Word: stockings
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Which is why buyers of gifts for all kinds of occasions, from birthdays to anniversaries, are on the hunt for unique presents that just might fulfill lifelong dreams. Walter Friker, 63, recently drove a stock car 20 laps at Kansas Motor Speedway--something he had never done, though he had been on a racing crew as a young man. It was a Christmas gift his son and daughter bought from Signature Days, which sells participatory gifts nationwide. "They knew I appreciated the speed," Friker says. This appeal to both giver and receiver makes experiential presents work. Becky Meyer and Amber...
...June 22, shares in the private-equity firm Blackstone Group began trading publicly on the New York Stock Exchange. By late afternoon, CEO Stephen Schwarzman's 23% stake in the firm he co-founded was worth almost $9 billion; he also pocketed $700 million cash from the deal...
Coincidence? Naah. The astounding riches made public for the first time when Blackstone filed for its stock offering are a big reason this is shaping up to be a hot summer for private equity. Key members of the Senate Finance Committee have also proposed tax hikes, hearings are planned on both sides of Capitol Hill, and private-equity firms are gearing up for a lobbying fight...
...Blackstone-induced "class envy," as TV pundit Larry Kudlow has called it, is not the only reason Congress has suddenly developed an interest in the subject. Nobody proposes touching Schwarzman's big founder's stake, which slipped below $8 billion within days as Blackstone's stock price dropped. At issue instead is the mere $398 million he made as CEO last year, much of it in carried interest on Blackstone's investments. And the manner in which carried interest is taxed is enough to make even a megamillionaire corporate CEO envious...
...Just don't forget that any stock comes with risks. On June 22, the day of Blackstone's IPO, the Wall Street outfit Bear Stearns, which has been publicly traded for two decades, announced that it would spend up to $3.2 billion bailing out an internally run hedge fund that was flailing from bad bets in the declining sub-prime mortgage market. The stock dropped more than 4% for the week...