Obscenely Rich-The Private Equity Kings Who Take Over Our Roads and Other INfrastructure Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Obscenely Rich-The Private Equity Kings Who Take Over Our Roads and Other INfrastructure

12 June 2007 at 8:46:29 AM

Let's see. Blackstone Group's CEO, Stephen Schwarzman, made $398 MILLION dollars last year. Why does this matter? Because pension money going to support these guys.

When Blackstone goes public, he will receive a windfall of at least $449m and he will retain a stake in the business worth $7.7bn...

He lives in a 35-room Manhattan apartment with his wife Christine, and his 60th birthday party in February featured private performances by Rod Stewart and Pattie LaBelle, an a capella group serenading him with "happy birthday" and a troupe of cadets from New York's Knickerbocker Greys to lead guests - including tycoon Donald Trump and city mayor Michael Bloomberg - to their seats.

Eli Talmor, a private equity expert at the London Business School, said the industry's rewards still pale in comparison with the billions earned by top hedge fund managers. "This money isn't really pay for their labour or for their daily involvement," he said. "They're more equivalent to shareholder returns - these partners needed to buy their positions."

He said individuals such as Mr Schwarzman could justifiably claim to offer special skills, although he asked: "Are they 500 times more special than someone who makes a million dollars? Probably not. Is there an element of luck here? Probably. But this is equivalent to establishing a start-up and taking it to stardom."

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