The incredible life of private equity titan Steve Schwarzman, the 38th wealthiest American by Jonathan Marino on Nov 2, 2015, 10:54 AM  Steven Schwarzman is Wall Street's King of Capital.
The cofounder of The Blackstone Group is a multi-billionaire, ranking 38 in the most recent Forbes rich list with a net worth of $11.6 billion. He can be seen hobnobbing with public figures ranging from the Pope to Indian prime minister Narendra Modi. The leveraged buyout boss had humble beginnings, however. He studied at Yale before getting started on Wall Street in 1969. That first stint didn't last long however, with Schwarzman later saying: "I had no economics. I had no ability to read a financial statement. I had never had accounting. They gave me an office and a secretary and some annual reports and assignments. I didn't even know how to approach it." He later spent a stint in the Army Reserves before completing his MBA at Harvard and returning to Wall Street with Lehman Brothers. The rest is history. Business Insider tracks Schwarzman’s incredible life so far: Steve Schwarzman was born in Philadelphia and stayed close by growing up.  Schwarzman was born in Philadelphia on Valentine's Day, 1947, and attended school in Abington, Pennsylvania, growing up. His father ran a dry goods store in Philadelphia. That gave him motivation to find something else to do, he would say in a later interview. "[I]t provided a unique model of something I did not want to do... I found it an absolutely horrible way to spend time. I didn't like waiting on customers, I didn't like folding merchandise. I didn't like dusty basements where you had to mark merchandise, and I decided that whatever I did in life, that would not be part of it." He wouldn't forget his hometown roots, later in life. There's now a football stadium at his old high school named for him after a hefty donation.
Schwarzman attended college at Yale after graduating high school.  Unlike so many other Wall Street pros, he didn't major in economics. He said in an interview: "[T]his was the 1960s, when everything was touchy-feeling. I was in an interdisciplinary major -- which was a new thing then -- which was psychology, sociology, anthropology and biology, which is really sort of the study of the human being." He did join Yale's prestigious Skull & Bones secret society in his senior year. According to a New Yorker profile of Schwarzman, he wrangled key introductions for his Wall Street career through his job at Yale's alumni office.
Schwarzman joined Donaldson, Lufkin & Jenrette after graduating Yale in 1969.  Schwarzman met Donaldson, Lufkin & Jenrette CEO Bill Donaldson while working as a waiter at Yale, according to a profile by The Wall Street Journal. He only had a short stint at the bank however.
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