Called by The Wall Street Journal “one of Wall Street’s most prominent dealmakers,” Steven Schwarzman is worth about $4.7 billion according to Forbes, which ranks him as the 66th richest American. Despite national publications which already write about his vast wealth, the CEO of the Blackstone Group refuses to detail his holdings for the Federal Reserve.
When Blackstone went public, Schwarzman’s earnings in 2006 were reported to total $398.3 million, according to Robin Sidel in the Journal.
The Fed had asked for these details based on Blackstone owning 14.1% of BankUnited, they are restructuring their stock holdings rather than comply. This “move is the latest sign of tension between private-equity investors and regulators. Private-equity firms have invested billions of dollars in the banking industry . . . (and) have chafed at regulatory restrictions on bank ownership,” Sidel wrote.