Talk:Stephen A. Schwarzman

Addition to Wealth and philanthropy

Information to be added: In 2020, he signed The Giving Pledge, committing to give the majority of his wealth to philanthropic causes.

ThomasClements Blackstone (talk) 20:21, 26 February 2020 (UTC)

 Done, with slightly different wording and references. –Erakura^(talk) 22:34, 26 February 2020 (UTC)

Citation

Is his getting a D- in high school verifiable? Gkapur 23:36, 25 February 2007 (UTC) Gkapur

Linkage

I notcied that it linked to the wrong Saul Steinberg for who he bought his apartment from. I don't know how to fix this, but it should be the investor Saul Steinberg.

Controversy

This page needs a section about controversies surrounding Schwarzman and private equity--particularly proposed increases in private equity tax. Also mentioned should be criticism of Schwarzman from the media and from others in private equity (that he is 'responsible' for the movement to increase taxes on carried interest). Overall, this article is shockingly short and lacking in detail given his current fame and status.

Yep, another important aspect missing is how he managed to be in grad school during the hottest point of the Vietnam War when grad school deferments had been abolished. — Preceding unsigned comment added by 216.49.20.187 (talk) 21:47, 16 September 2015 (UTC)

I have restored the above deletion, by an anonymous editor, because the deletion violates WP:Talk page guidelines :

WP:TPO "The basic rule—with some specific exceptions outlined below—is that you should not edit or delete the comments of other editors without their permission.

It is not libelous to ask why someone of draft age during the Vietnam war wasn't drafted. See George W. Bush --Nbauman (talk)

Removed tag

Removed the citation needed tag because it was done in 2008 and it seemed like the article was sufficiently cited. Cleanelephant (talk) 01:39, 10 January 2012 (UTC)

NYT story

Here's a story from the NYT that uses the example of the Twinkie deal to explain exactly how private equity firms work and how they make their money. It doesn't criticize them particularly; it just explains what they do.

http://www.nytimes.com/2016/12/10/business/dealbook/how-the-twinkie-made-the-super-rich-even-richer.html
How the Twinkie Made the Super-Rich Even Richer
Behind the financial maneuvering at Hostess, an investigation by The New York Times found a blueprint for how private equity executives have amassed some of the greatest fortunes of the modern era.
By MICHAEL CORKERY and BEN PROTESS
New York Times
Dec. 10, 2016

Nowhere was it sweeter, perhaps, than at the investment firms Apollo Global Management and Metropoulos & Company, which spent $186 million in cash to buy some of Hostess’s snack cake bakeries and brands in early 2013.

Less than four years later, they sold the company in a deal that valued Hostess at $2.3 billion. Apollo and Metropoulos have now reaped a return totaling 13 times their original cash investment.

Behind the financial maneuvering at Hostess, an investigation by The New York Times found a blueprint for how private equity executives like those at Apollo have amassed some of the greatest fortunes of the modern era....

Stephen A. Schwarzman, a co-founder of Blackstone, took home the largest haul last year: nearly $800 million. He and other private equity executives receive more annually than the leaders of Facebook and Apple, companies that revolutionized the way society communicates.

--Nbauman (talk) 15:44, 10 December 2016 (UTC)

Here's a NYT opinion piece by another investor who is critical of Schwarzman and leveraged buyouts:

https://www.nytimes.com/2017/02/07/opinion/stephen-schwarzmans-bad-business-advice.html

Op-Ed Contributor

Stephen Schwarzman’s Bad Business Advice

By MICHAEL MORITZ

FEB. 7, 2017

...Just like Mr. Trump’s real-estate business, groups like Blackstone rely on enormous debt to prop up their business. The playbook for any of their acquisitions is to gain 100 percent control by financing the purchase of a company with a small down payment and a heap of debt secured not (heaven forbid) by their own savings or houses, but by the business they are looking to acquire. They then cut costs — which almost always means making sizable layoffs at the company they’re taking over — and figure out a way to reward themselves financially.

It’s the equivalent of making a small down payment on your neighbors’ house; paying for the balance by taking out a mortgage secured by their savings, jewelry, silverware and car; selling off the contents of their property; and then siphoning off some of the loan for yourself.

--Nbauman (talk) 22:13, 7 February 2017 (UTC)

McColl and The man, Vultures playbook

http://nypost.com/2009/05/24/vultures-play-book/

http://www.newyorker.com/magazine/2008/02/11/the-birthday-party-2

So much missing considering all.... Wikipietime (talk) 16:29, 22 August 2017 (UTC)

External links modified

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Investment Career

--some proposed changes--

Information to be removed: "In August 2010, Schwarzman compared the Obama administration's plan to raise the tax rate on carried interest to Hitler's invasion of Poland in 1939, for which Schwarzman later apologized."

Explanation of issue: This is duplicative of the 'political and economic views' section that details the same events.

ThomasClements Blackstone (talk) 19:14, 6 December 2018 (UTC)

ThomasClements Blackstone (talk) 16:03, 18 January 2019 (UTC)

 Done Reasonable enough. --GRuban (talk) 16:36, 22 January 2019 (UTC)

National Library of Israel donation

Information to be added: "In 2018, Schwarzman Donated $10 million to establish a new education center at The National Library of Israel campus in Jerusalem. The center, scheduled to open in 2021, will function as the primary location for cross cultural educational programming which is a centerpiece of the renewed mission of the NLI."

Explanation of issue: The gift above is currently missing and reflects his philanthropic work. References supporting change:

ThomasClements Blackstone (talk) 23:24, 3 February 2019 (UTC)

 Not done. These sources appear to be relatively minor, and the proposed language is excessively promotional. Not every examples of a donation is encyclopedically significant merely because it is verifiable. Why is this donation significant, according to reliable, independent source? Grayfell (talk) 23:30, 3 February 2019 (UTC)

References

Order of Aztec Eagle

Information to be added: In December 2018, Schwarzman was awarded the Order of the Aztec Eagle, Mexico’s highest honor for foreigners, by President Enrique Peña Nieto in recognition of Schwarzman’s work on behalf of the U.S. in support of the U.S.-Mexico-Canada Agreement. Explanation of the issue: This was a significant event recognizing Schwarzman's involvement in the U.S.-Mexico-Canada Agreement. References supporting the change: ThomasClements Blackstone (talk) 23:40, 3 February 2019 (UTC)

References

Are these really the best sources? The Axios one is a passing mention recycled from PR, and press releases are not sufficient for promotional content. The reliability of The Epoch Times is pretty uneven. Surely this could be better supported, right? If not, perhaps it's not significant. Grayfell (talk) 02:15, 4 February 2019 (UTC)

If a reference originating from the Mexican government were to be located, such as an official announcement sourced through the gob.mx portal, this might merit inclusion, as the Order of the Aztec Eagle is an independently notable subject in Wikipedia.  Spintendo  09:38, 4 February 2019 (UTC)

National Library of Israel (Revised)

Information to be added:

Extended content

In 2018, Schwarzman Donated $10 million to establish a new education center at The National Library of Israel campus in Jerusalem. The center is scheduled to open in 2021. Explanation of the issue: Per the above comments from Grayfell this is a revised request. Similarly, this includes one more'prominent' international publisher, including US News and Bloomberg. The significance, according to the US News/AP article is summarized in the sentence below. The gift is part of a larger more widely reported project to construct the new National Library of Israel campus. "The donation will fund classrooms and education workshops Schwarzman hopes will foster inclusiveness and "cross-cultural relationships" between Jews, Christians and Muslims." References supporting the change: https://www.usnews.com/news/news/articles/2018-02-08/billionaire-trump-adviser-donates-to-israel-national-library https://www.bloomberg.com/news/articles/2018-03-02/schwarzman-durant-buy-prom-king-status-philanthropy-tracker Order of Aztec Eagle (Revised) Information to be added: In December 2018, Schwarzman was awarded the Order of the Aztec Eagle, Mexico’s highest honor for foreigners, by President Enrique Peña Nieto in recognition of Schwarzman’s work on behalf of the U.S. in support of the U.S.-Mexico-Canada Agreement. Explanation of the issue: This was a significant event recognizing Schwarzman's involvement in the U.S.-Mexico-Canada Agreement. This award was announced via a press release from the President of Mexico. When the new administration took over, they deleted all historical press releases from the government site. A search of historical cached pages shows the release: https://www.gob.mx/presidencia/prensa/president-epn-confers-mexican-order-of-aztec-eagle-on-co-founder-and-ceo-of-the-blackstone-group-stephen-allen-schwarzman (adding one more article): https://www.eluniversal.com.mx/english/pena-honor-kushner Investment Career Information to be deleted: "Blackstone, with "$360 billion in assets", is expanding into infrastructure investments.[24] Blackstone Group joined Saudi Arabia in May 2017 in a $40 billion fund to invest in stateside[clarification needed] infrastructure projects. Saudi Arabia will provide 50% of the fund which could lead to "$100 billion in total infrastructure investments on a leveraged basis".[24]" Explanation of the issue: This is just one of Blackstone’s 10+ investing businesses – including only this is inaccurate and misleading – it would be more appropriate on the Blackstone company page. Wealth and philanthropy Information to be added: In 2018, MIT announced the creation of the Stephen A. Schwarzman College of Computing, made possible by a $350 million foundational gift from Schwarzman. The new college reorients MIT to bring the power of computing and AI to all fields of study and will look to advance the ethical considerations alongside the technology. This represents the most significant structural change to MIT since the early 1950s and creates 50 new faculty positions. Explanation of issue: This is an omission from his current philanthropic profile. It is the largest single gift he has given and has been verified by multiple major publications, broken out below: References supporting the addition: • New York Times: https://www.nytimes.com/2018/10/15/technology/mit-college-artificial-intelligence.html • Financial Times: https://www.ft.com/content/06d44278-d07d-11e8-a9f2-7574db66bcd5 • Boston Globe: https://www.bostonglobe.com/metro/2018/10/15/mit-announces-billion-outlay-for-study-artificial-intelligence-computing/8AhIrHXhTIpoKiFI90SvCM/story.html

ThomasClements Blackstone (talk) 15:37, 4 February 2019 (UTC)

Reply 4-FEB-2019

Below you will see where proposals from your request have been quoted with reviewer decisions and feedback inserted underneath, either accepting, declining or otherwise commenting upon your proposal(s). Please read the enclosed notes within the proposal review section below for information on each request.  Spintendo  04:09, 5 February 2019 (UTC)

Proposal review 4-FEB-2019

In 2018, Schwarzman Donated $10 million to establish a new education center at The National Library of Israel campus in Jerusalem. The center is scheduled to open in 2021.  Declined. In December 2018, Schwarzman was awarded the Order of the Aztec Eagle, Mexico’s highest honor for foreigners, by President Enrique Peña Nieto in recognition of Schwarzman’s work on behalf of the U.S. in support of the U.S.-Mexico-Canada Agreement.  Approved. Blackstone, with "$360 billion in assets", is expanding into infrastructure investments. Blackstone Group joined Saudi Arabia in May 2017 in a $40 billion fund to invest in stateside[clarification needed] infrastructure projects. Saudi Arabia will provide 50% of the fund which could lead to "$100 billion in total infrastructure investments on a leveraged basis.  Deletion approved. In 2018, MIT announced the creation of the Stephen A. Schwarzman College of Computing, made possible by a $350 million foundational gift from Schwarzman. The new college reorients MIT to bring the power of computing and AI to all fields of study and will look to advance the ethical considerations alongside the technology. This represents the most significant structural change to MIT since the early 1950s and creates 50 new faculty positions.  Declined. ___________

Philanthropy and wealth (Revised version 2)

Information to be added: In 2018, MIT announced the creation of the Stephen A. Schwarzman College of Computing, made possible by a $350 million foundational gift from Schwarzman. In 2018, Schwarzman donated $10 million to establish a new education center at The National Library of Israel campus in Jerusalem.

Explanation of the issue: Per User: Spintendo, removed any mention of future plans and instead referenced the donation/announcement of donations themselves, which has occurred.

References supporting the change:

National Library of Israel - https://www.usnews.com/news/news/articles/2018-02-08/billionaire-trump-adviser-donates-to-israel-national-library https://www.bloomberg.com/news/articles/2018-03-02/schwarzman-durant-buy-prom-king-status-philanthropy-tracker MIT College of Computing - New York Times: https://www.nytimes.com/2018/10/15/technology/mit-college-artificial-intelligence.html Financial Times: https://www.ft.com/content/06d44278-d07d-11e8-a9f2-7574db66bcd5 Boston Globe: https://www.bostonglobe.com/metro/2018/10/15/mit-announces-billion-outlay-for-study-artificial-intelligence-computing/8AhIrHXhTIpoKiFI90SvCM/story.html

ThomasClements Blackstone (talk) 15:06, 5 February 2019 (UTC)

Reply 5-FEB-2019

  Edit request implemented    Spintendo  17:49, 5 February 2019 (UTC)

Creating Homelessness World wide

The UN’s housing advisor has accused private equity firms and one of the world’s largest corporate residential landlords, Blackstone Group, of exploiting tenants, “wreaking havoc” in communities and helping to fuel a global housing crisis.<ref></refhttps://www.theguardian.com/profile/patrickbutler — Preceding unsigned comment added by 184.147.123.251 (talk) 02:05, 15 January 2020 (UTC)