Flipping With Joy: Blackstone Plans to Open Its Wallet to Buy and Sell
The planet's biggest shark, Blackstone, will start selling and buying again in a pretty big way after a couple of years of relative caution. Steve Schwarzman, head of the leveraged-buyout firm,, says in the Financial Times, "We see the world changing once again. At least for private equity, the worst is behind the industry."
Everything's coming up roses? The WSJ cautions, "The LBO is back. Barely." More difficult to line up financing, takes longer.
Schwarzman's school of sharks is already snapping up Anheuser Busch's theme parks. Billions more in deals are in the offing. But maybe the most significant deal already happened. This past August, Blackstone set up the first Renminbi-denominated LBO operation in China. That Shanghai gesture is not particularly a good harbinger for the battered U.S. dollar, which is desperately hanging on to its spot as the world's currency. At this moment, the dollar is again taking a beating in London, making gold even more golden.