On the eve of Blackstone Group LP's initial public offering, peer — or rival, depending upon how you view the private equity business — Kohlberg Kravis Roberts & Co. reportedly is preparing a similar offering, according to CNBC’s Charles Gasparino. The firm has hired Morgan Stanley and Citigroup Inc. to manage the offering. Considering the efforts by Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking Republican committee member Sen. Charles Grassley, R-Iowa, to change the tax law for publicly traded private partnerships that would tax them at the 35% corporate rate rather than the lower 15% capital gains rate, the move would seem counterintuitive. —Matthew Wurtzel
See the video from CNBC.com
See earlier post about Blackstone IPO
