See FameChain's massive Trump family tree. And the fact that he was so unaware of what sort of was being paid competitively, I said, Well, this is an industry where you cant make a lot of money if they dont really know even where they are. I interviewed at the different investment banking firms and in the corporate finance business, which I sort of thought felt like the right thing. Showing Editorial results for christine schwarzman. He just didnt know that that was achievable. You just have enormous access and the ability to address issues in a really positive way. Is there something that we can do about divisiveness? His father was a Wharton School alumnus and the owner of Schwarzmans, a defunct dry goods shop in Philadelphia. Since then, the investor dubbed the "King of Capital" in a 2011 book by David Carey and John Morrishas amassed both a fortune that Forbes magazine pegs at $18.1 billion and a reputation for philanthropic endeavors. She later remarried Steve Schwarzman in 1995, one of the worlds most powerful financiers and co-founder of Blackstone group. In order to teach future leaders about China, he established the Schwarzman Scholars international scholarship program at Tsinghua University in Beijing in 2013. I came from a background where to get spending money or do anything, I had to have jobs. He has also been a generous benefactor of his alma mater, Yale University. That would be a normal response. Thats what the parents do, and my parents made that transition, which was a lucky thing for me. Tap into Getty Images global-scale, data-driven insights and network of over 340,000creators to create content exclusively for your brand. As graduation approached, he was still uncertain what he wanted to do for a career. Minds, as you learn when you are older, work differently. Stephen Schwarzman: My partner is a very experienced, capable fellow, previously Secretary of Commerce and Chairman of Lehman Brothers. Should you have information that conflicts with anything shown please make us aware by email. At the end, they bought in. Both the Lgion dHonneur and the Ordre des Arts et des Lettres at the Commandeur level have been given to Mr. Schwarzman by the Republic of France. You have to believe you really want to achieve these things. So when I see things that are different than other people see them, theyre always fact-based. Youve said that when you were a student, you imagined yourself as being like a telephone switchboard. Is success all that you thought it would be? I really did merger things with most of my career, and thats just another derivation of solving problems. I did that because they had sort of expansion issues and modernization issues. What does that mean? Schwarzman wanted to start big and raised nearly a billion dollars for Blackstones first private equity fund. Because what Im looking for I guess youd call it some kind of an odd pattern recognition is something thats changed from the normal order. Is there a new model to do that? What you should do is go to an organization thats very small, comprised of very bright people doing anything. He said, It doesnt matter what they do. As a ten- or twelve-year-old, did you think you might have a shot at a sports career? We had about 900 people in my class. I dont find anyone who says, I dont think it will work. They just dont want to do it. In 1995, Schwarzman wed Christine Hearst, an attorney for intellectual property who was born and raised on Long Island, New York. We were looking at buying some condominiums in southern Spain in the 2006-2007 era, and we did some analysis and had a meeting. I mean this is ridiculous. Stephen Schwarzman: Not recently, unfortunately. Stephen Schwarzman: Well, I got a violin. Once you see things line up that way, then the issue is just crushing execution, okay? If Im not, its usually six hours or five hours. We used to train in the winter as well as the summer. Peterson was pushed out of the chairmanship in 1984, and Schwarzman managed the acquisition of Lehman Brothers by American Express. Distribution and use of this material are governed by It doesnt have to be hard information. What does it feel like when youre making a deal and you know you might lose billions of dollars? He made his 13400 million dollar fortune with Co-Founder, chairman & CEO of The Blackstone Group. He stated in early 2016 that he would choose Donald Trump over Ted Cruz in a two-candidate election, arguing that the country needed a cohesive, healing presidency, not one thats lurching either to the right or to the left.. Right now youre helping advise the current government, and a lot of people are particularly interested in building infrastructure. And even with the difficulty of borrowing money, we were earning 24 percent on our equity. Award recipients stand out from their peers with a platinum, gold or silver icon. But in our world, $80 million is very, very small for an acquisition. They couldnt go ahead, and if they went to a bank to borrow money, they were creating bankruptcies for the same banks, so the banks didnt want to talk to them. Schwarzman and his wife, Christine Hearst (yes, as in the Hearsts), recreated their expansive apartment in the cavernous Park Avenue Armory. The great thing is that it only takes twelve years. In effect, modern rock and roll started when I was the right age and I caught the whole thing. A lot of people dont like being in situations like that. Later, Obama prepared a formal statement of support for Schwarzman Scholars, a program he started to help students. The thing thats most important is figuring out where those special, special things are going to be happening, and thats really pretty easy. Theyre not my opinions. In addition, for his efforts on behalf of the United States in support of the United States-Mexico-Canada Agreement in 2018, he received the Order of the Aztec Eagle, Mexicos highest distinction for foreigners. I didnt even know what investment banking was, at that age, let alone even in college. Stephen Schwarzman: In 2018, the reason for optimism is this explosion of knowledge and interconnection in science. So Im constantly creating inputs for myself. Copyright 2023 MH Sub I, LLC dba Internet Brands. People have observed that you only learn truly by failing, and I was, I thought, a complete failure at this job. Mr. Schwarzman will be the fifth Chairman of the Center. And if it doesnt work, we can sell the Dungeon to somebody else. So I said, Okay, go ahead.. Stephen A. Schwarzman and Christine Hearst Schwarzman arrive at The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The. If you could talk to everybody, then theres a sense of intimacy. It has founded its own association, The Private Equity Council. On the board of the New York Public Library, which he serves on, Mr Schwarzman gave a $100 million donation in 2007. Y rt nhiu cu v d dch cha "SCHWARZMAN L" - ting vit-ting anh bn dch v ng c cho bn dch ting vit tm kim. We agreed on it completely, and we would have made a very good return. Did your fathers work have anything to do with the financial world? You go into an execution mode. And so I said, Joe, why would we ever do this? It occupied all the space it could. Was it the relationships part of the business that attracted you? Thats why we have to do something in the educational world, where everybody has a great shot of success and a better prospect. According to their 1995 wedding announcement, Hearst Schwarzman practiced at Cowan, Leibowitz & Latman in New York. Vergrern Sie die Reichweite Ihrer Marke authentisch und teilen Sie Markeninhalte mit Kreativen im Internet. I always felt uncomfortable with real estate because buildings dont move and neighborhoods change. I listened to that, and I said, I dont know anything about business, but I think this company is going to do very badly if thats the response of their representative to what I thought was a pretty clever idea. There were companies started around that time, apparently, to do that, like Flying Tiger and other types of things. Tom Hiddlestons net worth is $40million as of 2023. One of only two Americans, Mr Schwarzman, received both honours for his tremendous services to France. The massive water use of rich Palm Beach homeowners amid an unprecedented drought was covered by The Wall Street Journal in 2011. I did all kinds of things. Blackstone Group LP is the worlds largest alternative investment firm, managing $881 billion in private equity, real estate, and other assets. In the autumn of 2018, the Blackstone Group acquired Clarus, a leading global life sciences investment firm. He was born in Philadelphia, Pennsylvania, United States. If I were on the other side, it would just be the opposite. Schwarzman didnt get the job. Stephen Schwarzman: Remember, this was the 1960s, when everything was touchy-feely. We are going to include below all the related information about him birthplace and Birthday as well. Mit unserem einfachen Abonnement erhalten Sie Zugriff auf die besten Inhalte von Getty Images. He has held positions on the Harvard Business School Board of Deans Advisors and as an adjunct professor at the Yale School of Management. Stephen Schwarzman: I recognized that that was the model that I already had in my head. Youre famous for breaking the mold and doing things that havent been done. Bewildered, the often curious Schwarzman asked why. 2023 Getty Images. The Senate Leadership Fund, a super PAC connected to Mitch McConnell, received a $15 million donation from Schwarzman in 2020. Eventually, Schwarzmans assistance was used to arrange an agreement. In 2004, Schwarzman picked up the German chemical company Celanese, when most investors were avoiding the chemical industry. And we could borrow money off of that 15-percent yield and earn about 23-24 percent, at the bottom of a recession, with apartments that were close to new. Since 1990, Schwarzman and his wife have given more than $283,000 to political candidates, according to the Center for Responsive Politics. Lo and behold, this is our Top 60 of celebrities that have been caught smoking or, Celebrities dont always wear makeup anymore. So this is a mechanism thats been wildly successful thats opposed by one of the two political parties in the United States. Then I went to see Bill for my interview, and he said, Why do you want to work here? And I said, Frankly, I dont even know what you do here, but I know that everybody Ive seen is very excited about it, and with all these bright guys and pretty women, whatever theyre doing, I want to do it. And he gave me a big smile. 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