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Stephen A. Schwarzman

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This article is about the investor. For his namesake building, see New York Public Library Main Branch.

Stephen Schwarzman
Schwarzman in 2024
Chairman of the Strategic and Policy Forum
In office
January 20, 2017 – August 16, 2017
PresidentDonald Trump
Preceded byPosition established
Succeeded byPosition abolished
Personal details
Born
Stephen Allen Schwarzman

(1947-02-14) February 14, 1947 (age 77)
Philadelphia, Pennsylvania, US
Political partyRepublican
Spouse(s)Ellen Philips (1971–1990)
Christine Mularchuk Hearst (1995–present)
Children3, including Teddy and Zibby
EducationYale University (BA)
Harvard University (MBA)

Stephen Allen Schwarzman (born February 14, 1947) is an American businessman. He is the chairman and CEO of the Blackstone Group, a global private equity firm he established in 1985 with Peter G. Peterson. Schwarzman was chairman of former President Donald Trump's Strategic and Policy Forum.[1]

According to Forbes, Schwarzman has a net worth of $39 billion as of April 2024.[2]

Early life and education

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Schwarzman was raised in a Jewish family in Huntingdon Valley, Pennsylvania, the son of Arline and Joseph Schwarzman.[3][4] His father owned Schwarzman's, a former dry-goods store in Philadelphia, and was a graduate of the Wharton School.[5]

Schwarzman's first business was a lawn-mowing operation when he was 14 years old, employing his younger twin brothers, Mark and Warren, to mow while Stephen brought in clients.[6]

Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965.[7] He attended Yale University, where he was a member of senior society Skull and Bones and founded the Davenport Ballet Society.[8][9][10] After graduating in 1969, he briefly served in the U.S. Army Reserve before attending Harvard Business School, where he graduated in 1972.[11]

Investment career

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Schwarzman's first job in financial services was with Donaldson, Lufkin & Jenrette, an investment bank that merged with Credit Suisse in 2000. After business school, Schwarzman worked at the investment bank Lehman Brothers, became a managing director at age 31, and then head of global mergers and acquisitions.[12] In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions.[13][14] Blackstone would branch into business acquisition, real estate, direct lending, alternative assets, and has some $1.1 trillion in assets under management as of September 30, 2024.[15][16]

When Blackstone went public in June 2007, it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006.[17][18] 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.[19] In the following years, his compensations increased even more: he received $350 million in 2007[20] and $702.4 million in 2008[21]—partly due to stock awards. His salary was $734.2 million in 2015, $425 US million in 2016 and $786 US million in 2017.[22] In 2022, he was paid $253 million, making him the highest paid CEO in the US that year.[23][24]

In June 2007, Schwarzman described his view on financial markets with the statement: "I want war, not a series of skirmishes ... I always think about what will kill off the other bidder."[25]

In September 2011, Schwarzman was listed as a member of the international advisory board of the Russian Direct Investment Fund.[26]

Political and economic views

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Schwarzman is a Republican who favors lower taxes, lower government spending, and reproductive rights.[27]

He raised $100,000 for George W. Bush's political endeavors.[28]

In August 2010, Schwarzman compared the Obama administration's plan to raise the tax rate on carried interest to a war and Hitler's invasion of Poland in 1939, stating, "It's a war. It's like when Hitler invaded Poland in 1939."[29][30] Schwarzman later apologized for the analogy.[31][32] In 2012, Obama called Schwarzman and requested his assistance in brokering a budget agreement with Republicans in congress to avoid a fiscal cliff.[33] Eventually a deal was brokered with Schwarzman's help. The new tax plan added $1 trillion of additional revenue by raising taxes, closing tax loopholes, and ending deductions. Obama later drafted a formal message of support for Schwarzman Scholars, an education initiative undertaken by Schwarzman.[34]

He endorsed and fundraised for Mitt Romney in 2012.[35] During the 2016 Republican primary, he declined to support any one particular candidate. He identified as center-right and said the eventual GOP nominee should appeal to independent voters, not the right wing of the Republican Party. At the same time, he had positive things to say about Hillary Clinton.[35]

In early 2016, he said that in a two-candidate race he would prefer Donald Trump to Ted Cruz, saying that the nation needed a "cohesive, healing presidency, not one that's lurching either to the right or to the left."[36] He had previously made a donation to Marco Rubio in 2014.[35]

In late 2016, Schwarzman "helped put together" a team of corporate executives to advise Trump on jobs and the economy. 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.[37][38] In February, Schwarzman was named as chair of the 16-member President's Strategic and Policy Forum, which brought together "CEOs of America's biggest corporations, banks and investment firms" to consult with the president on "how to create jobs and improve growth for the U.S. economy."[39] On August 16, 2017, following five members' resignations, President Trump announced via Twitter he was disbanding the forum.[40]

He is a longtime friend of former president Donald Trump and provides outside counsel, and served as chair of Trump's Strategic and Policy Forum.[1][41] In response to criticism for his involvement with the Trump administration,[42] Schwarzman penned a letter to current Schwarzman Scholars, arguing that "having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice”.[1]

In private, Schwarzman called the January 6 United States Capitol attack an "insurrection" and "an affront to the democratic values we hold dear". However, he stopped short of criticizing Trump over the riot.[27]

In December 2018, non-profit consumer advocacy organisation Public Citizen published a report titled: "'Self-Funded' Trump Now Propped Up By Super PAC Megadonors." The report disclosed that Schwarzman donated $344,000 in support of Trump's re-election campaign. Following his election, Trump appointed Schwarzman as the chairman of the White House Strategic and Policy Forum.[43]

In 2020, Schwarzman donated $15 million to the Senate Leadership Fund,[44] a super-PAC tied to Mitch McConnell,[45] $3 million to Donald Trump's America First Action PAC, and a combined total for the election cycle of $33.5 million to Republican candidates. Several of the Republicans he funded voted against certifying the 2020 Presidential Election.[46]

In 2022, Schwarzman indicated that he would not support the Donald Trump 2024 presidential campaign, providing in a statement to Axios that it was "time for the Republican Party to turn to a new generation of leaders."[47] In 2024, Schwarzman announced that he would support Donald Trump as a "vote for change".[48]

Wealth

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Plaque at the New York Public Library central reference building honoring Schwarzman's contributions

According to Bloomberg Billionaires Index, he had a net worth of $32 billion as of October 2022.[49] According to Forbes, Schwarzman has a net worth of $39 billion, as of April 2024.[2]

In 2014, Schwarzman was named as one of Bloomberg's 50 Most Influential people of the year.[50] In 2016, he was again named as one of Bloomberg's 50 Most Influential people of the year.[51]

Philanthropy

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In 2004, Schwarzman donated a new football stadium to Abington Senior High School—the Stephen A. Schwarzman Stadium.[52] In 2007, Schwarzman was listed among Time's 100 Most Influential People in The World.[53]

In early 2008, Schwarzman announced that he contributed $100 million toward the expansion of the New York Public Library, which he serves as a trustee. The central reference building on 42nd Street and Fifth Avenue was renamed The Stephen A. Schwarzman Building.[54] In 2018, Schwarzman donated $10 million to another library, the National Library of Israel.[55]

On April 21, 2013, Schwarzman announced a $100 million personal gift to establish and endow a scholarship program in China, Schwarzman Scholars, modeled after the Rhodes Scholarship program.[56] Schwarzman simultaneously announced a fundraising campaign with a goal of $200 million. The Schwarzman Scholars program is housed at Tsinghua University.[57]: 108  Since its inception, the program has maintained ties to the United Front Work Department as well as other organizations and personnel affiliated with the Chinese Communist Party.[58][59][60] Schwarzman has also worked on developing a network of scholars who understand China.[57]: 108 

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.[61][62] Additionally, Schwarzman is also a member of the Berggruen Institute's 21st Century Council.[63]

He has sat on the board of trustees of New York-Presbyterian Hospital since 2016.[64]

In early 2018, it was announced that Schwarzman gave $25 million to Abington High School, his alma mater. However, this donation was contingent on several conditions, including naming rights to the school. After the public learned about the deal, a new agreement was made and Schwarzman removed several of the conditions for his donation, including renaming the school.[65]

In October 2018, Schwarzman donated $350 million to the Massachusetts Institute of Technology to create the Schwarzman College of Computing.[66]

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 2024–25 academic year.[67][68]

Schwarzman announced in February 2020 that he had signed The Giving Pledge, committing to give the majority of his wealth to philanthropic causes.[69][70]

In October 2020, Schwarzman pledged to give $8 million to the USA Track and Field Foundation in the run-up to the 2021 Tokyo and 2024 Paris Olympics.[71]

In December 2021, Schwarzman and his wife Christine gave $25 million to the Animal Medical Center of New York in New York City. The hospital was renamed The Stephen and Christine Schwarzman Animal Medical Center.

Personal life

[edit]

Schwarzman married his first wife Ellen Philips in 1971, a trustee of Northwestern University and the Mount Sinai Medical Center. They had two children: film producer Teddy Schwarzman[72][73] and writer and podcaster Zibby Owens.[74] They divorced in 1990.

Schwarzman married Christine Hearst in 1995, an intellectual property lawyer who grew up on Long Island, New York.[72] She has one child from a previous marriage.[25]

He lives in a duplex apartment at 740 Park Avenue previously owned by John D. Rockefeller Jr. Schwarzman purchased the apartment from Saul Steinberg.[75][76] He spent millions of dollars on both his sixtieth and seventieth birthday parties.[77][78]

In 2011, The Wall Street Journal reported on the vast water consumption of wealthy Palm Beach residents during exceptional drought conditions.[79] Schwarzman was listed as a top-five water user, having consumed 7,409,688 gallons between June 2010 and May 2011. The average Palm Beach resident consumes 108,000 gallons per year.[80]

Other

[edit]

In 1999, Schwarzman received the American Academy of Achievement's Golden Plate Award.[81]

In 2018, Schwarzman was awarded the Plaque degree of the Order of the Aztec Eagle by President Enrique Peña Nieto, this in recognition of Schwarzman's work on behalf of the U.S. in support of the United States–Mexico–Canada Agreement.[82]

In 2019, Schwarzman wrote his first book titled, What It Takes: Lessons in the Pursuit of Excellence, "which draws from his experiences in business, philanthropy and public service." His book became a New York Times Best Seller.[83] However, the title was included with a dagger next to it, used to indicate that retailers reported receiving bulk purchases.[84]

In 2024, Schwarzman was created by King Charles III an Honorary Knight Commander of the Order of the British Empire (KBE) for services to philanthropy.[85]

See also

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References

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  57. ^ a b Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. doi:10.2307/jj.2915805. ISBN 9780674271913. JSTOR jj.2915805.
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  85. ^ "Honorary awards to foreign nationals in 2024". Gov.UK. 2024. Retrieved May 4, 2024.

Further reading

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  • King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone.
  • Greed and Glory on Wall Street—The Fall of the House of Lehman by Ken Auletta, The Overlook Press, New York, ISBN 1-58567-088-X
[edit]
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