Blackstone Group LP, the world’s largest private-equity firm, is taking aim at the $5.4 trillion of cash on corporate balance sheets in the U.S. and Europe as regulators weigh changes that may reduce the appeal of money- market funds.
U.S. Treasury Secretary Jacob J. Lew met today with about 40 corporate and finance executives including Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein, Loews Corp. CEO James Tisch and Lazard Ltd. CEO Kenneth Jacobs to discuss the global economy, a person who attended the meeting said.
U.S. Treasury Secretary Jacob J. Lew will meet tonight with Wall Street executives after convening several economists earlier this week to discuss challenges facing the labor market including long-term unemployment.
Stephen Schwarzman, the billionaire chairman of Blackstone Group LP, is setting up a $300 million scholarship for foreign students to attend China’s Tsinghua University, the alma mater of senior officials including President Xi Jinping.
Blackstone Group LP, the world’s biggest buyout firm, said first-quarter profit rose as market gains lifted the carrying value of its holdings. The shares fell after the company said a lackluster economy may curtail investing.
Stephen Schwarzman, co-founder and chief executive officer of Blackstone Group LP, received $213.3 million in pay and cash dividends last year, the private-equity firm reported yesterday in a filing, almost matching his payout of $213.5 million a year earlier.