Blackstone President Cuts Holdings In Firm

Feb 19 2013 | 9:28am ET

Blackstone Group President Hamilton James has sold off a chunk of the private equity giant's shares, less than two weeks after a report that he had sought—unsuccessfully—a job at the White House.

A company James owns with his wife and a trust for his children sold 3.5 million shares between Wednesday and Friday, with proceeds of about $64.2 million, according to securities filings.

It's not clear what James' motivation was. Fox Business Network reported earlier this week that James, a top fundraiser for President Barack Obama, had asked to be considered for a job in the administration as it becomes clear that he will not succeed Blackstone CEO Steven Schwarzman. Of course, he could also be taking advantage of a 20% rally in Blackstone's shares this year.

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