Skip to main content
Tags: BNALL | BNCOPY | BNSTAFF | BNTEAMS | BUSINESS | CAMPFIN | CNG

Equity Firm Chairman: I Pick Romney

Wednesday, 30 November 2011 12:49 PM EST

Stephen Schwarzman, chairman of the world’s largest private-equity firm, endorsed Mitt Romney for president today, citing his firm’s first investment in 1985 when Romney helped Blackstone Group LP earn “16 times profit.”

“In finance that’s a way to make friends,” Schwarzman, the firm’s co-founder and a longtime Republican donor, said in a Bloomberg Television interview. “In terms of being good for the country, he’s very smart, he’s great in a crisis, he’s direct and he can deal with problems as they actually occur.”

“He’s a natural leader and he’s accessible, and he listens to what you say,” he said.

Schwarzman will host a fundraiser for Romney at his Park Avenue apartment on Dec. 14, the same day that four JPMorgan Chase & Co. executives will also raise money for the former head of the private equity firm Bain Capital LLC and one-term Massachusetts governor.

“This is a personal choice, and from a corporate perspective, we have a lot of Democrats at the firm,” Schwarzman said.

“When we started Blackstone in 1985, the first investment we did in private equity was a joint deal with Mitt Romney at Bain,” he said. “This turned out to be a marvelously successful deal” with a company making aluminum wheels. The business “expanded very rapidly. We made about 16 times profit.”

“The second deal we did,” he said, “we ended up making 24 times our money.”


© Copyright 2024 Bloomberg News. All rights reserved.


Politics
Stephen Schwarzman, chairman of the world s largest private-equity firm, endorsed Mitt Romney for president today, citing his firm s first investment in 1985 when Romney helped Blackstone Group LP earn 16 times profit. In finance that s a way to make friends, Schwarzman,...
BNALL,BNCOPY,BNSTAFF,BNTEAMS,BUSINESS,CAMPFIN,CNG,DCAA,ELECT,ELECTOP,EXCLUSIVE,EXE,FINNEWS,GEN,GENCURZ3,GENNEWS,GENTOP,GENTOPZ3,GOV,GOVME,HEDGE,IA,MA,MARKETS,MSCINAMER,MSCIWORLD,NH,NORTHAM,NYX,ONWEB,ORIGINAL,PE,POL,POLNEWS,READ,RECALL,STFILT241,STFILT266,STFILT268,TOP,US,USBNX,USCURZ6,USGOV,USGOVERN,USMW,USNE,USTOP,USTOPZ6,WASHNEWS,WEBHOME,WWCURZ6,WWTOP,WWTOPGEN,WWTOPZ6
231
2011-49-30
Wednesday, 30 November 2011 12:49 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved