Wall Street Billionaire Appears to Be Genuinely Puzzled by Bernie Sanders’ Populist Crusade Against the Richest 1%

How is that happening, why is that happening?” wonders Stephen A. Schwarzmann.

 

Alternet:

Multi-billionaire Stephen A. Schwarzman says he’s puzzled by the amount of discontent apparently felt by other Americans these days.  

Steve Schwarzman is a bland-looking, somewhat paunchy, not unattractive, balding man of benign demeanor who will be 69 on Valentine’s Day 2016. He’s worth $12 billion, give or take a few hundred million. He is a poster boy for Wall Street success and self-esteem and cluelessness. He’s the co-founder, chairman, and CEO of the Blackstone Group, one of the world’s largest financial firms, specializing in private equity, hedge funds, and mergers. He’s a Republican, and his life has been going pretty well for him lately, as it has for decades. 

But he freely admits (or pretends to admit) that he doesn’t understand why the rest of America isn’t just as content as he is. On January 21, at the World Economic Forum in Davos, Switzerland, Schwarzman spoke to a gathering of his peers who run the world about his perception of the US presidential election campaign:

“I find the whole thing astonishing and what’s remarkable is the amount of anger whether it’s on the Republican side or the Democratic side…. Bernie Sanders, to me, is almost more stunning than some of what’s going on in the Republican side. How is that happening, why is that happening?” 

One clue to “why is that happening,” a clue Schwarzman presumably noticed last October, wasthe $39 million fine Schwarzman’s Blackstone Group advisors had to pay for bilking customers. Blackstone entered into a “consent agreement” with the US Securities and Exchange Commission (SEC) finding that “it breached its fiduciary duty” to its customers. The consent agreement, admitting no guilt, is a tactic often used by corporate shysters to cut their losses when caught with their hands in other people’s pockets. Blackstone’s “cooperation” with the SEC was cited as a reason the SEC fined the company only $10 million. Or, as the SEC press release put it:

“Blackstone consented to the entry of the SEC’s order…. Without admitting or denying the findings, Blackstone agreed to cease and desist from further violations, to disgorge $26.2 million of ill-gotten gains plus prejudgment interest of $2.6 million, and to pay a $10 million civil penalty….  The settlement reflects Blackstone’s remedial acts and its voluntary and prompt cooperation with the Division of Enforcement’s investigation.” [Note: with revenue of $7.484 billion, Blackstone’s $10 million fine represents 10/7484th – or .1336% – of its income.]  

4 responses to “Wall Street Billionaire Appears to Be Genuinely Puzzled by Bernie Sanders’ Populist Crusade Against the Richest 1%

  1. And he wonders why we are so angry with the likes of him and the rest of the financial crooks? If he does not know by know he is a lost cause to explain it to.

  2. It is my understanding psychopathic narcissist really cannot see anything but themselves as important and have no compassion for anyone else.
    noun
    1.
    a person who is overly self-involved, and often vain and selfish.
    2.
    Psychoanalysis. a person who suffers from narcissism, deriving erotic gratification from admiration of his or her own physical or mental attributes.

  3. Wall Street crooks like him feel that they are above the law. And since Wall Street feels that they cannot be touch by the government because they are in bed with the government and our Congress, that is why there is much anger with people to hate Wall Street and want to vote out the lawmakers that are brought and paid for. There is a big difference between a wealthy individual who serve others and generous with his or her money vs. a wealthy person that put profits over people. This particular billionaire is out of touch with the rest of the people which is why we have inequality in this country and why the pay of CEO are ridiculous today when many CEOs get rewarded big even if the stock market tanks or the company has to pay a fine for their crimes.

  4. HOW DO THESE FOOLS FEEL WINNING A GAME THAT IS RIGGED FOR THEM TO WIN,IF NOT THEY PAY FOR THEIR WIN,BUY OUT WHOEVER OPPOSES THEM.
    JUST A BUNCH OF LAME LOSERS IN SUITS,PRETENDING THEY ARE SMARTER AND BETTER THAN ANY ONE OF US,YET IN REALITY NOTHING MORE THAN CHEATING,LYING,ASSWIPES THAT IN ALL REALITY SHOULD BE STONED[NOT THE SMOKE TYPE]IN THE TOWN SQUARE UNTIL NO LONGER A PROBLEM.
    ITS THESE SAME TYPES WHO HAVE CORRUPTED EVERY ASPECT OF OUR DEMOCRACY AND COULD CARE LESS WHO DIES,WHO SUFFERS,WHO CAN EAT AND WHO DOESNT.WE THE PEOPLE HAVE ALLOWED THIS SO UNTIL WE DEMAND OUR COUNTRY BACK BE READY FOR MORE OF THE SAME.

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