Is Blackstone the New Goldman Sachs?

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Dec. 27 (Bloomberg) –- Bloomberg’s Devin Banerjee reports on the future of Blackstone after the company reached its IPO price again after six years. He speaks to Deirdre Bolton on Bloomberg Television’s “Money Moves.” (Source: Bloomberg)

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We are going to start with the vegas -- the biggest private equity firm in the world, blackstone, going public.

For the first time this week it is surpassing its 2007 ipo price.

Devin, pe as an industry has changed so much in the last few years.

Is blackstone the new goldman sachs?

Hey, deirdre.

Happy holidays.

It is a good question, because these managers -- lack stone, kkr -- are doing a lot of the activities that banks use to do before the regulation came up.

One prime example is in europe.

Distrust lending, rescue financing, these are areas that banks were very active in.

We see blackstone is stepping in to that lending void with this gsr credit unit.

Kkr is in the process of doing those types of activities.

Apollo was already in there.

In many ways, the question this -- the answer to your question is yes.

They are stepping into that role for certain.

Lack stone 6 years ago during the credit crisis, and that stock is basically tanked -- no other way to say it.

But at that time, the company double down with its investment.

How have public investors done?

As of this week, public investors who bought at the ipo have now and may hole, but it has been a roller coaster, very long one.

On paper she lost about 6.3 b -- on paper he lost $6.3 billion as the stock went from $31 to its low in 2000 nine.

I interviewed steve for the story last week that he described the ruthless desire to diversify blackstone's revenue streams and growth asset base.

That trend could single-handedly affect the firm in the same weight as has done in the past.

As you know, in 2008, lack stone -- blackstone bought the tso credit operation.

It has ramped up its investment in real estate an array -- and raised in $11 million fund and years later raised a $13.5 million fine.

In 2007, blackstone went public

This text has been automatically generated. It may not be 100% accurate.


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