Showing posts with label Blackstone. Show all posts
Showing posts with label Blackstone. Show all posts

Monday, June 11, 2007

The New King of Wall St.

It is never ending , isn't it ? The ostentatious wealth of the capitalist class .

Stephen Schwarzman, enjoyed personal earnings of $398 million last year. When Blackstone goes public, he will receive a windfall of at least $449 million and he will retain a stake in the business worth $7.7 billion.

Schwarzman, founded Blackstone in 1985 with an investment banking colleague, Peter Peterson, who served as US commerce secretary in the Nixon administration.

Mr Peterson, took home $212 million last year and will get $1.88 billion by selling shares at Blackstone's flotation.

A third senior executive, Hamilton James, enjoyed annual income of a $97 million and stands to receive $147 million .

Vice chairman Tomlinson Hill got $45 million last year

Chief financial officer Michael Puglisi received $17 million

Seven more executives will have shares worth a combined $380 million on flotation.

A 60th birthday party hosted by Mr Schwarzman featured private performances by Rod Stewart and Pattie LaBelle, an all male capella group serenading him with "happy birthday" and a troupe of elite cadets from New York's Knickerbocker Greys to lead guests to their seats. The guest list included Donald Trump, mayor Michael Bloomberg and the perfume heir Leonard Lauder.