Blackstone Group. Do they have a real board? $BX

Blackstone Group (NYSE:BX) is a private equity giant. What kind of board of directors do they have and what do they need? Considering their role in life is financial engineering the average Blackstone executive has a very heightened sense of the strategic. Where would the board fit in?

Take a look at some of the independent directors and see if a theme or two comes out.

Brian Mulroney 73 is the former prime minister of Canada. He was in the saddle with President Ronald Regan and Prime Minister Maggie Thatcher. The man is clearly there for political networking.

William Parrett 67 is the former CEO of Deloitte Touche Tohmatsu. Blackstone will buy their accounting advice on a deal by deal basis and charge the customer. His value will again be contacts and networks.

Richard Jenrette 83 is the retired founder and former Chair and CEO of Donaldson, Lufkin & Jenrette. Stock trading advice? Meh! He does have an element of sainthood and gravitas.

Jay Light 71 dean emeritus Harvard Business School. Contacts, prestige, contacts and then prestige again.

This is not a working board which acts as the shareholders representative. This is an old school board with contacts and connections to help the Blackstone Group. nothing wrong with that. Just that it does not fit modern-day governance practices.

George Gutowski writes from a caveat emptor perspective. Follow him on twitter@financialskepti or maybe follow his evil twin who is writing a Wall Street Murder Thriller at twitter@georgegutowski