Reuters:
BOSTON (Reuters) - Taking his private equity firm public paid off big for Blackstone Group LP's Stephen Schwarzman, who became the top-paid chief executive in the United States last year, a title he is likely to retain for some time, according to an analysis released on Thursday.
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Just as a sidebar: One of my 4 jobs is a valet at a business where a lot of these guys go. Guess who are the cheapest tippers, you got it. It almost never fails, you get 2 or 3 dollars from these guys while the Mexican immigrant who has painting business will without fail give you a 20. Among us valets this is common knowledge, they have no respect for working people period. Also the more expensive the car the lower the tip( valet rule #1), and avoid doctors at all costs #2.
I was a waiter at a crap commercialized restaurant, I had that same sort of rule. If you overheard conversation or saw a business card that indicated that they were a lawyer or doctor, you were getting stiffed. If they were a teacher, middle-aged clerk at the mall, or other (poor) service industry, you were more likely to see generosity.
But the excuse of those types is like the opening to Reservoir Dogs, "you want more, go to school, get a better job. Look at my education and vaulted place in life." They seem to ignore that people who work in tip driven businesses ARE in college and are desperately trying to improve their lot in life.
Wow, I can't even imagine that much money.
He got compensation for issue stock at $31 dollar a share that is already vested. The stock is now at $14. The Chinese must be pissed right now investing in Blackstone.
What a bunch of robbers. He was in "Skull and Bones" too. How come all these banker CEO comes from all the Ivy schools? Is this like the the new American aristocracy or something
yep, one more example of why i know theres bound to be a revolution. its coming . . .
EVIDENTLY, THESE PEOPLE HAVE A LICENSE TO STEAL THEIR WAY RIGHT INTO HELL.
$700 million in one year = the lifetime earnings of 466 people who earn $50K annually and work 30 years.
except this isn't money that was earned in only one year and even if it was so what? The business he founded has become successful, why shouldn't he receive the rewards?
Gee...are you really a right-winger?...no kidding!...who woulda guessed...
But seriously, WHAT COULD HE POSSIBLY HAVE DONE THAT WARRANTS $700 MILLION DOLLARS IN ONE YEAR?...
Did he cure cancer or AIDS or Alzheimers or drug addiction?... Had he adopted/raised "un-wanted" hard-to-place children?... Has he paid for school lunches in the most improverished neighborhoods in this country?... WHAT?
THIS IS OBSCENE... PERIOD.
Why he can justify this amount, by saying he's only earned 1/ 70th or thereabouts of what Bernie Madoff made, but he did it legally, in a questionable way.
Disclaimer: nonsense to follow
so many on here complaining (and plainly didn't read the article) about how much this man earned. He founded this company and when he took the company public he gave up a portion of his company and now has to vest to get some of it back. He risked his money to found the company and he risked his reputation and money when he took it public, why shouldn't he be the one to benefit from it?
And he did it by swindeling . Black box investing-no regulation. Bundle toxic assets and sell it-no responsibility. Tell me he didn't know what he was doing.
As somebody who has worked quite extensively with Blackstone I have to say that you have no idea what you are talking about.
I have an idea...ask those that work for him. All the way down to the lowest level and see if they share in the success. That to me is the TRUTH.
Raise your hand if you busted your a55 for a company to be told there is nothing for you at the end of the year...while the guy at the top(who deserves the biggest grip if he as you say "took all the risk") receives an obscene amount of cash. It happens all the time...I know I know "you should just be happy you have a job"....pppfffttt see what kind of "loyalty" that brings.
Schwarzman founded the business, why shouldn't he receive the biggest reward? What did the IT guy risk compared to Schwarzman?
Oh stop complaining..... start your own business then..... and don't blame sucessful people.
OMG and i heard the tale end of an interview with Andrea Mitchell in which Newt Gingrich is going to help educate us!
For that kind of money, he should have discovered a cure for cancer. That's a lot of money to suffle around paperwork.
Short of discovering a cure for cancer, there is nothing Schwarzman, or anyone else, could say or do that is worth $700 Mil. (That's over $2,800,000 for every workday during the year)
so the grandest thieft in human history continues....
What can a sane person say about someone so egregiously greedy?
"Get a Rope"
Serfs UP
Hang ten!!!!
this may open some peoples eyes .watch when you have time
http://video.google.com/videoplay?docid=70652052776959219122
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Posted: 08-14-09 01:02 AM