The couple had two children together. When you work with the likes of Stephen and Christine, everyone benefits., So Mr. Schwarzman may be a flash point for income inequality, a man with more money than respect, but that seldom stops him from having the last laugh, or getting the multi-million-dollar tax write-off. His mentor, Blackstone Senior Chairman Pete Peterson (estimated net worth: $2.5 billion), is even more connected in Washington. Connecticut hedge fund mogul Mandel and his wife, Susan, poured millions into supporting Joe Bidens election, directly and through super-PACs. She and Schwarzman, her second husband, have two children, Elizabeth. Americas +1 212 318 2000. You may opt-out by. Partly this is because there remains a select group of people (among them, Mrs. de la Renta) who remember that Brooke Astor rescued the New York Public Library from financial ruin in the early 80s without making such demands. One thing is certain: The issue has spiraled far beyond Schwarzman and the so-called Blackstone bill. and made jokes about guests like Mr. Trump. During an address to the board members of a non-profit in 2010, Schwarzman let loose his feelings about the Obamas administrations increased taxation of private equity firms. What he wanted in return was too much for the district", "M.I.T. And he is still, most definitely, on the Republican radar screen. According to Mr. Thomas, Mr. Salovey is right to argue that Mr. Schwarzman is one of many people at Yale with a space named in his honor. After the stock market flotation of Blackstone, Schwarzman bagged a further $684 million for the sale of his shares, leaving him with a $9.1 billion stake. The famous fete catapulted Schwarzman into Wall Street and K Street infamy. The central reference building on 42nd Street and Fifth Avenue was renamed The Stephen A. Schwarzman Building. After all, the only thing worse than one angry billionaire is 10 angry multibillionaires. Following his election, Trump appointed Schwarzman as the chairman of the White House Strategic and Policy Forum. The son. That was its own kind of a leveraged buyout. Simons stepped down as chairman last month but remains invested in the firms funds. As the CEO of the Blackstone Group, Stephen gathered $786.5 million as his salary including compensation, rewards, and others in 2017. Mr. and Mrs. Schwarzman are the second couple underwriting the exhibit and co-hosting the gala since 1997, when none other than Mr. Koch and his wife, Julia, had their names on the invitation. As the founding CEO and chair of the Blackstone Group (the worlds largest buyout firm), Stephen Schwarzman ranks as one of the worlds richest and most controversial figures. They also gave about $1 million to the Republican National Committee; its records show those funds went into accounts used for putting on the RNC convention and paying for lawyers. Stephen has been married a total of two times so far. His family founded Stephens Inc., the Little Rock investment bank, which underwrote Walmarts public offering in 1970. When the firm goes public, he will scoop at least $449m and his ongoing 23% stake in the business will be worth $7.7bn. When he turned 60, Schwarzman outdid even himself. [49] In 2018, Schwarzman donated $10 million to another library, the National Library of Israel. Mr. Schwarzmans charitable contributions have ignited controversy. For years, he has reaped huge returns through his quant firm, Renaissance Technologiesalso the source of wealth for Republican donor Robert Mercer and Democratic supporter Henry Laufer (No. Over the last few weeks, friends of the Schwarzmans have been slightly surprised that his check underwriting the exhibition didnt translate into invitations for them. To drive home this point, we compared what these billionaires spent to what the equivalent would be for someone with the median American household net worth, which was $121,700 in 2019, according to the Federal Reserve Boards Survey of Consumer Finances. His first wife was Ellen Philips, whom he had met while studying at Harvard. Yale is Whoresville, U.S.A. You can quote me on that.. With over 10 years experience he's covered businesses, CEOs, and investments. It wasnt supposed to work out like this. They compare the current tax battle with the fight Microsoft and the technology industry had in the mid-1990s. Lo and behold, this is our Top 60 of celebrities that have been caught smoking or, Celebrities dont always wear makeup anymore. Down came the red vinyl walls, which really would not have been the way to showcase Mr. Schwarzmans Monets and Cy Twomblys. [44] In 2014, Schwarzman was named as one of Bloomberg's 50 Most Influential people of the year. Learn how your comment data is processed. Login to ask a question about . When the company proposed to go public in 2007, Schwarzman was forced to revel the extent of his earnings: the subsequent security filings showed that in 2006, Schwarzman had taken home the incredible sum of $398m. [15][16] He ultimately received $684 million for the part of his Blackstone stake he sold in the IPO, keeping a stake then worth $9.1 billion. He is married to Ellen Marie Zajac. Stephen Schwarzman with his wife Christine Hearst. The economist is married to Christine Mularchuk Hearst , his starsign is Aquarius and he is now 76 years of age. Whatever your opinion on Schwarzman, hes not easily dismissed. [66] She has one child from a previous marriage. Christine Hearst, a lawyer, and Stephen A. Schwarzman, the investment banker, were married on Friday at the bridegroom's apartment in New York. The new tax plan added $1 trillion of additional revenue by raising taxes, closing tax loopholes, and ending deductions. [10], Schwarzman's first job in financial services was with Donaldson, Lufkin & Jenrette, an investment bank that merged with Credit Suisse in 2000. Today, he just wants Washington to leave him and his bankbook alone. Mr. Schwarzman happily gave financial advice for Cardinal Egan to take back to the archdiocese. (He even once compared Mr. Trump to P.T. He put $3.5 million into two pro-Trump super-PACs and $6 million into the Senate Leadership Fund. With a total of $1 billion committed to its development, the college represents the largest investment in AI and computing by any academic institution in the world. Still, it was clear to him she is a pretty big deal, an admired person, he said, because all these people in his office got bizarrely star-struck when she walked in. Stephen married for a second time in 1995 to his current wife, Christine Hearst. As well as receiving the two highest honors bestowed on individuals by the French government, Schwarzman has also been privileged with Mexicos highest honor for foreigners, the Order of the Aztec Eagle. The bride is the stepdaughter of Christine Hearst Schwarzman and of Howard C. Katz. The title entailed raising at least $100,000 for the 2004 campaign. Stephen Schwarzman with beautiful, Wife Christine Mularchuk Hearst, Caught Smoking: These Are The 60 Most Shocking Celebrity Smokers, These 50 Celebrity Tattoos Went Horribly Wrong, The Aquarius with shirtless thin body on the beach, Top 60 Celebrities Without Makeup (Before & After), 40 Whopping Homes & Cars Of Celebrities That Will Amaze You, Top 55 of Worlds Richest Actors Current Net Worth, Top 60 Craziest Tattoos Of Celebrities in 2023, Top 15 Highest-Paid Soccer Players Of All-Time Revealed (2023). Together, Mr. Peterson and Mr. Schwarzman started the Blackstone Group, a private equity firm that grew into a financial colossus that dwarfed competitors like Kohlberg Kravis Roberts and the Carlyle Group. The group, which includes JPMorgan Chase CEO Jamie Dimon, Walt Disney boss Bob Iger and former General Electric leader Jack Welch, became Trump's Strategic and Policy Forum. Had he been on our list at the time this article was published he would have appeared as no. Stephen Schwarzman was born on February 14, 1947 in New York, New York, United States, is Chairman and CEO, Blackstone Group. Well, having money helps a lot. Reps. Sander M. Levin (D-Mich.) and Charles B. Rangel (D-N.Y.) announced a bill increasing the tax rate paid by investment mangers on a portion of their income known as carried interest. The result was the global private equity firm, The Blackstone Group. She has a child from a previous marriage. It is scheduled to open in 2020 and will be called the Schwarzman Center. This is the fourth installment of a four-part series exploring the money billionaires poured into the 2020 election. Schwarzman married his second wife Christine Hearst in 1995, an intellectual property lawyer who grew up on Long Island, New York. Republican staffers and investment fund colleagues quietly agree, comparing Schwarzmans party with a lavish party thrown by Tyco CEO Leo Dennis Kozlowski, now serving time for corporate fraud. . He is the chairman and CEO of The Blackstone Group, a global private equity firm he established in 1985 with Peter G. Peterson, former chairman and CEO of Lehman Brothers and US Secretary of Commerce under President Richard Nixon. . Some of his most fabulous shindigs have included a Christmas event based around a 007 theme (complete with Bond Girl waitresses), and a birthday celebration that saw his Park Avenue apartment recreated down to the very last detail at a regimental armory on Manhattans upper east side. She was the daughter of an industrialist, Jesse Philips from Ohio. In 1971, Schwarzman invited Kerry to speak at Harvard Business School.). On the guest list that night were dignitaries such as Colin Powell, Donald Trump and mayor Michael Bloomberg, as well as celebrities such as Patti LaBelle and Rod Stewart, both of whom treated their host to private performances. An adviser to President Trump who once compared Obama-era tax hikes on corporations to Hitler invading Poland is bound to have some enemies. After divorcing Ellen, he married Christine Hearst, daughter of a fireman. [60], In June 2019, the University of Oxford announced that Schwarzman had donated 150 million to establish the Schwarzman Centre for the Humanities, due to be completed for the university's 202425 academic year. If you do (and if you understand a little of the companys history), youll know the name is actually a combination of its two founders names. Here are the donors Forbes found, ranked in order of how much they spent and listed with their donation converted to an equivalent sum based on the median household income. The richest man in private equity, Schwarzman put $35 million into a super-PAC called the Senate Leadership Fund supporting Republican senators. Schwarzmans business activities havent been in vain- despite giving millions of dollars away to charitable causes, Schwarzman still ranks as one of the worlds richest men. She worked as a lawyer and had one child from her previous marriage to Austin Hearst. economy. [52][53][54], In spring 2015, Peter Salovey, the president of Yale University, announced that Schwarzman contributed $150 million to fund a campus center in the university's historic "Commons" dining facility.
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