Stephen Schwarzman, CEO of buyout group Blackstone, said on Tuesday that up to 45% of the world’s wealth has been destroyed in less than 18 months by the global credit crisis, reports Reuters. “This is absolutely unprecedented in our lifetime”, Schwarzman told the Japan Society in New York. But, he added, the US government is committed to the preservation of financial institutions and will do whatever it takes to restart the economy.

This entry was posted by Gwen Robinson on Wednesday, March 11th, 2009 at 4:42 and is filed under People, Private equity. Tagged with blackstone, stephen schwarzman. Edit this entry.