(The Wall Street Journal) -- Pity the poor Blackstone shareholder. Investors who bought shares of Blackstone Group from its initial public offering in June and held on to them have seen the stock price fall more than 30%. Old worries such as little disclosure about its investments; limited rights for its shareholders compared with its fund investors, or limited partners; and tax risk have weighed on Blackstone. And that has been compounded by the recent deal-chilling credit crunch.

Now, a relatively small investment Blackstone made four years ago -- in Financial Guaranty Insurance Corp -- needs some maintenance, with FGIC likely to require a capital infusion from Blackstone and FGIC's other investors to save its business. The problems facing FGIC only add to the woes weighing on Blackstone's share price.