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Blackstone Datapoint Of The Day

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by Felix Salmon
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Mar 10 2008 12:00am EDT

Blackstone Datapoint of the Day

Blackstone's shares fell below the $14 level earlier today, in the wake of a dreadful earnings report showing a net loss of $170 million in the fourth quarter. At $14 a share, it's worth remembering, it would take a rise of more than 10% just to get back to half the level at which the private-equity shop IPO'ed in June.

If we're recalling the frothy days surrounding the IPO, it's maybe worth resuscitating this, too:

From the outside, the Chinese government's $3 billion purchase of a nonvoting stake in the Blackstone Group might look like a prelude to a broader campaign for control of foreign companies.
But a Chinese official ruled that out in an interview Monday, saying the purchase was simply a way to raise returns on overseas investments...

Hm. That didn't work out so well, did it?

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