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from MarketWatch Weekly Roundup: Top 10 Stories for June 18 – June 22, 2007

the founders of Blackstone, the private equity group that went public Friday.

Stephen Schwarzman will collect nearly $1 billion in the offering and end up holding a stake in the company worth nearly $8 billion, while Peter Peterson will pull in $1.5 billion and keep a holding valued at about $1.4 billion, according to some reports.

I just have trouble getting my mind around this. Even the Chinese government now has a piece of this deal. These guys are heading for the exits at a dead run, and laughing all the way to the bank, no doubt.

What exactly did these guys do besides rob lots of pension funds, endowments and greedy but not too bright investors? What could they possibly do with that much money? I suppose they will give some of it away to self-serving philanthropic organizations who do more harm than good – guilty conscience, perhaps? I am amazed by the arrogance, greed, and the total lack of decency, ethics… Kinda takes your breath away. What is this world coming to?

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