Deal of the year: Blackstone/Morgan Stanley

Risk Awards 2015: Bank arranged record margin loan in 30 days

Joel Carter, Morgan Stanley

In terms of raw numbers, the story of Blackstone's buyout of the Hilton Hotels group appears baffling. The private equity giant led a $26 billion leveraged buyout of the firm at the height of the debt boom in 2007, including an initial $5.6 billion of its own capital. Two years later, with the crisis in full swing, it was facing an unrealised 70% loss on its investment. Yet fast forward to mid-2014, and Blackstone was toasting a paper profit of $12 billion – making the buyout one of the most luc

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