Private equity stars rue 'lousy' reputation, say they are misunderstood

Beverly Hills, California

ULTRA-wealthy private equity managers lamented their reputation as "lousy" corporate profiteers at a plush Beverly Hills hotel on Tuesday, arguing that their value to society was greater than the public realised.

Stephen Schwarzman, chief executive and co-founder of the Blackstone Group, touted the fact that companies owned by his private equity business employed about 600,000 people and ha…