peHUB Second Opinion 8.28
On The Market: Blackstone Group Chief Executive Stephen Schwarzman has listed a 2.1-acre property in East Hampton, N.Y., for $7.2 million. Don't worry. He's wrapping up work on a house he's building on a 9.9-acre estate in nearby Water Mill, which he bought for $34 million in 2005. (NY Times) Rebuttals: The Private Equiteer takes issue with the Economist's "scathing" piece on the puzzle of private equity. Particularly the line which states that you are far more likely to achieve billionaire status by running an asset management business than by setting up an operating business. (Private Equiteer) Deals Deals Deals: Terra Firma purchased a wind energy business for $350 million. (Reuters) Deal Journal calls the deal "a bold move." (DJ) The Most Powerful Banker You've Never Heard of: Lewis Kaden is the ultimate behind-the-scenes power player. Lobbying the White House for Citi may be his biggest role yet. (BusinessWeek) Good News and Bad News: For the FDIC there's a long tunnel and little light. (Rolfe Winkler) But, you know, don't worry about the FDIC. (Felix Salmon)
