<p>Ultra-wealthy private equity managers lamented their reputation as 'lousy' corporate profiteers at a plush Beverly Hills hotel on Tuesday, arguing their value to society was greater than the public realized.</p>
<p>Stephen Schwarzman, chief executive and co-founder of the Blackstone Group, touted the fact that companies owned by his private equity business employed about 600,000 people and had grown 50 percent faster, on average, than the S&P 500 Index.</p>