Super-rich private equity stars rue 'lousy' reputation, say they are misunderstood [Reuters]
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Source: Reuters
Super-rich private equity stars rue 'lousy' reputation, say they are misunderstood BEVERLY HILLS, Calif. May 2 Ultra-wealthyprivate equity managers lamented their reputation as 'lousy'corporate profiteers at a plush Beverly Hills hotel on Tuesday,arguing their value to society was greater than the publicrealized. Stephen Schwarzman, chief executive and co-founder of theBlackstone Group, touted the fact that companies owned byhis private equity business employed about 600,000 people andhad grown 50 percent faster, on average, than the S&P 500 Index. "The idea that you can do all that and have great successand be perceived at best in a marginal way in terms ofcontribution to society, you've got to really wonder who’s doingthe PR," Schwarzman said during a panel discussion at the MilkenInstitute Global Conference at the Beverly Hilton hotel. "People mistake us for financial people. I don’t knowexactly why," said Schwarzman - worth some $12 billion,according to Forbes - drawing a distinc
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