There were lots of people in Washington demanding the SEC halt the Blackstone Group IPO. It didn't happen. The deal priced at the high end of the range, and the result was a bigger IPO than either Google or Goldman Sachs. (But who knows what will happen in the aftermarket.) Score one for Wall Street. But you get the sense that there are plenty of politicians willing to turn this into a populist issue--or at least try. For that matter, Steve Schwarzman himself may be catching some backlash. The title of a Slate profile: The Golden Ass. You've got to wonder if the industry's PR problems are coming back to haunt it. The industry has opened up a bit to be sure. But perception is reality and the industry could use some work. All in all, a classic Washington vs. Wall Street, little guy vs. big guy battle is taking shape. An election year is just around the corner after all.

For more:
- here's a Washington Post article
- here's fictional memo from Schwarzman in the year 2012 from II.com
- here's more on the notion that the deal signals a top