Tags: Mitt Romney | BNALL | BNCOPY | BNSTAFF | BNTEAMS | BUSINESS | CAMPFIN

Equity Firm Chairman: I Pick Romney

Wednesday, 30 Nov 2011 12:49 PM

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 2015 Bloomberg News. All rights reserved.

1Like our page
2Share
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
 

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