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

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

Written by David Carey and John E. Morris

Narrated by George K. Wilson


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

Written by David Carey and John E. Morris

Narrated by George K. Wilson

ratings:
4.5/5 (32 ratings)
Length:
14 hours
Publisher:
Released:
Dec 2, 2010
ISBN:
9781452670003
Format:
Audiobook

Description

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.
Publisher:
Released:
Dec 2, 2010
ISBN:
9781452670003
Format:
Audiobook

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What people think about King of Capital

4.7
32 ratings / 3 Reviews
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  • (4/5)
    Great book about private equity- It is a great book to learn how PE works and where can things go wrong. PE has smart people but they often overestimate the efficiency gains and the do not predict cycles well, buying near the top. Also, the book does good job at examining PEs. They are not wonder money making machines but they are not fraud either. PEs do create value or else they won't exist. Overall, very good book to learn about PE.
  • (5/5)
    So I came in believing this book to be like the Wolf of Wallstreet but, it was quite better. I hadn't known about buyout funds or how large the leverage had been back during the 20th century. Its quite a enjoyable audiobook
  • (4/5)
    I went into this book thinking it would be about Blackstone [as the title might suggest]. It's actually about the past thirty years of private equity, including some lengthy sections on the progenitors of the industry, KKR.It's an interesting mix of personal stories, industry trends, and a history of specific deals and what patterns can be learned from them. It really gives a lot of insight into how LBOs [Leveraged Buyouts] work, from looking at their early ties with junk-bond funding, to the massive rounds they've raised in recent years.Ultimately, this is the kind of book I read for fun and entertainment, and in that regard, it delivered.It should be taken with a grain of salt, as the authors think that LBOs are good thing—a perspective on which most people would take issue. If you are looking for a larger analysis of the impacts of LBOs and leverage in general on the global economy, this is definitely not your book, as it is focused solely on the heart of the LBO industry.