Blackstone’s Schwarzman pushes back at DC critics

Blackstone Group CEO Steve Schwarzman on Thursday took another not so veiled swipe at President Obama.

Speaking at Blackstone’s investor day, he said the biggest risk to his growing alternative-assets firm was irrational policy making.

Even though Blackstone’s shares have risen more than 60 percent over the last year, Schwarzman seemed to be in something of a fighting mood.

He said it was ironic governments were tasked with making life better for their citizens but seemed to be doing things that had the opposite effect, a source who was at the Waldorf Astoria gathering told The Post.

In reality, several prominent Republicans and President Obama in recent months have challenged the way the private-equity industry makes money.

House Ways and Means Chairman David Camp (R-MI) in February advised ending the carried interest tax break that allows PE fund managers to claim capital gains tax treatment on their commissions (a 20 percent tax rate instead of 39.6 percent).

Additionally, the Securities and Exchange Commission in May said half of all private equity firms were not telling their fund investors, often state pension funds, what fees they were being charged, putting clear pressure on firms to change their ways.

In 2010, Schwarzman compared proposals to raise taxes on private equity to conditions in Nazi Germany.

Schwarzman — worth $10.5 billion — also took shots at his private-equity peers saying Blackstone had been successful at real estate and energy investing while competitors had failed.

He was trying to convince analysts that Blackstone after doubling its assets under management in the last four years to $272 billion would continue to deliver exceptional returns.