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Ever since they made 24 times their money investing in Transtar Inc., Steve Schwarzman has had a thing for Mitt Romney.The Blackstone chief and current private equity titan has endorsed his friend and former private equity compatriot for President and has fundraised for the Romney campaign.
Now Schwarzman has taken a page out of Romney’s tax return playbook and is altering the details of a Blackstone investment to avoid releasing personal financial information to the Fed.
Via the WSJ:
Stephen Schwarzman, one of Wall Street’s most prominent deal makers, is going out of his way to keep the details of his personal fortune a closely held secret.
Blackstone Group LP is changing the structure of its investment [to less than a 10% stake] in a Florida bank after Mr. Schwarzman, founder and chief executive of the private-equity firm, balked at providing information about his personal finances to the Federal Reserve, according to people familiar with the situation.
It’s a bit unclear why Schwarzman is now clamming up when it comes to his wealth.
This is, after all, the man who threw the 60th birthday party to end all parties. His estimated net worth of $4.7 billion has been previously reported. As has his predilection for $400 stone crabs and maniacal attention to his servants uniforms.
Perhaps he is getting older and wiser?
More likely, Schwarzman has looked at the recent media coverage of private equity and realised that releasing more personal financial information right now would harm his interests and Romney’s.