blackstone can't help there, at least not yet. does that create an opportunity for blackstone to start investing at an earlier stage? >> there are a variety of alternatives for returns. we do some of those investment areas, but don't do them in separate funds, just like we have done for example $40 billion of infrastructure with extremely high returns, and i am allowed to say that because we are marketing a fund, sec rules, but we find a way to accommodate initiatives into those types of areas and others. >> so would you consider doing specific funds that would invest in companies at an earlier stage in their life cycle? >> we already do some of that, so would we consider it? we would basically consider just about everything. we only do things where we think we have a competitive advantage. >> so -- and also, with scale, right? that's another thing you believe in. >> i am a great believer in scale. it has worked out for us in many of our businesses. the ability to have scale and it was you to operate globally, enables you to obtai

blackstone cannot really help them there, at least not yet. is there an opportunity for blackstone to start investing in an earlier stage? stephen: there is a variety of alternatives for investment. we don't do them in separate funds, just like we have done 40 billion of infrastructure with extremely high returns. we are marketing a fund. we find a way. reporter: would you consider that wouldfic funds invest in companies at an older stage? -- in an earlier stage? that.n: we already do we basically consider just about everything. we only do things where we think we have -- [no audio] more doubt for us. in many of our businesses, in fact, the ability to have scale enables you to operate globally, and enables you obtain more intellectual capital, and a moats to some degree for us. report ago a tackle up -- reporter: tactical opportunities. what is the next scale business for blackstone beyond infrastructure? stephen: i admire your tenacity. reporter: it is something you are ready in. stephen: what i will say is the firm started with no money, 400

vonnie: that was blackstone ceo steve schwarzman speaking with erik schatzker. let's bring in the bureau chief, who wrote the book on private at new tycoonsons, the inside the private equity industry that owns everything. of course, great ambitions. is an amazing figure but not out of reach. when you think about blackstone, they went public in 2007 with $85 billion under management. they now have upwards of two edge at $60 billion and he is talking about doubling that in the next five years and $1 trillion is not out of reach. part of it is because the appetite for private equity and all that is adjacent to it and he alluded to this, hedge funds and real states, the appetite including in the middle east where he was speaking with erik schatzker, it feels almost infinite and that is true across the industry. vonnie: can you make more returns with the money? >> a good question. can you make the same returns from the early days of private equity just doing private equity? probably not. it has become so competitive and when you think about a lot of these firms start

john blackstone in las vegas. thank you so much, john. >>> well, the shots rang out during a jason aldean concert. one woman was there with her husband. they took cover inside a vendor booth with other concertgoers and a police officer. she spoke to us from las vegas by phone. >> he was yetting turn the lights off, turn the lights off. we were sitting ducks. the bullets were getting closer and it would get quiet and he would reload and it started going again. the girl standing behind me about two feet, she got shot in the stomach. everybody thought at first it was just firecrackers and it kept going more and more. and i even told my husband, it's firecrackers. he said, no, it's not. it's a machine gun, automatic rifle or something. everyone started running but you couldn't run because you couldn't tell where the shots were coming from. there was me and my husband and others and a metro cop who was lying on top of me so i wouldn't get shot. it was so scary. we went out. there were people lying on las vegas boulevar

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mentioned, blackstone ceo steve schwarzman looks to be sticking around. with our own errand schatzker reality about his ambitious plans for his fund. have internal targets, plans, aspirations to basically double where we are, which would take us to about $800 billion. erik: over what period of time? steve: five years is what we are not finishede have our plan so we will see if we can lizette, but that will be a very substantial increase in terms of what we are doing. mindways have something in where we think we can deliver a product to people who are not getting it, or do it materially better. so we have actually had a lot of fun taking the next generation of people at the firm and putting them to work on that problem. we have had a really terrific meeting with people presenting ideas, and that is how you grow the culture of a business. this is not one person sitting around inventing things. that would be a huge misunderstanding. we have got the firm totally engaged in how we can grow, but grow with great returns. without providing something unique to inv

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blackstone has doubled its assets over the last five years. they are planning to continue on the same pace of growth even though they have become so much larger. where does carlyle find to be in five years? >> our firm is in very good shape. we continue to grow. asset and management will row, and the quality of our investments will continue to be good, but i do not have a number. >> it was said blackstone could -- a trillion dollar firm. is it possible for an asset manager to be too big? >> i'm not sure. many people thought 20 million was too big. as the world changes, i don't think $1 trillion is too big. i don't know what blackstone or or 10e will be in five years from now, but i don't think it will be too big. blackrock is 6 trillion or something under management, who would have thought that when they started in 1989. it is hard to say. >> in principle? >> well, we are very ambitious we will done is and a good job for our investors, as blackstone will do a good job for their investors. we don't have any limits. david: not every wall street

and blackstone has doubled down their assets over the past five years. so, they are planning to continue on the same pace of growth even though they have become so much larger. where does carlyle find itself in five years? >> i think we think our firm is in very good shape. we continue to grow. our quality of investments will continue to be very good, but i do not have a number. >> it is possible blackstone will become a trillion dollar firm. is it also possible for an alternative asset messenger -- an alternative asset manager to be too big? >> i'm not sure. people thought $20 million was too big. i don't think $1 trillion is too big. i don't know what blackstone or carlyle will be five years or 10 years from now, but i don't know if it will be too big. remember, blackrock is now $6 trillion or something like that under management. who would've thought that something like that might happen when they started their firm in 1988 or 1989. it is hard to say. >> but in principle? >> we are very ambitious and we think we can do a good job for our investors. i'

telling abc news he searched for hotels around fenway park in boston and booked rooms at chicago's blackstone hotel in august, the same dates as the lala papa lew za festival across the street though he never checked in. >> we are working with our law enforcement agencies here, state plirks anti-terrorism task force. >> reporter: investigators now believe paddock may have had an accomplice. >> you've got make the assumption he had to have some help at some point. >> reporter: his girlfriend marilou danley is cooperating with the fbi and says she knew

we have extensive coverage tonight, beginning with john blackstone. blackstone. >> reporter: pictures of the pandemonium continued to show up on social media. the happy venue quickly turned into a bloody killing field as some fans dropped to the ground with nowhere safe to go. others literally ran for their lives. ( gunfire ) this cab driver was trying to drive away from the scene when she picked up some rattled passengers. >> there's a shooting. there were dead bodies everywhere! >> reporter: in response to a question from cbs' norah o'donnell, clark county sheriff joseph lombardo said 64-year-old stephen paddock had set up cameras, including one on a service cart outside the room. >> reporter: and he had set up how many cameras? >> i don't know what the specific number is. >> reporter: and for what purpose, do you think? >> well, i-- i anticipate he was looking for anybody coming to take him into custody. >> reporter: around 10:08, the shooter was in a hotel room with a sweeping view of the las vegas strip, but he was really here for the direct line

anthony. >> mason: john blackstone in las vegas. thanks, john. justice and homeland security correspondent jeff pegues reports paddock had checked out bigger music festivals in las vegas and other cities. >> reporter: more than a month before the attack in las vegas-- >> everybody go! >> reporter: ...stephen paddock booked a room at the blackstone hotel in chicago. it overlooked the lollapalooza music festival in august, but paddock never checked in. he also booked rooms overlooking a different festival in las vegas and researched locations in boston around fenway park. some of the information is coming from searches of paddock's online activity and electronic devices. police are also looking for people who came in contact with paddock before the shooting, including a woman reportedly seen with him at the mandalay bay casino. investigators are focusing on why, starting in october of 2016, paddock accumulated 33 weapons from gun stores in nevada, california, texas, and utah, and why his car contained ammunition, fertilizer, and tannerite. a powerf

the fund house though invested with the blackstone group. a big infrastructure funds looking to invest in infrastructure around the world. also hoping to privatize things here in saudi arabia. they want to privatize the rail system, airport, a lot of infrastructure there expect them to bring big returns. they are talking about oil prices that they just cannot rely on the price of oil where it is right now so they are looking to diversify. real fundamental change in saudi arabia. i can't tell you what i've learned cannot hear that there is serious change in saudi arabia. that's why you have so many here from across the world getting a piece of the action. exclusive newsmaking interviews it among the big names, treasury secretary stephen mnuchin with me today. see how blackstone group steve swartz then. global chairman and ceo mark white river. see how the london stock exchange and you roll a hand steve case. fox business network dagen mcdowell come and see if with doubt and economics professor at king's college, ryan renberg. good morning, ev

one of the biggest beneficiaries of the plan is blackstone. discussing the kingdom's multibillion-dollar commitment. >>, -- >> for us, $400 billion pif, so as wet expand, there is scope the kos at least 10% per year. sometimes a lot more. we are starting a variety of new businesses. there is a real opportunity for many people to be investing with the firm. not think the scale is of interest in terms of inhibition. >> the reason i ask about that in particular is, is there another firm that has written a single $20 billion check to blackstone? >> probably not. saudi arabia has so much more, it will need to invest. $2 trillion at some point, less .han 15 years that is why i'm specifically interested in the relationship between the pif and blackstone. these things will happen slowly actually. it public and that will be a next year event, toward the end of the year, as it is scheduled, depending on markets, they have other mandates they have to find. i don't think the growth would theoretically outstretched the ability of blackstone to keep growing

blackstone. blackstone is the big fish in this market. they have made some hints in the press. schwarzman, who is the cofounder and ceo and chairman at this moment, is still very much in charge. in fact, erik schatzker spoke with steve this morning in saudi arabia. let's hear what he has to say about where they are going in the near term. internal targets planned, aspirations to basically double where we are which would take us to about $800 billion total in about five years. plans, not finished our so we will see if we can accomplish that, but that would be a very substantial increase in terms of what we are doing. david: jason, he sounds pretty relaxed. the senior people inside like stone seem to say that that inside blackstone -- the senior people inside blackstone seem to be very relaxed and not worried. they seem to know where this is going. >> early on in the interview, he said it is not out of the possibility that they could get to $1 trillion. alix: that does not sound like something someone would say if they are going to retire and go play on the golf course. >> when y

anthony. >> mason: john blackstone in the rubble in santa rosa. thank you, john. weather conditions in california could not be better for the worst kind of fire disaster. our coverage continues now with mark strassmann. >> reporter: in 24 hours, much of california became scorched earth. october traditionally is peak fire season in the golden state when the ground is driest and the winds are strongest. flames broke out across the state this week because of the perfect firestorm called diablo winds in northern california, and santa ana winds in the south. those winds can gust up to near-hurricane strength, raising downslope from the mountain and can sen embers a half mile, igniting dry brush all over. what made the fires this week so catastrophic wasn't that it hit but where it hit. 70-mile-per-hour gusts in northern california's densely populated wine country fanned flames that left swaths of communities like santa rosa in ruins. jonathan cox is a battalion chief with cal fire. >> the sheer size and scope of these fires right now is massive. >> reporter: wildfires

>> mason: john blackstone. thanks, john. we're just beginning to learn the identities of the victims. carter evans is following that vart of the story. carter? >> reporter: anthony, you can just imagine what the triage must have been like, ambulances arriving one after the other. in all more than 500 patients were transferred to local hospitals, but not all of the critically wounded arrived in an ambulance. in the chaos, confused concert- goers ran in any direction they could, over walls, on top of each other and into hotel lobbies just trying to get out of the line of fire. >> be advised, it is automatic fire, fully automatic fire from an elevated position. take cover. >> reporter: gayle davis was at the concert. >> this girl had been standing right beside me, and she had fallen. she grabbed her stomach. her hands were bloody and she screamed and she fell back. >> reporter: concert goers who were not injured became first responders, moving victims in wheelbarrows, office chairs, and hotel luggage carts. tom macintosh was sh

we also have information from chicago, from a spokeswoman for the blackstone hotel in chicago that a person matching the name stephen paddock rented a room, reserved a room at the blackstone hotel in chicago. that blackstone hotel overlooks grant park where the lollapalooza festival buzz to take place in august. the spokes would monday say it's not if it is the same stephen paddock as the las vegas gunman, and the person never checked into the room. so that is what we have now as far as what we think may have been some of the planning for e e other events. he rented a room at the ogden hotel a week before the shooting in las vegas and he had a room basically that could have been overlooking that concert venue here in las vegas. >> makes you wonder how many different music events perhaps he thought about and if this actually has nothing to do with country music and about vegas. we're left wondering for now. brian todd, thank you so much. we're also getting a clearer look of exactly how if timeline of events unfolded. let me walk you through this. it was 10:05 p.m. when he fired the fi

stthony. >> mason: john blackstone, thanks. justice and homeland security correspondent jeff pegues s ntinues to work his law t forcement sources and has more now on the investigation. >> reporter: f.b.i. agents could he seen today sifting through the hotel suite stephen paddock used to rain down bullets on the atncert crowd. >> go that way! get out of here! there are gunshots coming from over there! >> reporter: law enforcement is still searching for a motive. f.b.i. deputy director andrew mccabe spoke to cnbc. >> we don't have any immediately accessible thumbprint that would indicate the shooter's ideology or motivation or really what compelled him to get there. >> reporter: in the last 36 hours, f.b.i. labs began processing electronic devices like cell phones and computers recovered during searches of his properties. >> i think it's the quieter and harder work that we have to do iw, in terms of identifying people who may have known him, who may have seen him, who crossed paths with him in the days and weeks leading up to the

here's john blackstone. >> reporter: as the number of buildings destroyed and acres burned continues to rise, the most disturbing numbers are the ages of those who died. the oldest was 100. sonoma county sheriff rob giordano: >> the bulk of them are in their 70s and 80s. >> reporter: the average age of 79 speaks to the speed with which the fire overtook entire neighborhoods. those unable to move quickly could not escape. today, cadaver dogs searched for the missing. at least one more body was recovered. the economic toll is now growing. insurers estimate the damage could reach $6 billion. chris coursey, mayor of santa rosa, says it's too early to even start calculating all that his city of 180,000 has lost. >> i think that it's pretty safe to say this is the biggest challenge this city will ever face-- has ever faced and hopefully will ever face. >> reporter: california's deadliest week of wildfires has also ripped into every aspect of local life. a fire station burned down, and a crippling blow to the region's economy, stores in ruins. the only thing still standing from this 250-roo

here's john blackstone. >> reporter: pepe tamayo returned today to the home he and his family fled. his seven-year-old son, jesse, his wife, graciela, and his parents, both if their 70s, escaped the flames separately. >> it was ugly. it was close. it was really close. >> reporter: tamayo almost didn't make it. you knew you left the husband behind. >> yes. >> reporter: pete gavitt, a helicopter patrol helicopter pilot was flying rescue missions through heavy smoark darkness, and strong wind. there was room in his helicopter for four when they found five members of tamayo's family. >> i thought, these guys, please, take my family. >> he was holding jesse up, and he didn't want to leave his dad. and i could hear him yelling, "no, get in. it will be okay!" ( clears throat ). >> i just was so crying, and my son, he was crying, too. and he was saying, "mommy, if dad doesn't make it. don't worry. i'm going to take care of you." >> reporter: as the helicopter left him behind and with fire closing in, tamayo called his older daughter. >> i called my daughter and i told her, "if i don't see y

john blackstone is in sonoma county. >> reporter: with some neighborhoods still burning and others already reduced to ashes,s can row is a city franz formed by fire. michael everidge lost his home. >> armageddon. it's just gone. everything's gone. >> reporter: the flames consumed mobile home comfortable hilltop subdivisions, luxury hotels and fast food restaurants. in all, some 1500 buildings have been destroyed in and around this city of 175,000. jim jimmy hendrik could barely recognize the street he lived on. >> nothing but chimneys standing block after block after block after block, nothing. all just down on the ground. just black. the whole damn neighborhood is black. >> reporter: all that is left of lisa wahnon's home is cement slabs with imprints of her son's hands besides hers. what remains so shocking here is how quickly it all happened. >> four structures on fire, residents trapped. >> reporter: first responders were stretched with

the blackstone hotel released a statement. it says "on behalf of the blackstone, we can confirm there was no guest under the name who stayed at our hotel in august during the lollapalooza music festival. we can confirm a reservation was made under the name of stephen paddock. however, authorities have not confirmed that this is the same person as the las vegas shooter. we're cooperating with the authorities on that matter." now the chicago police have in fact confirmed this is the very same stephen paddock that did book that hotel at the blackstone overlooking lollapalooza. we should also note that he booked a hotel room at the mandalay bay and another concert called life is beautiful by chance the rapper. so we should also point out on the reports of the aviation fuel tanks, we just mentioned mccarron airport, the aviation fuel tanks were hit be some bullets. the las vegas review journal said he was targeting it. we don't have enough information to confirm that we don't have enough to rule it out. the bullets did hit the tank

. >> mason: john blackstone in las vegas. thanks, john. justice and homeland security correspondent jeff pegues reports paddock had checked out bigger music festivals in las vegas and other cities. >> reporter: more than a month before the attack in las vegas-- >> everybody go! >> reporter: ...stephen paddock booked a room at the blackstone hotel in chicago. it overlooked the lollapalooza music festival in august. but paddock never checked in. he also booked rooms overlooking a different festival in las vegas and researched locations in boston around fenway park. some of the information is coming from searches of paddock's online activity and electronic devices. police are also looking for people who came in contact with paddock before the shooting, including a woman reportedly seen with him at the mandalay bay casino. investigators are focusing on why, starting in october of 2016, paddock accumulated 33 weapons from gun stores in nevada, california, texas, and utah, and why his car contained ammunition, fertilizer, and tannerite. a powerf

walsh: one source was blackstone. that he was standing right next to blackstone in the courtroom, but that was a gift his father gave him, his commentaries. and like lincoln, who said basically, if you want to become a good lawyer -- read. mr. webb: and reread again. his formal instruction was, you know. about three months or so -- he had a kind of very robust practice where he learned on the job. and just -- mr. walsh: i think the hobson book, the great chief justice, the second chapter is an attempt to answer that question. it is called the common-law background of john marshall. and that is the thing. if all you know where his constitutional cases, then he might accept the caricature of marshall as a big picture guy who was not so focused on presidents and -- and other things, but the other kind of law is what he was doing. his very successful law practice -- he was familiar with the forms for equity, the written system, common-law, and in an autobiographical letter he wrote in 1827, he says from my infancy i was d

john blackstone coverage. neighborhood burning and others >> reporter: with some neighborhood burning and others already reduced to ashes, santa rosa is a city transformed by fire. michael everett lost his home. >> armageddon, it is just gone. everything is gone. >> reporter: the flames consume mobile home parks and comfortable hill top subdivisions. luxury hotels and fast food restaurants. in all, some 1,500 buildings destroyed in and around this city of 175,000. jimi hendrix could barely recognize the street he lived on. >> nothing but chimneys standing. block after block after block after block. nothing. all just down on the ground. just black. the whole damn neighborhood is black. >> all that is left of lisa weiland's home a cement slab with imprints of her son's hand beside hers. what remains shocking is how quickly it all happened. >> four structures on fire. residents trapped. >> first responders were stretched, with so many fires, suddenly burning so ferociously. across much of northern california's wi

. >> blackstone came here with an infrastructure peach. what is it carlyle group wants saudi arabia to understand it can do better than anybody else? >> we can do good things in a number of areas. i don't want to make my presentation to you, but if someday you're running a sovereign wealth fund i will make my presentation to you. i will keep my comments to them directly. manages $170oup billion. of from zero a 1987. going back to schwartzman, we had a conversation yesterday and he said blackstone has intentions, plans, if you will, of doubling its assets in the next five years directly $800 billion. itsblackstone has double assets over the past five years. does carlyle group plan to be in five years? david: i'm not going to say something we have not publicly told others. we think our firm is in very good shape. we continue to grow and our quality of investments will continue to be very good but i don't have a specific number. >> steve said it's possible for blackstone to become a $20 trillion firm. >> many years ago people thought if you m

here is john blackstone. >> the fires that burned through california's wine country destroyed most of the crop, pearson had harvested. no, not grapes, but marijuana. >> this was a 40,000 square foot barn. about an achor in size. >> not just a barn. procession in there. >> processing, packaging. >> aroma is great. >> last month pearson began picking a bumper crop. first harvest since it became legal in california. >> long days of hard work. very exciting. >> ceo of spack, running medical marijuana dispensaries since 2009, had hoped to capture some of the $5 billion expected spent annually on legal marijuana in california. last month we toured the sonoma facility where marijuana was processed prepared for retail sale. cases of marijuana were stacked along the wall. but then, wine country went up in flames. >> if it wasn't metal it is not here. >> many marijuana plants survived, damaged by smoke and how much did you lose? >> couldn't tell you exactly at this point. a lot. >> a lot. >> a lot. >> he is not alone. there are at least 3,000 marijuana farming operations nearby. the growers ass

john blackstone, cbs news, glen allen, california. >>> still that cough doesn't sound so good. take mucinex dm. i'll text you in 4 hours when your cough returns. one pill lasts 12 hours, so... looks like i'm good all night! why take 4-hour cough medicine? just one mucinex lasts 12 hours. let's end this. my friend susie cracks and hello sensitive bladder. ring a bell? then you have to try always discreet. i didn't think protection this thin could work. but the super absorbent core turns liquid to gel. for incredible protection... ...that's surprisingly thin. so it's out of sight... ...and out of mind. always discreet. for bladder leaks. also in liners. you don't want anything stopping you from doing what you love. for extra immune support, there's airborne plus beta-immune booster™. the only one made with vitamins and minerals, plus an ingredient proven to boost your natural defenses. airborne. >>> today a sophomore awarded boston college strong scholarship. jack manning lost aing through cancer as a child. and now mentors young cancer patients. the award was presented by patr

the blackstone hotel directly overlooks grant park .... where hundreds of thousands of music fans attended the lollapalooza festival in august.natthe hotel confirms that someone named stephen paddock made a reservation for that weeklend ... but never showed... leaving authorities with a new puzzle."what stopped him? what interceded with his plans?and in the days before before he unleashed the worst mass shooting in modern u=s history ... paddock rented a room at the ogden condominium in downtown las vegas ... natoverlooking the annual life is beautiful festival.natbut it was from this room in the mandalay bay hotel where the mass shooting played out. natpolice now believe paddock may have planned more carnage after the shooting.he was doing everything possible to figure out how he could escape.in his car in the hotel parking lot, investigators found another 16=hundred rounds of ammunition and 50 pounds of explosives, specifically tannerite, seen here in a demonstration.boom (catherine) paddock never made it out of his room.when a police sw

oron't know what blackstone carlyle will be, but i don't know if it will be too big. blackrock is six trying dollars under management. who would have thought that would happen. it is hard to say. >> in principle? >> we are very ambitious and we think we can do a good job for our investors. we don't have any limits. david: not every wall street superstar was in wall street this week. ray dalio paid a visit to bloomberg surveillance and share his insights on the market and economy. from 2008 until 2017, we were in a certain type of environment , and that environment was one in which there was a pushing of interest rates down to the point of creating negative interest rates with a positive carry by doing quantitative easing to push money into the system. transition of an ending of that around the world and we are entering a new era which there is going to be a raising of interest rates and dissing of quantitative easing. that action produced significantly bad real interest rates. tenure real interest rates are about .5%. >> next to nothing. >> next to nothing. and a brea

as for earnings, travelers, verizon, bank of new york, melon, blackstone all report before the opening bell. we'll talk about that on "squawk," and paypal after the close. >>> american express ceo ken chenault will be stepping down from a 17-year run as ceo. he's one of the first african-americans to run a fortune 500 company. when he took the helm in 2001, he worked to turn around amex after the company lost its partnership with costco. the firm expanded beyond it's core market of corporate and wealthy markets. chenault will be exceeded by steven squeri effective february 1st. on the conference call, the incoming boss said that the next chapter will be about building on the momentum generated with a special focus on innovation, expanding core product offerings, and enhancing brand and customer relationships, and partnering with others to stay ahead of the curve the credit card company posted better-than-expected thaird quarter results last night shares down about a percent this morning. >>> other stocks to watch, ebay's third quarter profit was in line with forecasts revenue edged pas