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 and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.

Schwarzman's tough year ... netting $350.2 million originally appeared on BloggingStocks on Thu, 13 Mar 2008 14:10:00 EST. Please see our terms for use of feeds.