Steve Schwarzman told CNBC this morning that he keeps a black Lucite tombstone he had made engraved with the details of his worst trade ever on his office windowsill to this day.
The trade was Edgecomb Steel, and we don’t know how it happened that Schwarzman lost 100% of his investment ($35 – $40 million) on it, yet – we have to wait for CNBC to reveal the full video at lunch time – but in their teaser video of the interview this morning, Schwarzman says:
“I had never been in the business of losing money.”
Until this deal, obviously. After it happened –
“One person told me I was the stupidest person they had ever dealt with. He said that we were irresponsible – this person just lost control.”
And now, every time he looks at it, he remembers the deal and what they said.
“He actually was right, that was the sad thing about it,” says Schwarzman. “I am still upset that we lost that money.”
Who was it? His or her name probably won’t ever be revealed, but there is one clue:
“They ended up staying with us for the whole history of our firm.”
Watch the video below.
On another note, remember the time Schwarzman said increasing taxes is like when Hitler invaded Poland? Click here to read more >
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