He is a film producer and a corporate lawyer by profession. Its a matter of confidentiality., Anyway, Mr. Salovey pointed out, there are hundreds of spaces on our campus named for donors.. People close to the museum and to Ms. Wintour have been a little surprised that requests made of the Schwarzmans occasionally get turned down. Susan Collins (R-Maine) and Lindsey Graham (R-S.C.). Stephen Schwarzman and Christine Schwarzman arrive. In particular, I have tried to do my part to address climate change, support economic and environmental justice and mobilize young voters. He lives together in a house in New York City, United States. Stephen Schwarzman Net Worth Detail. His list of donations would be too extensive to roll- off in full, but some key highlights include his gift of 150 million to Yale University to establish the Schwarzman Center; his $5 million contribution to Harvard Business School to support research into the consequences of AI on industries and business; a $40 million donation to the Inner-City Scholarship Fund; and a $100 million prize to the New York Public Library. Net worth: $3.2 billion Contributions: . Together, Mr. Peterson and Mr. Schwarzman started the Blackstone Group, a private equity firm that grew into a financial colossus that dwarfed competitors like Kohlberg Kravis Roberts and the Carlyle Group. And he is still, most definitely, on the Republican radar screen. That did not happen until after Mr. Trump won the election, at which point Mr. Schwarzman agreed to come aboard his team of business advisers and began raising money for his re-election. His mentor at Lehman Brothers, where Mr. Schwarzman worked in the earlier part of his career, was Peter G. Peterson, a much revered society and business world figure. Last Valentines Day, Schwarzman reportedly spent $3 million on a lavish birthday bash. Besides pouring millions into super-PACs supporting Joe Biden and other Democrats, LinkedIn cofounder Hoffman took a slightly different approach to his political spending. Or a little more than twice as much as Joe Bidens campaign. Much of the cultural vitality of New York has long been due to the benevolence of such great Americans as Brooke Astor and David Rockefeller, Ms. Wintour said in a statement last week. This is the fourth installment of a four-part series exploring the money billionaires poured into the 2020 election. Schwarzmans business activities havent been in vain- despite giving millions of dollars away to charitable causes, Schwarzman still ranks as one of the worlds richest men. Login to ask a question about . Born to Jewish parents, Schwarzmans father, Joseph owned a dry-goods store in Philadelphia and his mother was a homemaker. Stephen has been married to Christine Hearst since 1995, with whom he has no children, however, Stephen was previously married to Ellen Phillips, from 1971 to 1990 . [47] In 2007, Schwarzman was listed among Time's 100 Most Influential People in The World. I cant answer questions about the contractual negotiation, Mr. Salovey said in a phone interview that was supervised by a public relations person from Mr. Schwarzmans team. While at Lehmans, Schwarzman worked under Chairman and CEO of the group, Peter George Peterson. When Mr. Schwarzman celebrated his 70th birthday in Florida in February 2017, Mr. Kushner and his wife, Ivanka Trump, were among the guests. Schwarzman married his second wife Christine Hearst in 1995, an intellectual property lawyer who grew up on Long Island, New York. He is 1.72 m tall. [2][3] His father owned Schwarzman's, a former dry-goods store in Philadelphia, and was a graduate of the Wharton School. When you work with the likes of Stephen and Christine, everyone benefits., So Mr. Schwarzman may be a flash point for income inequality, a man with more money than respect, but that seldom stops him from having the last laugh, or getting the multi-million-dollar tax write-off. Susan Mandel also donated $1.3 million to Planned Parenthoods super-PAC. He made his 13400 million dollar fortune with Co-Founder, chairman & CEO of The Blackstone Group. [61][62], Schwarzman announced in February 2020 that he had signed The Giving Pledge, committing to give the majority of his wealth to philanthropic causes. Its no secret Schwarzman is a Republican, but no one was expecting quite the vitriol the CEO directed at President Obama during the democrats term in office. His mentor, Blackstone Senior Chairman Pete Peterson (estimated net worth: $2.5 billion), is even more connected in Washington. In 2014, the Metropolitan Museum of Art cut the ribbon on a four-block-long plaza named after Mr. Schwarzmans downstairs neighbor David Koch, who paid $65 million for the privilege. Schwarzmans work ethic takes him beyond the scope of normal human endurance: in addition to his activities with Blackstone, he serves on the board of more organizations, corporations, trusts and charities than you would have thought possible. As the CEO of the Blackstone Group, Stephen gathered $786.5 million as his salary including compensation, rewards, and others in 2017. It is scheduled to open in 2020 and will be called the Schwarzman Center. The former Lehman Brothers CEO served as President Richard Nixons secretary of Commerce, chairman of the Council on Foreign Relations and chairman of the Federal Reserve Bank of New York. He put $3.5 million into two pro-Trump super-PACs and $6 million into the Senate Leadership Fund. He has given $4,600 to John McCain, $2,300 to fellow private equity titan Mitt Romney and $25,000 to the Republican National Committee. Stephen A. Schwarzman's Net Worth And Career. That was its own kind of a leveraged buyout. After graduating from Abington Senior High School in 1965, Schwarzman attended Yale University. Richard Ferlauto, director of investment policy at the American Federation of State, County and Municipal Employee, called into question the favorable tax breaks that had allowed the Blackstone CEO to accrue his wealth, and worried the CEO was setting a precedent in huge bonuses and incentives that would damage other businesses. For years, he has reaped huge returns through his quant firm, Renaissance Technologiesalso the source of wealth for Republican donor Robert Mercer and Democratic supporter Henry Laufer (No. Stephen Schwarzman Net Worth Stephen Schwarzman Net Worth 2023: Wiki Biography, Married, Family, Measurements, Height, Salary, Relationships. Stephen Schwarzman was born on February 14, 1947 in New York, New York, United States, is Chairman and CEO, Blackstone Group. One of its major lobbyists is fellow Pioneer and well-connected Ogilvy Managing Director Wayne Berman. His rise up the ranks was rapid; by the time he was just 31 years old, Schwarzman had reached the position of Managing Director. Part 2. Is Stephen Schwarzman Married? Im still holding out for the possibility they may get a cancellation from J.Lo, Ms. Bancroft joked. Christine Hearst Schwarzman Lawyer. Schwarzman gives generously to the state Republican Party in critical swing states including Florida, Missouri, Pennsylvania, Iowa and North Carolina. The idea, he said, came from a Harvard Law School friend and retired tax lawyer, Stephen Wolfberg, a personal friend of the lawmaker. [69][70] He spent millions of dollars on both his sixtieth and seventieth birthday parties. [71][72], In 2011, The Wall Street Journal reported on the vast water consumption of wealthy Palm Beach residents during exceptional drought conditions. Hitler? It wasnt supposed to work out like this. 7) at the State University of New York at Stony Brook, Laufer joined his colleague at Renaissance Technologies, the hedge fund Simons founded. Julia La Roche for Business Insider. Whatever your opinion on Schwarzman, hes not easily dismissed. Mr. Schwarzman will be the fifth Chairman of the Center. After the public learned about the deal, a new agreement was made and Schwarzman removed several of the conditions for his donation, including renaming the school. Levin claims he never heard of Blackstone before he started working on his bill this past spring. When the company proposed to go public in 2007, Schwarzman was forced to revel the extent of his earnings: the subsequent security filings showed that in 2006, Schwarzman had taken home the incredible sum of $398m. In 1995 he married a lawyer named Christine Hearst. Asia Pacific +65 6212 1000. Its like when Hitler invaded Poland in 1939. The attendees were understandably a little bemused. Just look at Mr. Schwarzmans relationship with the president. Despite all its political capital, Blackstone was one of the first private equity firms to bulk up its lobbying power. Julia La Roche. These 10 Whopping Homes & Cars Of Celebrities Look Amazing! Former President Trump got some love, too, with committees that support him receiving $3.7 million. The award was created in 1933 by then president Abelardo L. Rodrguez to recognize the services given to Mexico or humankind by foreigners. Elizabeth Schwarzman was born in 1976 and is the oldest child of Stephen. Dec 29, 2012, 9:00 AM. At this point, it has hired just about every big firm in town. [46], In 2004, Schwarzman donated a new football stadium to Abington Senior High Schoolthe Stephen A. Schwarzman Stadium. Saul Steinberg sold the apartment to Schwarzman. Born in 1953. economy. In 2014, the Blackstone Group bought a minority stake in her company for $287 million. The total net worth of Stephen Schwarzman is $20 Billion. She also has a child from a former partner. She later remarried Steve Schwarzman in 1995, one of the worlds most powerful financiers and co-founder of Blackstone group. Let us now look at the illustrious Schwarzman Family. [5], Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965. Bill Clark/CQ Roll Call, Gary Gershoff/Getty Images, Chip Somodevilla/Getty Images, Win McNamee, Getty Images. He helped fund the MIT Schwarzman College of Computing, 9. In 2018, Schwarzman proved his philanthropic credentials once again when he donated a hefty $350 million sum to help found the MIT Schwarzman College of Computing. Net worth: $12.4 billion; Source of wealth: Cofounder of private equity firm Blackstone; Five years later, Mr. and Mrs. Schwarzman made their first real mark as a society couple by buying a 17,000-square-foot, three-floor penthouse apartment at 740 Park Avenue. She had on a shimmering gray Versace gown. Lots of it. Stephen has been married a total of two times so far. At the Met, weve been extraordinarily lucky to partner with Stephen and Christine Schwarzman, who, like the philanthropists whove gone before them, have always supported everything from arts and culture to education to Catholic charities. Christine Hearst Schwarzman (m. 1995), Ellen Philips (m. 1971-1990) Divorce: Ellen Philips (1990) Children: Teddy Schwarzman, Zibby Owenz, Elizabeth Schwazman: . But even if you dont count the billion-plus dollars that went to his own campaign, Bloomberg still would have donated more than all but two billionaires to the 2020 election. and made jokes about guests like Mr. Trump. The couple had two children together. It's like when Hitler invaded Poland in 1939. If you do (and if you understand a little of the companys history), youll know the name is actually a combination of its two founders names. He spent $4.5 million to team up with a group of media firms and the Lincoln Project to produce digital ads criticizing Trump. Mr. Schwarzman happily gave financial advice for Cardinal Egan to take back to the archdiocese. The previous chairmen are Roger L. Stevens, Ralph P. Davidson, James D . Connecticut hedge fund mogul Mandel and his wife, Susan, poured millions into supporting Joe Bidens election, directly and through super-PACs. Michael Flaherty, "Blackstone Co-Founders to Get $2.3 Billion Post IPO", John F. Kennedy Center for the Performing Arts, Park Avenue: Money, Power and the American Dream, "Steve Schwarzman Explains Why He Counsels Trump", "Live From New York, It's Steve Schwarzman", "The world's 50 Richest Jews: 31-40 Jewish World , "WEDDINGS - Christine Hearst, S. A. Schwarzman", "The Birthday Party: How Stephen Schwarzman became private equity's designated villain", "Steve Schwarzman's Other Two Great Loves: Chicks And Ballet", "The 25 Most Successful Harvard Business School Graduates", "Blackstone's Chief Received $350 Million in Pay in 2007", "The top 10 highest paid CEOs are - Aug. 14, 2009", "Blackstone Group CEO Schwarzman took home $786 million in 2017", "Russian Direct Investment Fund Announces International Advisory Board", "In Trump, Stephen Schwarzman Found a Chance to Burnish His Legacy", "Schwarzman: 'It's a War' Between Obama, Wall St", "Blackstone billionaire is sorry for Nazi jab against Obama's tax policies", "Stephen Schwarzman's Bad Business Advice", "Blackstone CEO: GOP field way stronger than 2012's 'Seven Dwarfs', "Wall Street CEO: I'd pick Trump over Cruz", "Trump's 'America First' Infrastructure Plan: Let Saudi Arabia and Blackstone Take Care of It", "Trump Taps Steve Schwarzman, Jamie Dimon And Mary Barra For Advice On Job Creation, Growth", "Trump Dissolves Business Advisory Councils as CEOs Quit", "Trump reviews top White House staff after tumultuous start", "After Capitol Riots, Billionaire's 'Scholars' Confront Their Benefactor", "How the World Trade Organization Propelled the Rise of the Global Far-Right", "Organizations Disclosing Donations to Senate Leadership Fund, 2020 | OpenSecrets", "Senate Leadership Fund Gets $10 Million Boost From Schwarzman", "Bloomberg Billionaires Index: Stephen Schwarzman", "Most Influential 50 Are the Bankers, Investors Who Move Markets", "Stephen Schwarzman New York Public Library", "Billionaire Trump Adviser Donates to Israel National Library", "Billionaire Steve Schwarzman Has Donated $100 Million To Start His Own Version Of The Rhodes Scholarship", "Beijing welcomes scholars funded by U.S. tycoon", "Schwarzman Scholars plan raises doubts over Beijing interference", "YaleNews | $150 Million Gift by Stephen A. Schwarzman to Establish First-of-its-Kind Campus Center at Yale University", "Stephen A Schwarzman Gives $150 Million for Yale Cultural Hub", "Hospital Leadership - Board of Trustees", "Billionaire offered $25 million to high school alma mater. After the stock market flotation of Blackstone, Schwarzman bagged a further $684 million for the sale of his shares, leaving him with a $9.1 billion stake. Donald Trump cleared the way for Warrens Dakota Access Pipeline, then appointed the oil billionaire to the board of the John F. Kennedy Center for the Performing Arts. During Trumps race for candidacy, Schwarzman came out to favor the real estate mogul over his revival, Ted Cruz, telling CNBC America needed a cohesive, healing presidency, not one thats lurching either to the right or to the left. Schwarzman has a long history with the Republican party: as well as raising at least $100,000 as a Bush Pioneer, he briefly served as chair of President Trumps short-lived Strategic and Policy Forum, a group of cooperate executives including CEO of JPMorgan Chase, Jamie Dimon, Walt Disney head Bob Iger and former General Electric leader Jack Welch that served to advice Trump on employment matters and the economy. At a September Senate Finance Committee hearing, Sen. Gordon Smith (R-Ore.) suggested the whole tax issue was sparked by the extravagant lifestyle of one man.. But the subsequent negotiations around the retirement package of his mentor Mr. Peterson, then 81, were brutal. Both are now big Democratic donors. Sources close to the company said Blackstone repeatedly met with Senate staffers before the IPO to assuage lawmakers fears about Chinese investment in the company. Schwarzmans career has involved more than the occasional controversy, so he was well equipped to deal with the criticism he faced after coming out in support of President Trump. Mr. Schwarzman and President Trump at a White House meeting with business leaders last year; Mr. Schwarzman is an adviser to the president. Christine wasn't born rich-she's the daughter of a NYC firefighter-but she has a knack for marrying the extremely wealthy.
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