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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

Critic Reviews

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

What members say

Average Customer Ratings

Overall

  • 4.2 out of 5.0
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    131
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Performance

  • 4.1 out of 5.0
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    34
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Story

  • 4.2 out of 5.0
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  • Overall
  • Performance
  • Story

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.

5 of 5 people found this review helpful

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  • Marc
  • HIGHLAND LAKES, NEW JERSEY, United States
  • 04-23-13

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.<br/><br/>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.

3 of 3 people found this review helpful

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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.

1 of 1 people found this review helpful

  • Overall

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

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  • Steve
  • Ventura, CA, United States
  • 07-06-15

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

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  • Bernard
  • SCOTTSDALE, AZ, United States
  • 10-14-13

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

  • Overall

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

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Lacking substance

The books reads like a list of individual names, company names, and deal values, there's almost no depth of detail on Steve as a person. Wish I could have back the time I spent listening

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Private Equity 101

This book not only paints a good portrait of the rise of Blackstone as a company but also sheds light on the often misunderstood realm of Private Equity.

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  • Story

How the World works

Wether you like it or not this is the story of how our world is organized.

Understanding this makes a lot of what you see every day make sense.