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Oh how the mighty have fallen.
Not so long ago The Blackstone Group (NYSE: BX) was making headlines for founder Steve Schwarzman's 60th birthday party that featured a one million dollar performance by Rod Stewart.
Well now that bubble has burst, the stock has tanked and Blackstone is in the newspaper for sharing Financial Times subscriptions among employees to save on the $99 per year subscription fee. The problem is that the Financial Times is suing. According to The Wall Street Journal,"The lawsuit, filed in federal court in Manhattan, says a 'senior' Blackstone employee distributed login information for one account to other employees. That account accessed thousands of individual articles from February 2006 to June 2008. The suit describes the use as 'massive' and 'far more than an individual would normally access.'"
Highly unbecoming of the Masters of the Universe, if you ask me.
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