This week, the Blackstone Group LP (NYSE: BX) announced its Q4 results. It was no surprise that there was plunge in profits (down 89%).
The company's chairman, Stephen Schwarzman, said that "Down cycles are not fun, but they form the basis for enormous future profitability at Blackstone."
Well, today Blackstone released its 10-K report and yes, there's a section on his compensation.
Adding things up, Schwarzman pulled down a cool $350.2 million last year from cash distributions. Also, keep in mind that he netted $684 million from Blackstone's initial public offering (he still has a $3.97 billion equity stake).
Oh, and Schwarzman gets an annual salary of $350,000.
Somehow, this seems fun to me.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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Reader Comments (Page 1 of 1)
3-14-2008 @ 5:54AM
Samuel L. said...
that's the truth of so called corporate governence in the public firms. The money managers used our money to buy the expensive securities, the firms' managers snatched it into their own pockets and said it is a fair compensation for their hard work, ignoring the ugly bottom line.