King of Capital

The story of Steve Schwarzman, Blackstone, and a financial revolution. King of Capital is the largest untold success story on Wall Street.

In King of Capital, David Carey and John Morris illustrate how Blackstone (and other private equity firms) transformed from gamblers, hostile takeover artists, and "barbarians at the gate" into disciplined, risk-aware investors, while the financial establishment—banks and investment bankers like Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley—recklessly took risks, leading to astronomical leverage and pushing the economy to the brink. Now, Blackstone and a small group of competitors have not only taken control of companies worldwide but have also become a significant force on Wall Street, challenging giants like Goldman Sachs and Morgan Stanley.

Insightful and astute, filled with previously undisclosed details about the workings of a once-secret company that was the personal venture of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity drive the economy and provide a model for how financing will operate in the coming years.