Fact Check: Stephen Schwarzman compared tax loophole reforms to Hitler's invasion of Poland.

Fact Check: "Stephen Schwarzman compared tax loophole reforms to Hitler's invasion of Poland."

What We Know

Stephen Schwarzman, the chairman and CEO of Blackstone Group, made a controversial statement during a meeting of a nonprofit board in August 2010. He compared the Obama administration's proposal to raise the carried interest tax rate to war, specifically stating, “It’s like when Hitler invaded Poland in 1939” (New York Times). This comment was reported by multiple outlets, including Business Insider and The Guardian, which confirmed the accuracy of the quote and the context in which it was made.

The carried interest tax rate is a significant issue for hedge fund managers, as it allows them to pay a lower tax rate on income derived from investment profits compared to ordinary income. Schwarzman's remarks were met with backlash from attendees, who found the analogy to be excessive and inappropriate for the situation (New York Times).

Analysis

The claim that Stephen Schwarzman compared tax loophole reforms to Hitler's invasion of Poland is substantiated by multiple credible sources. The original report from the New York Times provides a direct quote from Schwarzman, confirming the context of his statement. Other sources, such as Business Insider and The Guardian, corroborate this information, reinforcing the reliability of the claim.

In evaluating the credibility of these sources, it is important to note that both the New York Times and The Guardian are established news organizations with a history of journalistic integrity. They have fact-checking processes in place, which adds to the reliability of their reporting. The comments made by Schwarzman were also widely discussed in the media following their initial release, indicating that they were taken seriously and scrutinized by various outlets.

Additionally, Schwarzman later issued an apology for his remarks, acknowledging that the analogy was inappropriate (New York Times). This further validates the original claim, as it demonstrates that he recognized the inappropriateness of his comparison.

Conclusion

Verdict: True
The claim that Stephen Schwarzman compared tax loophole reforms to Hitler's invasion of Poland is accurate. The statement was made during a nonprofit board meeting in 2010 and has been confirmed by multiple reputable sources. Schwarzman's subsequent apology for the comment underscores its contentious nature and the widespread criticism it received.

Fact Check: Stephen Schwarzman compared tax loophole reforms to Hitler's invasion of Poland.