(Bloomberg) -- Stephen Schwarzman, the founder of
Blackstone Group LP, stood beaming before 600 Champagne-sipping
investors in the baroque ballroom of New York's Pierre Hotel,
transformed into a black and white palace for the occasion.
At that moment, on June 14, Schwarzman was the master of
the financial universe, fresh from a blitz of media attention
and about to launch the most anticipated initial public offering
of the year. An hour later, his victory lap was thrown off
course by word of a bill in the U.S. Senate to more than double
Blackstone's tax burden -- the first of what are likely to be a
slew of proposals and regulations aimed at hedge funds and
private-equity firms.
Read more at Bloomberg Exclusive News
Blackstone Group LP, stood beaming before 600 Champagne-sipping
investors in the baroque ballroom of New York's Pierre Hotel,
transformed into a black and white palace for the occasion.
At that moment, on June 14, Schwarzman was the master of
the financial universe, fresh from a blitz of media attention
and about to launch the most anticipated initial public offering
of the year. An hour later, his victory lap was thrown off
course by word of a bill in the U.S. Senate to more than double
Blackstone's tax burden -- the first of what are likely to be a
slew of proposals and regulations aimed at hedge funds and
private-equity firms.
Read more at Bloomberg Exclusive News
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