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Showing posts with the label Stephen Schwarzman

The New King of Wall St.

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

From the Guardian :-

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…