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Stephen Allen Schwarzman, (born February 14, 1947) is an American billionaire businessman. He is the chairman and CEO of the Blackstone Group, a global private equity firm he established in 1985 with Peter G. Peterson. Schwarzman was briefly chairman of President Donald Trump's Strategic and Policy Forum. Early life and education Schwarzman was raised in a Jewish family in Huntingdon Valley, Pennsylvania, the son of Arline and Joseph Schwarzman. His father owned Schwarzman's, a former dry-goods store in Philadelphia, and was a graduate of the Wharton School. Schwarzman's first business was a lawn-mowing operation when he was 14 years old, employing his younger twin brothers, Mark and Warren, to mow while Stephen brought in clients. Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965. He attended Yale University, where he was a member of senior society Skull and Bones and founded the Davenport Ballet Society. After graduating in 1969, he briefly served in the U.S. Army Reserve before attending Harvard Business School, where he graduated in 1972. Investment career Schwarzman's first job in financial services was with Donaldson, Lufkin & Jenrette, an investment bank that merged with Credit Suisse in 2000. After business school, Schwarzman worked at the investment bank Lehman Brothers, became a managing director at age 31, and then head of global mergers and acquisitions. In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions. Blackstone would branch into business acquisition, real estate, direct lending, alternative assets, and now has some $500 billion in assets under management. When Blackstone went public in June 2007, it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006. He ultimately received $684 million for the part of his Blackstone stake he sold in the IPO, keeping a stake then worth $9.1 billion. In the following years, his compensations increased even more: he received $350 million in 2007 and $702.4 million in 2008 - partly due to stock awards. His salary was $734.2 million in 2015, $425 US million in 2016 and $786 US million in 2017. In 2022, he was paid $253 million. In June 2007, Schwarzman described his view on financial markets with the statement: "I want war, not a series of skirmishes... I always think about what will kill off the other bidder." In September 2011, Schwarzman was listed as a member of the international advisory board of the Russian Direct Investment Fund. Political and economic views Schwarzman is a Republican who favors lower taxes, lower government spending, and women's rights. He raised $100,000 for George W. Bush's political endeavors. In August 2010, Schwarzman compared the Obama administration's plan to raise the tax rate on carried interest to a war and Hitler's invasion of Poland in 1939, stating, "It's a war. It's like when Hitler invaded Poland in 1939." Schwarzman later apologized for the analogy. In 2012, Obama called Schwarzman and requested his assistance in brokering a budget agreement with Republicans in congress to avoid a fiscal cliff. Eventually a deal was brokered with Schwarzman's help. The new tax plan added $1 trillion of additional revenue by raising taxes, closing tax loopholes, and ending deductions. Obama later drafted a formal message of support for Schwarzman Scholars, an education initiative undertaken by Schwarzman. He endorsed and fundraised for Mitt Romney in 2012. During the 2016 Republican primary, he declined to support any one particular candidate. He identified as center-right and said the eventual GOP nominee should appeal to independent voters, not the right wing of the Republican Party. At the same time, he had positive things to say about Hillary Clinton. In early 2016, he said that in a two-candidate race he would prefer Donald Trump to Ted Cruz, saying that the nation needed a "cohesive, healing presidency, not one that's lurching either to the right or to the left." He had previously made a donation to Marco Rubio in 2014. In late 2016, Schwarzman "helped put together" a team of corporate executives to advise Trump on jobs and the economy. The group, which includes JPMorgan Chase CEO Jamie Dimon, Walt Disney boss Bob Iger and former General Electric leader Jack Welch, became Trump's Strategic and Policy Forum. In February, Schwarzman was named as chair of the 16-member President's Strategic and Policy Forum, which brought together "CEOs of America's biggest corporations, banks and investment firms" to consult with the president on "how to create jobs and improve growth for the U.S. economy." On August 16, 2017, following five members' resignations, President Trump announced via Twitter he was disbanding the forum. He is a long-time friend of former president Donald Trump and provides outside counsel, and served as chair of Trump's Strategic and Policy Forum. In response to criticism for his involvement with the Trump administration, Schwarzman penned a letter to current Schwarzman Scholars, arguing that "having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice." In private Schwarzman called the January 6 United States Capitol attack an "insurrection" and "an affront to the democratic values we hold dear". However, he stopped short of criticizing Trump over the riot. In December 2018, non-profit consumer advocacy organisation Public Citizen published a report titled: "'Self-Funded' Trump Now Propped Up By Super PAC Megadonors." The report disclosed that Schwarzman donated $344,000 in support of Trump's re-election campaign. Following his election, Trump appointed Schwarzman as the chairman of the White House Strategic and Policy Forum. In 2020, Schwarzman donated $15 million to the Senate Leadership Fund, a super-PAC tied to Mitch McConnell, $3 million to Donald Trump's America First Action PAC, and a combined total for the election cycle of $33.5 million to Republican candidates. Several of the Republicans he funded voted against certifying the 2020 Presidential Election. In 2022, Schwarzman indicated that he would not support the Donald Trump 2024 presidential campaign, providing in a statement to Axios that it was "time for the Republican Party to turn to a new generation of leaders." Wealth According to Bloomberg Billionaires Index, he had a net worth of $32 billion as of October 2022. In 2014, Schwarzman was named as one of Bloomberg's 50 Most Influential people of the year. In 2016, Schwarzman was again named as one of Bloomberg's 50 Most Influential people of the year. Philanthropy In 2004, Schwarzman donated a new football stadium to Abington Senior High School—the Stephen A. Schwarzman Stadium. In 2007, Schwarzman was listed among Time's 100 Most Influential People in The World. In early 2008, Schwarzman announc.... Discover the David Carey John E Morris popular books. Find the top 100 most popular David Carey John E Morris books.