The real motivation for Blackstone's IPO

Steve Schwarzman has never been in the news quite like he is now. Whether it's proclaiming him the king of Wall Street, the New York Times raving about his 60th birthday bash or other publications wondering if he will jump into the TXU fray. One columnist suggests that Schwarzman wants to leave a legacy, that perhaps he never quite got his public due compared to the likes of Henry Kravis. Ego is a powerful motivator of course. He arrives at this conclusion in part because the rationale for an IPO seems weak to him. The only people who can really opine meaningfully about this are those that really know him, but the fact that he is speculated upon in this fashion indicates his newly raised prestige. He is a rock star now--but I'm not sure that was his goal.

For more:
- here's the MarketWatch column