone Group (NYSE: BX) reported its Q4 results, the company's CEO, Stephen Schwarzman, said that the stock price was "dimwitted." Well, since then, the stock price has surged from $4.87 to $13.44.
What happened? Perhaps it's the fact that the financial system has stabilized.
But, if you take a look at the Q1 results (announced yesterday) for Blackstone, things still look ugly. In fact, on the conference call, President Tony James gave a particularly negative view on the economy. For the most part, it looks like it will take a long while to get things back on track.
Continue reading Blackstone puts another ugly quarter behind it, waits for economic recovery
Posted Mar 19th 2009 5:00PM by Tom Taulli (RSS feed)
Over the past few weeks, we've seen some of the extensive damage done to the mega private equity operators, such as the Blackstone Group LLP (NYSE: BX) and KKR.
Now, according to a report from Reuters, we've got the details on the performance of TPG. And, of course, it's ugly (interestingly enough, TPG's roots are in the distressed investing category).
Continue reading TPG gets crushed
Posted Jan 26th 2009 2:10PM by Tom Taulli (RSS feed)
When the financial shenanigans were uncovered by Satyam's (NYSE: SAY) CEO, B. Ramalinga Raju, he gave a memorable quote: "It was like riding a tiger, not knowing how to get off without being eaten."
And, yes, it's also been pretty rough for many investors in India. Just look at the Blackstone Group LLP (NYSE: BX). In fact, according to Reuters, it looks like the experience has been a nightmare.
Over the past three years, Blackstone has invested about $730 million in India. Unfortunately, much of this was done at the peak of the market. Bear in mind that some of Blackstone's investments have lost 70%+ of their value.
True, India still holds lots of promise. To support its massive population, it's critical that the country find ways to grow and build its infrastructure. And, this means that there must be foreign investment.
Thus, India should rethink its investment regulations and try to loosen things up. If not, the recent losses could scare away investors for some time, ultimately crimping the long-term growth rate.
Tom Taulli is the author of various books, including The Complete M&A Handbook
and The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market
. He is also the founder of BizEquity, a valuation website.
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