Rear View Mirror: The House of James
Blackstone's stock is finding its legs after being beaten down by weak hands puking the stock post deal. Investors were drawn to the IPO like moths to Schwarzman's flame.
But Hamilton "Tony" James might be the real straw the stirs the drink at 345 Park. His pedigree is impeccable, although we are never ones to be seduced by fancy credentials around here.
James, 56, grew up the oldest of four boys in Lincoln, Massachusetts, a wealthy suburb near Boston. His father was a management consultant at Arthur D. Little.
After boarding school at The Choate School in Connecticut (now Choate Rosemary Hall), he went to Harvard where he met his wife, Amie. James played soccer there and continued to play in weekly games in New York City until a recent ankle injury. Reuters
It was during his stint at Donaldson, Lufkin & Jenrette that I first took note of him.
DLJ was almost military in its precision by the mid ‘90’s. Sure the bankers schools and clubs were predictable, but the haircuts, suits and demeanor were nearly interchangeable as well. They were a well oiled machine, if a bit robotic.
The MAC gym occupying the ground floor of 277 Park provided a brief respite for the weary bankers who worked sick hours in the DLJ office above. Many of them paid the relatively steep $125 month membership fee merely to take showers in the well appointed locker room. They would head back upstairs, at 10PM, and go back to work.
Of course, the firm was ripped apart after the DLJ/CSFB merger.But many of these bankers had already put down a foundation for later deals and dealmaking.
This Tony is well connected, but he is no Soprano. He is, however, now a capo at Blackstone.
And while most Masters of the Universe use Firefox, check out the links below in internet explorer.
If you can’t be bothered, a Firefox link is at bottom:
BlackStone Acquisition of Hilton Hotels
DLJ’s franchise was in high-yield. Alumni from this group played a prominent role in the Hilton/Blackstone transaction.
DLJ was sold to CSFB. Hilton Hotels board member John Notter likely solidified his relationship with Tony James when they both served in the CSFB board.
Although this transaction might not prove to be be the crowning achievement of Tony’s career, it was certainly the biggest news in a holiday shortened week.
And for Hamilton “Tony” James, the culmination of a lifetime spent working on Wall Street.
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Firefox illustration
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Blackstone’s president faces major test
Reuters
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As an aside, DLJ’s weekly equity research piece, particularly Eric Miller’s Random Gleanings was long a favorite of mine. Eric’s piece was a sort of blogroll prior to internet access gaining a toehold in the 200 block of Park Avenue. Eric’s writing lives on at Tom Brown’s bankstocks.com
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The content contained represetns the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author. No position in securities mentioned
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