Stephen Schwarzman and Bruce Wasserstein on Regulation

Lazard CEO Bruce Wasserstein and Blackstone CEO Stephen Schwarzman spoke yesterday at a breakfast hosted by Fortune Magazine at noted New York restaurant Per Se.

Highlights included Wasserstein warning that the global financial crisis will get worse yet, noting that consumer lending and commercial real estate losses are just now beginning.  Schwarzman was critical of banks not using the U.S. Treasury funds for their intended purpose of actually administering new loans.  Both spoke at length about accounting standards and regulatory issues.  Here’s a brief video excerpt from the talk:

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