Key Takeaways
- • Steve Schwarzman, 72-year-old billionaire chairman and co-founder of Blackstone Group, has published a memoir titled "What It Takes" that traces his career trajectory from early entrepreneurial ventures through building a global private equity powerhouse and advising President Trump.
- • The book arrives amid intensifying criticism of Schwarzman and Blackstone from multiple quarters: Senator Elizabeth Warren has characterized private equity firms as "vampires" and proposed wealth taxes targeting individuals like Schwarzman; the firm has faced environmental backlash over alleged contributions to Amazon deforestation; and philanthropic initiatives have encountered community resistance.
- • Schwarzman's memoir devotes substantial chapters to Blackstone's construction and expansion while notably limiting Trump-related content to page 307 of 354 pages, suggesting the book prioritizes defending the firm's core business model and track record rather than emphasizing political connections.
- • The book employs selective storytelling, including Schwarzman's 2006 response to German Chancellor Angela Merkel's "locusts" characterization of private equity investors—"But I'm a good locust"—as a framing device for defending the industry's legitimacy and societal contributions.
- • Schwarzman has chosen not to address philanthropic project controversies, real estate displacement concerns stemming from Blackstone's post-financial-crisis foreclosure acquisitions, or personal wealth accumulation details in the narrative.
Summary
Steve Schwarzman's newly published memoir "What It Takes" presents a carefully curated account of his ascent from early business ventures to his current position as Blackstone Group's chairman and co-founder, delivered at a moment when institutional and political scrutiny of his activities and wealth have intensified significantly. The book's structure—spanning 354 pages with the vast majority devoted to Blackstone's development and only late-stage coverage of his Trump advisory role—suggests a deliberate editorial choice to center the narrative on private equity leadership rather than political proximity.
Schwarzman, now 72 years old, faces mounting criticism from multiple constituencies that the book appears designed to address, at least partially. Senator Elizabeth Warren has publicly characterized private equity firms as "vampires," signaling Democratic legislative intent to impose wealth taxation on individuals like Schwarzman. Blackstone specifically has been blamed for environmental damage related to Amazon deforestation. Additionally, at his 50th Yale reunion, classmate Jim Sleeper publicly challenged Schwarzman over Blackstone's acquisition of foreclosed residential properties following the 2008 financial crisis, raising displacement concerns that remain unresolved in the memoir.
The book includes a notable anecdote from 2006 when Schwarzman addressed German Chancellor Angela Merkel following her vice chancellor's characterization of private equity investors as "locusts." Schwarzman's response—"But I'm a good locust"—appears throughout promotional materials as a central rhetorical device attempting to reframe the industry's value proposition. The book's chapters on Blackstone's construction and expansion constitute more than half of the total narrative, positioning the firm's track record as the primary defense against accumulated criticism.
Notably, Schwarzman has chosen not to engage substantively with controversies surrounding his philanthropic projects at MIT, Oxford, and Yale, nor does he address the material wealth accumulation underpinning his lifestyle—including properties, parties, and vacations in the South of France. This selective transparency underscores the memoir's primary strategic objective: defending Blackstone's institutional legitimacy and business model rather than providing comprehensive personal accounting or addressing systemic criticisms of private equity's broader societal impact.
Schwarzman, now 72 years old, faces mounting criticism from multiple constituencies that the book appears designed to address, at least partially. Senator Elizabeth Warren has publicly characterized private equity firms as "vampires," signaling Democratic legislative intent to impose wealth taxation on individuals like Schwarzman. Blackstone specifically has been blamed for environmental damage related to Amazon deforestation. Additionally, at his 50th Yale reunion, classmate Jim Sleeper publicly challenged Schwarzman over Blackstone's acquisition of foreclosed residential properties following the 2008 financial crisis, raising displacement concerns that remain unresolved in the memoir.
The book includes a notable anecdote from 2006 when Schwarzman addressed German Chancellor Angela Merkel following her vice chancellor's characterization of private equity investors as "locusts." Schwarzman's response—"But I'm a good locust"—appears throughout promotional materials as a central rhetorical device attempting to reframe the industry's value proposition. The book's chapters on Blackstone's construction and expansion constitute more than half of the total narrative, positioning the firm's track record as the primary defense against accumulated criticism.
Notably, Schwarzman has chosen not to engage substantively with controversies surrounding his philanthropic projects at MIT, Oxford, and Yale, nor does he address the material wealth accumulation underpinning his lifestyle—including properties, parties, and vacations in the South of France. This selective transparency underscores the memoir's primary strategic objective: defending Blackstone's institutional legitimacy and business model rather than providing comprehensive personal accounting or addressing systemic criticisms of private equity's broader societal impact.
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