Schwarzman Gets a Lump of Coal for Dirty Energy Plants
Buyout barons are no strangers to activist ire, although until now, it's mostly been from the likes of the SEIU in relation to tax loopholes. But today Blackstone Group and Steve Schwarzman have been singled out from a new group of protesters. As I type, a New Mexico-based group dressed as Santa and his elves is paying the BX headquarters an unwanted visit. The reason? Blackstone's investment in Sithe Global, a coal company the firm acquired 80% of in 2005. Reservoir Capital which retained 20% ownership. The activists, who hail from New Mexico, planned to deliver a lump of coal to Schwarzman because they oppose Sithe's plan for three new dirty coal-burning power plants in their region, including one on a Navajo Reservation. The activists oppose the plants, saying they will
