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?