John At The Center

Schwarzman makes sure to point out that mark to market is suspect in this application:

“The markdowns are disappointing, but don’t necessarily represent permanent loss of value and it’s important that you understand that,” Mr. Schwarzman said. “Right now, the world says that every private equity company is a troubled company and that’s just complete garbage.”

via Despite Loss, Blackstone Stars on Wall Street – DealBook Blog – NYTimes.com.