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CEO Says 45 Percent of World's Wealth has Been Destroyed

Private equity group Blackstone Group LP CEO Stephen Schwarzman said Tuesday that up to 45 percent of the world’s wealth had been destroyed by the current financial crisis.
“This is absolutely unprecedented in our lifetime,” Schwarzman told an audience at the Japan Society. “"Between 40 and 45 percent of the world's wealth has been destroyed in little less than a year and a half.”

However, he added that the U.S. government is committed to preserving financial institutions and will do whatever It takes to restart the economy, according to Reuters.

Schwarzman also said that there was one sector that was partially responsible for the current crisis.

"What's pretty clear is that, if you were looking for one culprit out of the many, many, many culprits, you have to point your finger at the rating agencies," he said.

Asked about good investment opportunities, Schwarzman noted that it made sense to by cyclical names, which have less exposure to the economic cycles.