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King of Capital Audiobook

King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

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Publisher's Summary

The financial establishment---banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley---were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, and driving the economy to the brink of disaster. In King of Capital, David Carey and John E. Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and "barbarians at the gate" into disciplined, risk-conscious investors. This is the greatest untold success story on Wall Street. Not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance. And since it is sitting on billions of dollars that can be invested at a time when the market is starved for capital, Blackstone is now ready to break out once again.

Insightful and hard-hitting, King of Capital is filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Steve Schwarzman and Peter Peterson. A great human interest story, as well, it tells how Blackstone went from two guys and a secretary to being one of Wall Street's most powerful institutions---far outgrowing its much older rival KKR---and how Schwarzman, with a pay packet one year of $398 million and $684 million from the Blackstone IPO, came to epitomize the spectacular new financial fortunes amassed in the 2000s.

©2010 David Carey and John E. Morris (P)2010 Tantor

What the Critics Say

"[King of Capital] ranks as one of the most even-handed treatments of the industry." (Bloomberg Brief: Merger)

What Members Say

Average Customer Rating

4.1 (188 )
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4.1 (138 )
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Performance
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  •  
    Mike Martin Ann Arbor, MI 05-07-12
    Mike Martin Ann Arbor, MI 05-07-12
    HELPFUL VOTES
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    "Can't make it through"
    Would you try another book from John E. Morris and David Carey and/or George K. Wilson?

    I'm not sure who thought it would be a good idea to have the reader for this book, but it was an incredibly bad idea. This will an audible first for me, but I've decided to not continue wit this book because I just can't follow the reader. He speaks in an incredibly slow cadence like he's telling some kind of fairy tale. He should not be narrating business books.


    4 of 4 people found this review helpful
  •  
    Marc HIGHLAND LAKES, NEW JERSEY, United States 04-23-13
    Marc HIGHLAND LAKES, NEW JERSEY, United States 04-23-13 Member Since 2015
    HELPFUL VOTES
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    "Great Story Ruined by Monotone Reading"
    What did you like best about King of Capital? What did you like least?

    I think the story of Blackstone and more broadly LBOs and the evolution of finance is a great story and very interesting. The writing itself is crisp but sometimes veers off.

    The largest issue I have with this is the narration. While the narrator is talented, I think he is ill equipped for this kind of book. He has a monotone voice that drones along from development to development. I find it so bad that it is difficult to get through the book.


    What did you like best about this story?

    The subject matter and the perspective.


    Who would you have cast as narrator instead of George K. Wilson?

    Anyone.


    Do you think King of Capital needs a follow-up book? Why or why not?

    No I think it does a fine job of covering the subject thus far.


    2 of 2 people found this review helpful
  •  
    Don Wang 04-15-16
    Don Wang 04-15-16 Member Since 2016
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    "King of Capital"

    Very good case study on how a firm grow from a two people shop to the number one private equity -LBO company in the world. Even though the title is the King of Capital, it actually tells us how to become the king though constantly adjust your firm's strategy,hiring new blood, handling regulations, seize the business oppertunities based on economic cycle and globle growth,
    etc. Recommends this book to small and big business owers.

    1 of 1 people found this review helpful
  •  
    Phil O. San Diego, CA, United States 12-08-15
    Phil O. San Diego, CA, United States 12-08-15 Member Since 2011
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    "Informative, crisp, a no-frills ride"

    I like this better than I expected to. I got a lot of comprehension about this intensive modern capitalist business. The opening obligatory and silly description of Schwarzman's luridly crassly materialistic showy 60th birthday party is quickly finished and we get down to crisp deal points, what worked and what didn't, across the history of the firm and players up through this publication date. There is enough overview to get a good feel for the kinds of deal and finance structures and competition that were there, and we get enough color and history about the personalities (meaning not too much). There are subtexts about organization governance, booms and recessions, and recent evolution of capitalism itself, woven seamlessly in and out of the individual stories of the deals. The effects of big recent historical events on this business (dot com bust, 9/11, 2007-2008, etc.) was a pleasing constant as it moved along. And yes, that lurid birthday party did turn out to be material, as it attracted lots of political heat in the run-up to Blackstone's IPO that generated a lot of distraction. The narrator is clear enough and even enough in tempo but moves slowly like some sleepy old guy driving constantly 10 miles below the speed limit. A quick switch to fast speed on my device made it move along nicely. I plan to study more in this area, which is the best endorsement I can give. But if you are looking for entertainment, "business lite," this probably isn't your pick.

    1 of 1 people found this review helpful
  •  
    Steve Ventura, CA, United States 07-06-15
    Steve Ventura, CA, United States 07-06-15 Member Since 2011
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    "Good Book"
    Any additional comments?

    This was a very well done explanation of private equity, which the author clearly saw as a positive form of business. Unlike some of the other reviewers, I had no problem with the narrator. My one criticism is that about 2/3 of the way through the book the author forgot he was writing about Steve Schwartzman. Instead of giving insights into Swartzman as he had done up until that point, he focused exclusively on a long, long list of deals made by Blackstone and other private equity firms.

    1 of 1 people found this review helpful
  •  
    Bernard SCOTTSDALE, AZ, United States 10-14-13
    Bernard SCOTTSDALE, AZ, United States 10-14-13 Member Since 2013
    HELPFUL VOTES
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    "Very complete story of Blackstone vs. rest of PE"
    If you could sum up King of Capital in three words, what would they be?

    Inside private equity


    What did you like best about this story?

    The details about how many of the deals were structured and the thought processes behind them.


    What about George K. Wilson’s performance did you like?

    Indifferent to Wilson's performance, but I can say that I listened to it on 1.5x and I have no complaints on his style.


    Was this a book you wanted to listen to all in one sitting?

    Yes.


    Any additional comments?

    A great read for anyone who wants to learn more about Schwarzman, Blackstone, and private equity in general.

    1 of 1 people found this review helpful
  •  
    Truc To 03-18-11
    Truc To 03-18-11
    HELPFUL VOTES
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    "The next Goldman Sach?"

    I own BX stock (not an emplyee), thus, this book presents a special personal interest -- read it twice.
    It provides fascinating detail into the deals and the people behind them.
    With an abundant pool of interlectual and capital, Blackstone is the contender to be the next great financial institute.

    1 of 1 people found this review helpful
  •  
    r 08-18-16
    r 08-18-16 Member Since 2016
    ratings
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    Story
    "I assume that this was a vanity project"
    This book wasn’t for you, but who do you think might enjoy it more?

    his friends


    Has King of Capital turned you off from other books in this genre?

    no


    What does George K. Wilson bring to the story that you wouldn’t experience if you just read the book?

    he does a good job on an empty text


    If you could play editor, what scene or scenes would you have cut from King of Capital?

    the book its basically a stretched puff piece


    Any additional comments?

    it's not even as book

    0 of 0 people found this review helpful
  •  
    Mathew 05-01-16
    Mathew 05-01-16 Member Since 2016
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    "Schooled"

    Learned a lot in regards to Private Equity! Clarified questions in regards to the industry! Lengthy, and you will be using the 30 second loop button.

    0 of 0 people found this review helpful
  •  
    Alejandro N 11-30-15
    Alejandro N 11-30-15
    ratings
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    9
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    "Terrible narration"
    Would you try another book from John E. Morris and David Carey and/or George K. Wilson?

    The authors tell a good story, but they chose the wrong narrator.


    What didn’t you like about George K. Wilson’s performance?

    The narrator makes you sleep, has no rhythm and ruins the story.


    0 of 0 people found this review helpful

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