Stephen Schwarzman’s Bad Business AdviceBy
CreditAl Drago/The New York Times
For devotees of President Trump, the first gathering on Friday of his business council, which featured 17 executives, may have looked like a colorized version of “Mr. Smith Goes to Washington,” but for those focusing exclusively on the rapport between the two leaders, it resembled “Goodfellas.”
Sitting alongside Mr. Trump was the head of the council, Stephen Schwarzman, the chief executive of the private equity firm Blackstone Group, wearing Washington’s newly obligatory red tie. Since its founding in 1985, Blackstone has accumulated more than $361 billion in assets and made Mr. Schwartzman a fortune estimated at $11 billion — a figure that no doubt dwarfs whatever it is that Mr. Trump is worth. In 2015, Mr. Schwarzman was paid $799 million…
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