Stephen Schwarzman Co-founder of the American investment group Blackstone Country: USA

1. The Biography of Stephen Schwarzman
2. Childhood and Early Career
3. Success on Wall Street
4. Legacy and Philanthropy
5. Triumph and Resilience

The Biography of Stephen Schwarzman

Stephen Schwarzman, the co-founder of the American investment group Blackstone, admits that he loves playing big and considers every deal as a matter of life and death: "I need war, not a series of small skirmishes. I always think about what can destroy a competing investor!" This statement reflects Schwarzman's aggressive and energetic nature, which has propelled him to become the king of Wall Street.

Childhood and Early Career

Born in approximately 1963, Stephen Schwarzman grew up in a family that owned a small linen shop. As a child, he also worked behind the counter, selling sheets and blankets. Elaine Maxlow, who worked as a saleswoman in the shop for 43 years, remembers the kindness of the Schwarzman family and the gifts they gave to employees on Christmas. However, Stephen did not enjoy trading and saw no future in the family business. Instead, he made his first million dollars in the stock market, which eventually earned him a fortune.

Success on Wall Street

Schwarzman's success on Wall Street is evidenced by his estimated $7.5 billion stake in Blackstone Group L.P. According to Forbes, he was ranked 73rd in the list of the 400 richest Americans in 2006 when his fortune was valued at $3.5 billion. Today, Schwarzman lives a lavish lifestyle, indulging in $40 portions of crab meat and owning a $30 million penthouse on Park Avenue. He is known for his attention to detail, despising when his subordinates' shoes make any noise, and considers himself a spendthrift. On his 60th birthday, he hired his favorite singer, Rod Stewart, paying him $1 million for the concert.

Legacy and Philanthropy

Schwarzman's alma mater, Abington College, holds a special place in his heart. He donated $400,000 to the college for the construction of a new 3,500-seat football stadium, which now bears his name. He is also involved in the arts and leads the Washington Center for Contemporary Art. Throughout his life, Schwarzman has shown a commitment to equality, exemplified by his friendship with Bobby Bryant, an African-American student he befriended at college. Their shared passion for running created a lasting bond, with Bryant becoming a renowned sprinter and Schwarzman ending his athletic career due to a leg injury. Their friendship continues to this day.

Triumph and Resilience

Schwarzman's only major defeat in life was losing the election for the group leader at college. However, he quickly bounced back and wrote the essay quoted at the beginning of this biography. The following year, he ran for student president and won with flying colors. Schwarzman's relentless drive for victory in all endeavors ultimately made him the king of Wall Street.