Word: schwarzman
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Back when we had a functioning financial system, the guys who ran private-equity (PE) firms stood very near its pinnacle. "The new kings of capitalism," the Economist called them. The kings of birthday parties too: the $3 million 60th-birthday bash for Blackstone Group chief Stephen Schwarzman in February 2007 will go down in history as a glaring sign that the boom was about to go bust...
...Schwarzman, unlike several Wall Street kingpins at his party, remains gainfully employed. His pay at Blackstone dropped to $350,000 in 2008 from $180 million the year before, but he'll manage. The failure of a hedge fund run by Carlyle Group, another big private-equity firm, played a bit part in the March 2008 minipanic that brought down Bear Stearns, but Carlyle as a whole is still chugging along. Private equity may not be thriving, but it is at least still standing. (See 25 people to blame for the financial crisis...
...leading alternative asset managers,” Light said in a statement. “I look forward to working with Blackstone’s management team as they set their strategy for taking advantage of opportunities in the world today.” Stephen A. Schwarzman, the chief executive and co-founder of Blackstone, expressed approval for Light’s decision to join the board. “We could not be more pleased that Jay has agreed to serve on our Board,” Schwarzman said in a statement. “His extraordinary understanding...
...standards, the black-tie gala that Houston socialite Becca Cason Thrash organized in Paris on June 10 was exceptional. The 272 guests, who paid up to $10,000 each to attend, included a smattering of European royalty, Bianca Jagger, Wall Street grandees Wilbur Ross and Stephen Schwarzman and the cream of Houston high society. Cason Thrash flew her Los Angeles decorator in and says she was so nervous about the arrangements that "by 6 p.m., I was looking for a cyanide capsule." This wasn't any old fund raiser: it was held for the Louvre, in the Louvre...
Even by her own exacting standards, the black-tie gala that Houston socialite Becca Cason Thrash organized in Paris on June 10 was exceptional. The 272 attendees, who paid up to $10,000 each, included a smattering of European royalty, Bianca Jagger, Wall Street grandees Wilbur Ross and Stephen Schwarzman, and the cream of Houston high society. Thrash flew in her Los Angeles decorator, and says she was so nervous about the arrangements that "by 6 p.m. I was looking for a cyanide capsule." This wasn't any old fund raiser: it was held for the Louvre, in the Louvre...