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Blackstone Shares Slip Below Offer Price


NPR's business news starts with an embarrassing slide for Blackstone.

That private equity company went public on Friday. It was one of Wall Street's most anticipated offerings in years. But it has not lived up to its opening splash. When trading finished yesterday, the share price had slipped lower than its initial price of $31. That's got some people wondering about the boom in private equity firms that buy other companies and retool them, sell them again. There's a bill in Congress that could more than double the taxes that firms like Blackstone pay. Transcript provided by NPR, Copyright NPR.