Romney firm earned substantial profits for Blackstone

“When we started Blackstone in 1985, the first investment we made in private equity was a joint deal with Mitt Romney at Bain,” Schwarzman said. “This turned out to be a marvelously successful deal with a profit of a company making aluminum wheels which expanded very rapidly. We made about 16 times profit.”

“The second deal we did, Mitt led that one,” Schwarzman continued. “We did that deal at Blackstone and we invited him to be the minority partner and we made 24 times our money. In finance, that’s a way to make friends.”

Schwarzman said one of the reasons he’s backing Romney is because “he is a natural leader and he is accessible, he listens to what you say.”

The Blackstone chairman wouldn’t divulge what he told Romney about what needs to be done in Washington, but said the two have discussed what changes he would like to see.

“We had a nice meeting about three weeks ago for an hour,” Schwarzman said. “What I tell him stays with me, but I am not shy.”