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Blackstone CEO: As much as 45% of global wealth is gone
CFA Institute Financial NewsBrief
03/11/2009

Describing the event as "absolutely unprecedented in our lifetime," Stephen Schwarzman, CEO of Blackstone Group, said the credit meltdown has wiped out between 40% and 45% of the world's wealth.

He said credit-rating agencies are partly to blame for the crisis. "What's pretty clear is that if you were looking for one culprit out of the many, many, many culprits, you have to point your finger at the rating agencies," Schwarzman said. Reuters (10 Mar.)