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45 percent of world’s wealth destroyed: Blackstone CEO
Posted By admin On March 12, 2009 @ 1:53 pm In Money Watch | Comments Disabled
Megan Davies and Walden Siew
Thursday, March 12, 2009
NEW YORK (Reuters) – Private equity company Blackstone Group LP (BX.N) CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis.
“Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. “This is absolutely unprecedented in our lifetime.”
But the U.S. government is committed to the preservation of financial institutions, he said, and will do whatever it takes to restart the economy.
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U.S. Treasury Secretary Timothy Geithner plans to unfreeze credit markets through a new program that will combine public and private capital in a fund that would buy bank toxic assets of up to $1 trillion.
“In all likelihood, that will have the private sector buy troubled assets to clean the banks out in terms of providing leverage … so that we can get more money back into the banking system,” Schwarzman said.
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URLs in this post:
 Reuters: http://www.reuters.com/article/wtUSInvestingNews/idUSTRE52966Z20090310
 Image: http://www.prisonplanet.tv/subscribe.html
 Financial Crisis “Has Destroyed 40 Percent of World Wealth”: http://www.prisonplanet.com/financial-crisis-has-destroyed-40-percent-of-world-wealth.html
 One percent holds 39 percent of global wealth: http://www.prisonplanet.com/one-percent-holds-39-percent-of-global-wealth.html
 How Can America Create Wealth If Our Industrial Base Is Destroyed?: http://www.prisonplanet.com/how-can-america-create-wealth-if-our-industrial-base-is-destroyed-50000-manufacturing-jobs-have-been-lost-every-month-since-2001.html
 How Globalism Has Destroyed Our Jobs, Businesses And National Wealth In 10 Easy Steps: http://www.prisonplanet.com/how-globalism-has-destroyed-our-jobs-businesses-and-national-wealth-in-10-easy-steps.html
 Geithner: Bailouts cost less than 1 percent of US gross domestic product: http://www.prisonplanet.com/geithner-bailouts-cost-less-than-1-percent-of-us-gross-domestic-product.html
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