Does Board Experience at Blackstone Add Weight to Its President’s Comments?
While The Blackstone Group announced its own third-quarter losses on Monday, the world’s largest private-equity firm’s President and COO, Hamilton James, voiced the ominous assessment that financial institutions are still baffled by the exact magnitude of their own losses as a result of the subprime debacle (read the Reuters article by Michael Flaherty and Megan Davis).
Although overall revenues increased to $526 million from $461.5 million in the same period last year, a substantial portion of the company’s losses were from $802 million in non-cash charges relating to IPO unit awards and the amortization of intangibles, a company press release stated.
NewsVisual created an IntellectSpace Knowledge Map to determine the level of experience among the company’s Board of Directors.
As illustrated in this Knowledge Map, the company’s Board of Directors has several highly experienced people. The most notable one is Director Brian Mulroney, a former Prime Minister of Canada. He also is a Senior Partner with the Montreal-based law firm Oglivy Renault LLP and a member of the Board of Directors with the Archer Daniels Midland Company, Barrick Gold Corp, Quebecor Inc, Quebecor World Inc, and Wyndham Worldwide Corp.
In addition, Director Peter G. Peterson, a Co-Founder of Blackstone, is a former Secretary of Commerce under President Nixon and also serves on the Board of Directors of The India Fund Inc and The Asia Tigers Fund.
Given the depth of collective experience that the Directors of The Blackstone Group have accrued among them, Hamilton James’s cautionary statement could have a negative impact on the financial markets worldwide.
(Note: the information contained and presented in Knowledge Maps is public information from the Securities and Exchange Commission of the United States of America).
Click here or copy this link into your Internet Explorer browser for an interactive version of this IntellectSpace Knowledge Map: http://nv.intellectspace.com
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