6/22/2007

Goldman Sachs Chief Executive Officer Lloyd Blankfein said the current push to raise taxes on private-equity firms could be "very dangerous" and could push the industry to move its business to more favorable tax regimes. Blankfein said U.S. legislators were upset by an expected $7 billion valuation for the holdings of Blackstone CEO Steve Schwarzman after the company's IPO and, as a result, were being driven by emotion. "But as you get into the consequences ... for competitiveness and fairness ... it turns away from sentiment," he said.

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