 :   ,       Blackstone
 

 


  Blackstone           .     ,    ,  -     .

   ,   ,       ,         ,  .          ,   Blackstone            , ,    .

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 ,  

 :   ,       Blackstone








    ڻ



  . 

 . 

  . 

   Gabe Palmer / Alamy

  . 

 . 

  . 

 . 



 David Carey, John E. Morris, 2010

    , , .   , 2017



  .      .                        ,         ,           .             5.  (. 49 ),            6  (. 146  ).


* * *


  젖    ,       







   







            頖 Blackstone Group.  ,  ,  The Deal,   ,  Dow Jones Investment Banker,       ,          ,     -.

        . -,    Blackstone Group       . -,      ,          1985     ,           .

  ,  Blackstone Group   -    .      .  ,  2000 ,          , Blackstone  $320        ,        -       ,   - ,            .

  Blackstone Group            ,       ,   ,       Blackstone:      , 蠖   ,   ,   ,    ?    ,       ,    



 ,
 
  ڻ




 1




    ,   ,      New York Times    2007.      ,       ,   !            .

 ,           Blackstone Group,  60,        .            .       24-       -      -   ,    .          ,    Park Avenue Armory     ,        -.

 13         ,        .     ,       .       ,       ,   ,  -   ,   Sony        ,      ,      JPMorgan Chase,  Β  Merrill Lynch,    Goldman Sachs     Bear Stearns.

        ,       ,     ,     New York Post.            $30        .

 Happy Birthday   R&B  .    ࠖ    ,     ,          ,     .  : ,       ,      ,    .  ,        $1[1 -    ,  : Landon Thomas Jr., More Rumors About His Party Than About His Deals, NYT, Jan. 27, 2007; MichaelJ. de la Merced, Dealbook Inside Stephen Schwarzmans Birthday Bash, NYT, Feb. 14, 2007; Richard Johnson with Paula Froelich, Bill Hoffmann, and Corynne Steindler, Page Six $3M Birthday Party Fit for Buyout King, New York Post, Feb. 14, 2007; Michael Flaherty, Blackstone CEO Gala Sign of Buyout Boom, Reuters, Feb. 14, 2007; Richard Johnson with Paula Froelich, Bill Hoffmann, and Corynne Steindler, Page Six No Room for Henry At Bash, New York Post, Feb. 15, 2007;      .].

   $3          ໠ ,      ,  -     , ,  ,        Blackstone Group.

  ,           :    (IPO) Blackstone.       ,          ,    , 22 , Blackstone        .                  .  Blackstone   ,      :  [1 -  蠖       ,     .          ,    57 ,    (  ).          .   2000- .             ,  . . .] (private equity)                   .  Blackstone   ,     ,         10% .

   , 22 ,   Blackstone   $31  $38   ,      .         $38[2 -    : $38    Blackstone,   .], ..   Goldman Sachs,      -.

     [3 -      :  IPO.]  ,    .      ,  Blackstone                   .  2006. Blackstone    60  $2,3 , ..  $38    .         $398.

   ,  , . IPO        .  $7,1,  Blackstone   23,6%       , $4,1  .    $684,     .        $9,4,        . 80-  ,      Blackstone,  $1,9.



IPO       ,  Blackstone              .   ,      [2 -     ,    ,     . . .] (leveraged buyout, LBO),     ,   1980? . Blackstone, Kohlberg Kravis Roberts & Company, Carlyle Group, Apollo Global Management, Texas Pacific Group    ,      ,  ( )     ,      ,       $10,  $20, $30, $40  ..  2007.             (mergers and acquisitions, M&A)   [4 -  2007.   :   Thomson Reuters,    26  2009.], , ,     .  ,       Home Depot  $100[5 -  : Behind Home Depot Rumors, CNBC Faber Report, http://www.cnbc.com/id/16037251 (http://www.cnbc.com/id/16037251), Dec. 4, 2006.].

   .       Orbitz.com,          Orangina,      Blackstone.      Dunkin Donuts     Toys R Us,    Simmons,      Sea-Doo,       Grohe         Boots  ,      -    .   Blackstone     51 ,       ,      $171[6 -   Blackstone :   Blackstone.],            .

         ,           ,         . , Goldman Sachs (30 500 )     .  Blackstone          1000         ,      [7 - , Goldman Sachs:   Goldman Sachs Group   10-K   ,  30  2007., 29  2008., . 15; Blackstone,     10-K  2007., 12  2008., . 11.].    ,       ,    -.

,  Blackstone, Kohlberg Kravis, Carlyle, Apollo, TPG            ,        ,         .    - XIX.,             ?

       -    .       ,         ,            ,       ,     ,   Blackstone   .  2004.   .   Credit Suisse First Boston  JPMorgan Chase,     ,  ,  ,  Blackstone, Kohlberg Kravis  TPG     Warner Chilcott.   ,  Kohlberg Kravis,     TPG    :        ?!    ,       .    JPMorgan Chase     ,      Warner Chilcott,  Credit Suisse           ,    Blackstone, TPG  Kohlberg Kravis[8 -  2004. : David Carey and Vipal Monga, Wielding the Club: The Warner Chilcott Affair, The Deal, May 19, 2005.].



   Blackstone       . , Kohlberg Kravis,   KKR,      1980- .,     ,    Safeway  Beatrice Companies,   Tropicana    Sara Lee. KKR        ,   1988.       $31,3     RJR Nabisco.            (Barbarians at the Gate)[3 -  .,  .   .   RJR Nabisco. .: -, 2010.],     ,  KKR,   .        , Carlyle Group,   ,            -      .  Blackstone,     60-      IPO     ,        , ,      -.

  ,   Blackstone,     ,  1985.,  KKR      10    LBO          .  2007.   (       )       .   KKR  Carlyle Group,  $88  ,           .     Blackstone     $100,   $50   -  ,        [9 -   KKR:  IPO, . 1; AIM Program Fund Performance Review, California Public Employees Retirement System, as of June 30, 2007; Alternative Investments Portfolio Performance, California State Teachers Retirement System, as of Mar. 31, 2007.].        LBO, Blackstone    ,        .  22            - ,                .

   Blackstone            . ,   , ,    Cendant Corporation,       ,      ,    ,  BlackRock,       $3,2 ,    Blackstone,         - .

     ,        ,      -          .  Blackstone            2006  2007.,   ,   LBO   1980- .,    .

      .          ,                 .   LBO     ,    ,     .        ,    , ,    ,           ,   .          ,         ,                .

    LBO 2000- .   ,              - ,     ,     .   ,        -   ,    ,     .     ,    LBO     ,        -    [10 -     LBO: German SPD Head Says to Fight Capitalist Locusts, Reuters, Apr. 17, 2005; Kerry Capell, with Gail Edmondson, A Backlash Against Private Equity, Business Week, Mar. 12, 2007.].

   ,      ,   ,   Blackstone,   Cendant.           ,   ,       .

  Wall Street Journal       :      -       ,   ,     ,  ,        ,      ,     .      ,    IPO Blackstone,         ,      Blackstone,  Wall Street Journal    , ,         ,      [4 -   -,   ,     ,       ,    . . .],      [11 -  Wall Street Journal: Alan Murray, A Question for Chairman Bernanke: Is It Time to Yank the Punch Bowl?, WSJ, Feb. 14, 2007; The Blackstone Tax (unsigned editorial), WSJ, June 20, 2007.].            .

   .  蠖      ,           , ,      , ,   .             ;    ,      .

  ,       ,  ,       -       .         ,   LBO.                        ,  , ,  .

 , ,       ,   .   ,       .        ,    ,  ,   .  ,         ,       .      (    )    ,   ,     .

   [12 -    : .  25.]     ,  ,   . , ,   ,         ,     ,     ,    ,   LBO  .    ,              蠖             LBO,       .   ,     ,    ,         ,    ,           ,       .

       ,                  ,     .       Blackstone    . , Blackstone      Merlin Entertainments       Legoland         .   Blackstone      Gerresheimer AG          .  , Blackstone   . ,    ,   ,       . ,       ,   .

 ,      頖  - ,    ,  Merlin  Gerresheimer AG, ,            ,  ,            .



   ,     LBO,     ,  Blackstone     .        ࠖ   .    ,     Blackstone, 22  2007.,  ,     .   Bear Stearns,     , ,         -,        [13 -    : Julie Creswell and Vikas Bajaj, $3.2 Billion Move by Bear Stearns to Rescue Fund, NYT, June 23, 2007.].         .    ,             , .

 ,     ,        . Blackstone,    2007.        Equity Office Properties Trust   $39,          Hilton  $26,               $4.  2008.    ,         [14 -  :   Blackstone   10-K  2008., 3  2009., . 158.].  ,                 $350 000,    1000       .  Blackstone,    $31  ,   $3,55   2009.,      LBO  .

           ,        ,      .  ,    ,             .       LinennThings,   Simmons,   Readers Digest.     ,           ,     2013  2014.,     ,    .  ,    ,   ,    ,     ,     .            ,     ,        .             .

         . ,        ,     .  , ,      ,    ,     .    ,          ,   .   ,             ,       .   ,      ,  ,        ,             .

,     ,       ,      .   2008.             ,   Lehman Brothers, Merrill Lynch  American International Group,    Blackstone        [15 - : [   Blackstone].].               ࠖ   Northern Rock. (          ,        .)  2009.         ,         .      [5 -     ,           General Motors  Crysler Group. . .]  ,     Quadrangle Group,   ,  Texas Pacific Group,   , - Carlyle Group,      General Motors,     .

 20072009.       .   1980- .                 2000.,       .     ,      ,         .

      20082009.       .   ,  ,     ,   $500    ,    $787,        2009.[16 -   ,  , : Hugh MacArthur, Graham Elton, Bill Halloran, et al., Global Private Equity Report 2010, Bain & Co., Mar. 10, 2010 ( , $508); Heino Meerkatt and Heinrich Liechenstein, Driving the Shakeout in Private Equity, Boston Consulting Group and the IESE Business School of the University of Navarra, Navarra, Spain, July 2009 ($550); Conor Kehoe and RobertN.Palter, The Future of Private Equity, McKinsey Quarterly 31 (Spring 2009): 11 ($470).]   Blackstone   2009.  $29,      ,      ,          ,           .     ,     ,      .      2008  2009.      ,     ,            2009. ,           [17 -      2008  2009: -       (CalPERS), June 15, 2009 (    10  14%); Keenan Skelly, Calstrs Raises Target Allocation to 12%, LBO Wire, Aug. 17, 2009; Mar. 8, 2010,    , -   -   蠖  ,      -         8  10%   2009.].

  Blackstone           ,    -  -,      ,             .   Blackstone,  IPO  2007., KKR     ,  Apollo Global Management,     ,  ,     ,                 .

 Blackstone    ,          .    ,  ,        ,     ,  ,     .      Blackstone   ࠖ       1985.,         $1   LBO,           .      ,  .    ,    ,        ,          ,     ,           .  2002.,  Blackstone     ,            .         (        ),        , , ,          2006  2007.

   ,    ,     ,          .  ,   , ,    ,    .     ,       . ,     ,  -          , ,      .          ,      ,      ,    ,       ,       .




 2

 Houdaille,  Lehman


 -      .   1978.    Kohlberg Kravis Roberts           Houdaille Industries  $380.     !  ! , ,             ,         .

 , 31-    Lehman Brothers Kuhn Loeb,   ,     .  ,              .       .     ?       ,       . ,     ,  ,     ,    Lehman Brothers    .  ,      ,          .

   ,      ,    ,     .   :   .             LBO[18 -    :    .].

   ,   .   Houdaille   ,   ,  Simpson Thacher & Bartlett,  KKR     .      :     LBO?     頖 ,      !     ?![19 -   Houdaille :    , 5  2008.]

 ,      Houdaille,         2000- .,     -    1950-   1960?.  LBO         .     ,         . ,    $100 000       $120 000,   20% .          $20 000   ,    ,              $40 000,         ( ).  ,       100%        .

LBO     . ,            ,    LBO -    ( ),       .  ,         .    ,   ,   ,     ,    ,   頖    .  ,    -,      ,       ,       .

 , ,   LBO,    .  ,    ,            .             ,   ,   ,          堖              .  ,       ,       .

  ,   -      Houdaille,         ,       LBO.  Houdaille    ,       .              ,     LBO.

 Gibson Greeting Cards,         ࠖ  ,     RCA,    NBC.   1982. Gibson Greeting    Wesray,   ,        . Wesray  $80,      Gibson Greeting      $1,    .            ,     ,           .

 16     Gibson Greeting  Wesray        ,         $290.    ( ,  )        .               Wesray        $65   $330 000   200- !       .     New York   New York Times      Wesray[20 -  16 : MichaelM.Thomas, Windfall A Game of 1980s High Finance, New York, Aug. 8, 1983, 22ff; Ann Crittenden, Reaping the Big Profits from a Fat Cat, NYT, Aug. 7, 1983.].

      [21 -   : Ibid.].    Gibson Greeting    50%           ,       Wesray.        .   1983.      ,            .       Gibson Greeting      ,         .

 ,   ,   IPO Gibson Greeting   .         RCA,      Wesray,   RCA, ,   ,    [22 -   :   .].   Houdaille  Gibson Greeting     LBO.

  Gibson Greeting       ࠖ       Lehman Brothers  .     ,   1973.      Lehman   -,       㠖    ,            [23 -     :    .].      Lehman    : 1934.   Trans World Airlines,   1950-  1960- .   ,    Great Western Financial, -  Litton Industries  LIN Broadcasting,    .        Lehman ,       ,    [24 -     : Warren Hellman, in Finkel and Geising, Masters, 55.].

    ,    ,         .       ,        ,       .         (M&A),         . ,      ,    ,        ,      ,        ,     .

   -   㠖      頖    .          ,     ,       .       -     .     , ..          ,             ,     .     ,      .

 ,  ,         ,       .    ,      .   1973.,     Lehman,           ⠖     $20[25 -   1973.,  : Ibid., 54.].

    1980- . Lehman    ,         ,    - .      Lehman    Stewart-Warner,    ,        ,  ,    (  ),  .     ,     Lehman  ,     .

   ,  .

   ,     ,   .        ,     Lehman[26 -   :     .] (    $200).

      .    ,  Kohlberg Kravis    Lehman,      LBO.     :   Lehman    ?[27 -  :   .]  .

 ,  Goldman Sachs  Merrill Lynch,   ,  - .    Houdaille  Gibson Greeting,  LBO  ,           .      ,       ,       .


* * *

   -    .     .  Lehman    ,      ;        (  ),     . ,        ,   Lehman  1973.   :     .   ,    ,         ,    Lehman.

       .   ,       ,  ,     -        .       ,    .  20   ,      ,        McCann-Erickson.         ,           ,  Bell & Howell,       .        Bell & Howell     ,   1961.  34     .  1966.,      ,     [28 -   : Auletta, Greed, 35ff.].

         (   ,    ),   1971.           .             (    ,        ),                 ,      [29 -      : Peterson, Education, 147ff.].     .     . .          ,     .       (      -),        .               ,     .    ,      ,     [30 -   : Ibid., 14748.].

          蠖    ,    ,    ,        ,      ,    .  ,            ,   ,    [31 -    : Ibid., 14851.].

           ,       .       :    ,           .          ,        ,  ,     ,           ,   Washington Post  ,  New York Times     ,   .         .

       1972.,        .    ,    ,    , ,        ,   :     ,        .      Washington Post    [32 -    : Ibid., 193ff.].

           -.    -     ,     Lehman,        - .            -      ,       : ,  ,     .     Lehman      ,        .            ,          ,     Lehman    ,         [33 -       : Ibid., 21819; Auletta, Greed, 48.].

 ,    Lehman  ,     ,   ,                ,    [34 -  : Ibid., 48; Peterson, Education, 21819.].   Lehman   .    ( ,   Lehman   ,           ) ,  Lehman   .    ,            ,  .   : ,   ,   ,   ,  .  , ,        [35 -   셻:    , 4  2008.].   ,     Lehman    .  1975.  Business Week   ,            Lehman Brothers    [36 -  1975. Business Week: Back from the Brink Comes Lehman Bros., Business Week, Nov. 1975.].

    ,        Lehman      ,        .   ,    ,        .     [6 -               . . .]   [37 -   녻:      Lehman.],     Lehman.   -    0,01%    ,            . (100   = 1% .)

     .     ,     ,    .     ,     ,   -.       ,    .  ,  ,         . ,   ,       ,        , ,  -       ,        [38 -   : Auletta, Greed, 16ff;      Lehman.].

 ,       .             ,         ,    [39 -  ,  :          - ,    .].              Blackstone.  Blackstone   ,           .        : ,    .   ,      ,           . ! !  [40 -  :    , 29  2008.].

      ,      .   -            , ,  ,     [41 -   -:  .].

    ,  .  ,      ,       . ,       .       ,  Blackstone   1990- .: , ,   ,  ,   ,      [42 - , , 녻:    , 1  2008.].     Lehman      Brookings Institution,   ,         . ,   Blackstone,         .

   , ,  ,         , -  ,    ,  ,  ,  ,  ,    .

        젖 10- ,      Lehman.     ,    .    1969.  ,     ,     , Lehman     .     ,     [43 -  : Auletta, Greed, 32ff; Peterson, Education, 215ff.]. ,  ,     Lehman       ,  -      ,     ,   [44 - ,  : Peterson, Education, 216.].       :  ,             ,    Lehman         [45 -   : Ibid., 23637.].

         -    .  Goldman Sachs  ,       , -   Lehman  ,       .     :  Goldman Sachs ,        ,    Lehman, , ,        [46 -  : Hellman, in Finkel and Geising, Masters, 54.].

  Lehman   .  ,     Lehman Brothers    , -   ,       ,         Lehman.       .

     Lehman Brothers,     ,  [47 -  , : Stewart, Party.].

         .     ;     [48 -   : Auletta, Greed, 3ff; Peterson, Education, 216.].     [49 -     : Peterson, Education, 22532.].     .         ,         .   ,     ,            .      ,    Bell & Howell,     .         .            ,         .   ,   ,         .  ,         ,  ,       Lehman.      ,      Lehman     .

      Lehman,   ,          .          ,        [50 -       : Ibid., 21617.].        ,  , ,     ,    ;        -   Lehman.     ,    1980- .          .     Lehman     .             ,  ,       ,               [51 -    :   .].

    ,                .        ,      ,       ,        , ,     ,    ,       ,    ,        [52 -   :     .].

,    ,        ,  .  ,      Lehman   .      ,   堖  ,     .       ,      .     ,    [53 - ,  腻:   .].

    .       ,             International Harvester  1970- .   Harvester     ,        General Foods,  ,      ꠖ   Morgan Stanley  Lehman.    Harvester    :   ,     .        .                Harvester,       [54 -   Harvester: Peterson, Education, 231;   .].

    Bendix Corporation,     Lehman   ,   1976.       .     - ,            .       ,    .   ,   ,   ,    .      .      ,    [55 -     Bendix:   .],  .



      .     21 ,  (182)    (167),           -   .       ,     , ,     .      ,         ,   .       Lehman,      .        ,      ,    ,   ,      [56 -  :   .].            ,    .

        ,          .         [57 -    : KarenW.Arenson, Stephen Schwarzman, Lehmans Merger Maker, NYT, Jan. 13, 1980.]  New York Times Magazine,    1980.,                 .  ,    RCA   CIT Financial Corporation  $1,4      Tropicana Products  Beatrice Foods  $488. Times   ,       ,   ,  ,    ,     .    ,  ,        ,   .

 ,        ,         ,   Times.   ,           . (   ,    ,            .)            Times,      ,      ,   [58 -   : Stewart, Party.].      Lehman     .     Lehman,   ,     [59 -     Lehman:  .].

  Times, ,   ,      .     ,       ,  ,  Lehman   1970- .,      .         ,       ,  -   [60 -     廅:    .].         Lazard Fr?res,       1960-  1970- .,   ,   1975.    -,     .

 ,   Lehman    , ,               CSX       1982.        $135  Cox Communications   $100  Gannett,   Morris Communications  ,  ,     $200.  , ,   Cox  Gannett   Morris,        ,  Morris [61 -  :    , 25  2008.].

CSX    .     $6  ,  $200    . CSX :  !  ,       .    CSX .    Morris ,   ,       ,       .     ,           .    Morris,  Cox  Gannett    .  ,  Morris     $15.

   CSX  $15,        ,   CSX,  .        ,     .     [62 -     :   .],  ,    .



   1980- .      ,   Lehman     ,        ,    .       ,          ,     ,   ,          .

   ,     .  ,  ,   1982.     ,    .  ,     ,    1983.   .      ࠖ            .      ,    [63 -  ,  : Auletta, Greed, 70ff; Peterson, Education, 255ff.].   ,        ,  . ,  ,       [64 -   :   .]. ,      ,      ,         ,    1983.       .

      Lehman,     ,   .     ,       ,  .   ,         .    :     .       ,      [65 -   : Peterson, Education, 260.].

   ,         ,         .     ,     ,        ,     ,         ,           ,     [66 -   : Auletta, Greed, 69ff;  .].   ,      [67 -   : Peterson, Education, 256, 266.].

              -  -.     -     .   1984.     ,   Lehman     ,   10     . ,     ,   ,         ,        .      ,     ,        ,        ,  .

          Lehman.       ,        ,     .   , ,              ,     .     1984.      -         ,      Shearson,     American Express.  ,    Lehman Brothers,     .      Lehman  ,  11  1984. Lehman     $360[68 -  :   ; Auletta, Greed, 190ff.].

   Shearson,            - ,                     Lehman. ( Lehman          .)

      Lehman , ,     . Shearson   ,    Lehman    ,       -    ,     .     . , Shearson        ,      Lehman  ,       [69 - Shearson   : Auletta, Greed, 208.].

      Shearson.       ,            ,    .   ,         .   ,      Lehman  ,   ,      [70 -    :   .].               ,     [71 -    :     .].

  Lehman   ,        ,    .        ?[72 -   Lehman:      Lehman.]    ,       ,         ,      . ( ,   ,  Shearson      ,      :     ![73 -  ,  :     .])

     ,  Shearson    , ,     .          ,        ,    [74 -      :       Lehman.].   ,  -     .           .   ,        .       ,  .      ,     [75 -       :   .].        Shearson.

          ( ,    Lehman  Kohlberg Kravis)       Links Club   -  ,     ,       [76 -    :   .].         ,         Lehman.     ,  .    [77 -     :   .].

Shearson      Lehman  ,     ,   ,    ,  ,            ,               .       ,         Shearson.      ,                 ,       .          ,    Shearson,         [78 - Shearson   :     .].

 ,    , ,      ,       ,      ,        ;      ,      [79 -  :      .].    ,      .   ,     ,   ,      [80 -    :  .].

    ,    :    ,       ,    ,   .       [81 -    ,   :   .].

    Lehman,       Shearson, ,   ,               ,          ,      :      .




 3

   Drexel


  ,       Lehman  Shearson, .. 1985.,  LBO  ,          . Kohlberg Kravis Roberts    ,    ,       .

       .   (    1960- .),            , ,     ,     .         ,       ,      ,   .   .            LBO [82 -  : Wasserstein, Big Deal, 55ff; Baker and Smith, Capitalists, 16ff.].

             .     - Drexel Burnham Lambert (          )         .        ,      ,                 ,   .      Drexel     LBO     .

          ,            .  ,       ,    , ,   $30. Gibbons, Green, van Amerongen; E. M.Warburg Pincus,    ; AEA Investors; ThomasH.Lee Company,      First National Bank of Boston; Carl Marksand Company; Dyson-Kissner-Moran     .       ,      .

     KKR,     1976.[83 -  : Baker and Smith, Capitalists, 52ff; Burrough and Helyar, Barbarians, 133ff.]      KKR    .     LBO   1964.          Bear Stearns.          ,    .  1969.    ,    ,      ࠖ  ,       . ,   -,  ,  . ,   ,    .   30-    Honda,         ,     -[84 -   30-: Burrough and Helyar, Barbarians, 133.].  1976.,    50,     32  33 ,   Bear Stearns          ,         LBO   [85 -  1976.,  : Ibid., 13638.].

       1976.   $25,       ,          $500 [86 -      :     KKR.].       KKR ,   1980.,  KKR        ,  $357.  10     KKR         $2,4[87 -       KKR:    IPO   S-1, KKR & Co. LP, 31  2008., . 233.].

     Lehman        ,    ,    1980- .      .  1980.,       KKR  Houdaille,  LBO  First Boston  ,   $445      Congoleum      .    Morgan Stanley, Salomon Brothers  Merrill Lynch   First Boston       .

Goldman Sachs    .      Goldman  1982. -       $12   Trinity Bagand Paper.    Goldman    -  ,   ,  ,   $2  ,   ,      Goldman,       .  : , !     ,    ![88 -      Goldman:    , 6  2008.]

,    KKR  Forstmann Little & Company,   1978.       KKR,          [89 -       KKR:  .].  ,   ,  ,   ,      , ,  ,     39   [90 -  : Burrough and Helyar, Barbarians, 235ff.].      LBO,    1980- .        Dr Pepper        Topps.           ,      ,   KKR[91 -     :       Forstmann Little & Co.,  ,  1990- .].  ,       -,      .

   KKR   .  Houdaille      컠 ,  ,  ,    LBO.             ,   1980- . KKR        ,  IBM     19601970- .

      LBO    .          ,                 ,     .        ,      ,          ,  ,  Houdaille,        .

     1960- .     ,         .      .        Ling-Temco-Vought,   ,     .   LTV   ,    Jones & Laughlin,    Braniff International Airlines       Wilson & Company.     ITT     International Telephone & Telegraph    ,    䠖    Sheraton  ,  Wonder Bread,    Hartford     Avis Rent-a-Car,      .  RCA    -  ,      NBC.              Hertz,    Banquet    Random House.    ࠖ Litton Industries, Textron, Teledyne, Gulf & Western Industries     ,        : , , 

    ,   .    ,      ,     ,    .             ,   .       .  1960- .      40-   /,         .        ,             [92 -  1960- .  : Wasserstein, Big Deal, 64ff.].

   : ,    $100     40-     ; ,         $4.    ,           .     ,    , ,  $50    ,     20.       $1 ($50   ? 20),     .        50%,      頖  25% ($4 + $1),         20%.      ,       40- ,       .

       ,        .     40- ,        $5  $6 ($150  ? 40).  ,  ,    ,     ,                  .

      ,    .    1960- .       ,     ,  ,      .  ,       ,    ,            .  ,                .            .   ,             .   ,  1970-  1980? .      [93 -    1960- .  : Ibid., 71ff; Baker and Smith, Capitalists, 4849.].

        ,   LBO.      1981.,      ,      ,       . KKR     Lily-Tulip     Owens-Illinois       PT Components   Rockwell International,   堖       .       Forstmann Little        Beatrice Foods,  Wesray   RCA  Gibson Greeting[94 -      1981:       Kohlberg Kravis Roberts & Co.,  ,  1990- .;      Forstmann Little & Co.,  ,  1990- .;  .].

     ,  LBO,  ,         ,       ,    KKR  Beatrice Foods  1986.    Beatrice                Playtex     Avis,   ITT.



   ࠖ       LBO.

    KKR, Forstmann Little     LBO          1970-  1980- .,          ,       ,     LBO.      LBO  ,           . ,      LBO,       [95 -     KKR, Forstmann Little:      Kohlberg Kravis Roberts & Co. Forstmann Little & Co.,  1990- .].

        LBO    ,  ,   515%    .       ,           [7 -       ,      . . .].      , ..         .               ,     ,          .   1980- .                 ,   ,  LBO.         ,   Prudential Insurance Company of America, Metropolitan Life Insurance Company  Allstate Insurance Company;          LBO.

    .        19%,          ,     ,    .       Prudential   ,     , - Prudential   ,  KKR     [96 -    : Anders, Merchants, 85.]




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   ,     (https://www.litres.ru/dzhon-morris/korol-kapitala-istoriya-neveroyatnogo-vzleta-padeniya-i-vozro/)  .

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notes









1


 蠖       ,     .          ,    57 ,    (  ).          .   2000- .             ,  . . .




2


    ,    ,     . . .




3


 .,  .   .   RJR Nabisco. .: -, 2010.




4


  -,   ,     ,       ,    . . .




5


    ,           General Motors  Crysler Group. . .




6


              . . .




7


      ,      . . .










1


   ,  : Landon Thomas Jr., More Rumors About His Party Than About His Deals, NYT, Jan. 27, 2007; MichaelJ. de la Merced, Dealbook Inside Stephen Schwarzmans Birthday Bash, NYT, Feb. 14, 2007; Richard Johnson with Paula Froelich, Bill Hoffmann, and Corynne Steindler, Page Six $3M Birthday Party Fit for Buyout King, New York Post, Feb. 14, 2007; Michael Flaherty, Blackstone CEO Gala Sign of Buyout Boom, Reuters, Feb. 14, 2007; Richard Johnson with Paula Froelich, Bill Hoffmann, and Corynne Steindler, Page Six No Room for Henry At Bash, New York Post, Feb. 15, 2007;      .




2


   : $38    Blackstone,   .




3


     :  IPO.




4


 2007.   :   Thomson Reuters,    26  2009.




5


 : Behind Home Depot Rumors, CNBC Faber Report, http://www.cnbc.com/id/16037251 (http://www.cnbc.com/id/16037251), Dec. 4, 2006.




6


  Blackstone :   Blackstone.




7


, Goldman Sachs:   Goldman Sachs Group   10-K   ,  30  2007., 29  2008., . 15; Blackstone,     10-K  2007., 12  2008., . 11.




8


 2004. : David Carey and Vipal Monga, Wielding the Club: The Warner Chilcott Affair, The Deal, May 19, 2005.




9


  KKR:  IPO, . 1; AIM Program Fund Performance Review, California Public Employees Retirement System, as of June 30, 2007; Alternative Investments Portfolio Performance, California State Teachers Retirement System, as of Mar. 31, 2007.




10


    LBO: German SPD Head Says to Fight Capitalist Locusts, Reuters, Apr. 17, 2005; Kerry Capell, with Gail Edmondson, A Backlash Against Private Equity, Business Week, Mar. 12, 2007.




11


 Wall Street Journal: Alan Murray, A Question for Chairman Bernanke: Is It Time to Yank the Punch Bowl?, WSJ, Feb. 14, 2007; The Blackstone Tax (unsigned editorial), WSJ, June 20, 2007.




12


   : .  25.




13


   : Julie Creswell and Vikas Bajaj, $3.2 Billion Move by Bear Stearns to Rescue Fund, NYT, June 23, 2007.




14


 :   Blackstone   10-K  2008., 3  2009., . 158.




15


: [   Blackstone].




16


  ,  , : Hugh MacArthur, Graham Elton, Bill Halloran, et al., Global Private Equity Report 2010, Bain & Co., Mar. 10, 2010 ( , $508); Heino Meerkatt and Heinrich Liechenstein, Driving the Shakeout in Private Equity, Boston Consulting Group and the IESE Business School of the University of Navarra, Navarra, Spain, July 2009 ($550); Conor Kehoe and RobertN.Palter, The Future of Private Equity, McKinsey Quarterly 31 (Spring 2009): 11 ($470).




17


     2008  2009: -       (CalPERS), June 15, 2009 (    10  14%); Keenan Skelly, Calstrs Raises Target Allocation to 12%, LBO Wire, Aug. 17, 2009; Mar. 8, 2010,    , -   -   蠖  ,      -         8  10%   2009.




18


   :    .




19


  Houdaille :    , 5  2008.




20


 16 : MichaelM.Thomas, Windfall A Game of 1980s High Finance, New York, Aug. 8, 1983, 22ff; Ann Crittenden, Reaping the Big Profits from a Fat Cat, NYT, Aug. 7, 1983.




21


  : Ibid.




22


  :   .




23


    :    .




24


    : Warren Hellman, in Finkel and Geising, Masters, 55.




25


  1973.,  : Ibid., 54.




26


  :     .




27


 :   .




28


  : Auletta, Greed, 35ff.




29


     : Peterson, Education, 147ff.




30


  : Ibid., 14748.




31


   : Ibid., 14851.




32


   : Ibid., 193ff.




33


      : Ibid., 21819; Auletta, Greed, 48.




34


 : Ibid., 48; Peterson, Education, 21819.




35


  셻:    , 4  2008.




36


 1975. Business Week: Back from the Brink Comes Lehman Bros., Business Week, Nov. 1975.




37


  녻:      Lehman.




38


  : Auletta, Greed, 16ff;      Lehman.




39


 ,  :          - ,    .




40


 :    , 29  2008.




41


  -:  .




42


, , 녻:    , 1  2008.




43


 : Auletta, Greed, 32ff; Peterson, Education, 215ff.




44


,  : Peterson, Education, 216.




45


  : Ibid., 23637.




46


 : Hellman, in Finkel and Geising, Masters, 54.




47


 , : Stewart, Party.




48


  : Auletta, Greed, 3ff; Peterson, Education, 216.




49


    : Peterson, Education, 22532.




50


      : Ibid., 21617.




51


   :   .




52


  :     .




53


,  腻:   .




54


  Harvester: Peterson, Education, 231;   .




55


    Bendix:   .




56


 :   .




57


   : KarenW.Arenson, Stephen Schwarzman, Lehmans Merger Maker, NYT, Jan. 13, 1980.




58


  : Stewart, Party.




59


    Lehman:  .




60


    廅:    .




61


 :    , 25  2008.




62


    :   .




63


 ,  : Auletta, Greed, 70ff; Peterson, Education, 255ff.




64


  :   .




65


  : Peterson, Education, 260.




66


  : Auletta, Greed, 69ff;  .




67


  : Peterson, Education, 256, 266.




68


 :   ; Auletta, Greed, 190ff.




69


Shearson   : Auletta, Greed, 208.




70


   :   .




71


   :     .




72


  Lehman:      Lehman.




73


 ,  :     .




74


     :       Lehman.




75


      :   .




76


   :   .




77


    :   .




78


Shearson   :     .




79


 :      .




80


   :  .




81


   ,   :   .




82


 : Wasserstein, Big Deal, 55ff; Baker and Smith, Capitalists, 16ff.




83


 : Baker and Smith, Capitalists, 52ff; Burrough and Helyar, Barbarians, 133ff.




84


  30-: Burrough and Helyar, Barbarians, 133.




85


 1976.,  : Ibid., 13638.




86


     :     KKR.




87


      KKR:    IPO   S-1, KKR & Co. LP, 31  2008., . 233.




88


     Goldman:    , 6  2008.




89


      KKR:  .




90


 : Burrough and Helyar, Barbarians, 235ff.




91


    :       Forstmann Little & Co.,  ,  1990- .




92


 1960- .  : Wasserstein, Big Deal, 64ff.




93


   1960- .  : Ibid., 71ff; Baker and Smith, Capitalists, 4849.




94


     1981:       Kohlberg Kravis Roberts & Co.,  ,  1990- .;      Forstmann Little & Co.,  ,  1990- .;  .




95


    KKR, Forstmann Little:      Kohlberg Kravis Roberts & Co. Forstmann Little & Co.,  1990- .




96


   : Anders, Merchants, 85.


