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Article: Blackstone Group's 4Q loss widens to $415.2M
- Article from:
- AP Worldstream
- Article date:
- February 27, 2009
- Author:
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Private equity firm Blackstone Group LP said Friday it continued to lose money during the fourth-quarter as the ongoing credit crisis _ which the company's chief operating officer called a "depression" _ hurt the value of its investments.
Tony James, the company's president and COO, said during a conference call with media members that the current downturn is a "depression," though not as severe as the Great Depression of the 1930s.
Blackstone Group suffered as the value of investments were hurt, though the company is confident it can handle even worse scenarios in the future because of its conservative investment strategy and ample liquidity, James ...