Schwarzman Backs Romney as Wall Street Turns Away From Obama

[NNN0LHI]

http://www.businessweek.com/news/2011-11-29/schwarzman-backs-romney-as-wall-street-turns-away-from-obama.html

Bloomberg

Schwarzman Backs Romney as Wall Street Turns Away From Obama

November 29, 2011, 6:33 AM EST

Nov. 28 (Bloomberg) -- Stephen Schwarzman, chairman of the world’s largest private-equity firm, will host a fundraiser for Mitt Romney at his Park Avenue apartment next month, a sign that the Republican presidential candidate is closing the sale with Wall Street’s wealthiest donors. snip

Backing from Schwarzman, co-founder of Blackstone Group LP and a longtime Republican donor, may open doors for Romney with other contributors as the field of Republican candidates remains crowded with a little more than five weeks before the first nomination contest. snip

Critical of Obama

Schwarzman, who gave $4,600 to McCain once the Arizona senator had secured the Republican presidential nomination four years ago, has been critical of President Barack Obama’s stance toward Wall Street. In August 2010, he compared the administration’s efforts to double taxes on the income of private-equity firms such as his to “when Hitler invaded Poland in 1939,” according to a New York Post account of a private meeting. He later apologized for the comparison while maintaining his criticism of the tax proposal.

Romney and Schwarzman both made their fortunes in private equity, and they came of age during the leveraged buyout movement in the 1980s. As head of the private equity firm Bain Capital LLC, Romney was the lead deal-maker, buying and selling companies to make money for investors. He spent most of his business career at Bain, and in 2007 estimated his wealth at as much as $250 million.

[SidDithers]

1. Can't be true. That's opposite of everything I read at DU...nt

Sid

[NNN0LHI]

2. I thought this would be a real popular thread

Funny world, isn't it?

And not the kind of funny that makes me laugh either.

Don

[MisterP]

3. Wall Street will prefer a 151% RoI to a 150%

but it's the laborers and economy that are getting hosed either way