Blackstone Profit Triples From Deals

[TomClash]

Source: Bloomberg

Blackstone Group LP (BX), the world’s largest private-equity company, said second-quarter profit more than tripled on gains in the value of its buyout and real estate investments.

Profit, excluding some costs tied to the firm’s initial public offering, increased to $703 million, or 63 cents a share, from $205 million, or 18 cents, a year earlier, New York-based Blackstone said today. That beat the 33-cent average estimate of 10 analysts in a Bloomberg survey. Earnings were helped by an accounting measure requiring Blackstone to recognize a larger share of profit in its real estate business.

Rising global markets have helped Blackstone, led by Chairman Stephen Schwarzman, distribute profits to investors by selling some of the companies it owns and taking others public. The firm has raised about $16.1 billion for a new leveraged- buyout fund and is seeking about $10 billion to make real estate deals.

<snip>

Schwarzman, who founded Blackstone in 1985 with Peter G. Peterson, has expanded the firm’s non-LBO businesses such as fund-of-hedge funds and publicly traded debt vehicles. The firm’s restructuring unit, part of the advisory business, was hired this month to advise the Los Angeles Dodgers baseball team during its bankruptcy.

Read more: http://www.bloomberg.com/news/2011-07-21/blackstone-profit-triples-on-gains-in-buyout-property-holdings.html

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What is to be done?

Tomorrow belongs to them, not us.

[lib2DaBone]

1. Pete Peterson.. the man Obama hired to gut Social Security....

If you've ever worked for a Blackstone-owned company... it's a wage slave experience you'll never forget.

[TomClash]

2. Peterson and Schwartzman and other private equity/hedge fund managers

. . . make the senior execs at Goldman and JP Morgan Chase look like Gandhi