Friday, February 12, 2010

Be Nice to the Banks and the Economy Will Recover

Stephen Schwarzman


Jesus H Christ facing foreclosure, but I have been so wrong. I should have been trusting the banksters to save us all from the dismal economy we seem to face. Silly me.

Stephen Schwarzman, CEO of the Blackstone Group, is so rich that he threw himself a 60th birthday party in 2007 that cost $3 million, featured Rod Stewart and Patti LaBelle as entertainers, and was attended by 100 close friends, including Donald Trump, Barbara Walters, John Thain (at the time chairman of the NY Stock Exchange), and Maria Bartoromo, the “Money Honey” on CNBC’s business channel.

That was the year that Schwarzman took home $400 million in pay, referred to in the private equity business as “carried interest”, because that way it was taxed only at a rate of 15% rather than the 35% ordinary income rate that “ordinary” people pay. That was also the year Schwarzman completed the biggest leveraged buyout ever, the debt-laden purchase of Equity Office Properties for $38 billion. It was the absolute peak of the real estate market and today represents one of the greatest blunders in US real estate history.


I had no fucking way of knowing Schwarzman was going to make everyone all well. Egg on face is so fucking embarrassing.

Could someone explain why so many of these assholes seem to have their hands out? They unabashedly beg more than moi.

...is so rich that he threw himself a 60th birthday party in 2007 that cost $3 million...

Three mil? I can't afford a fucking used laptop and he blows $3 million for a fucking party? If that ain't equality I don't know what is.

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Note: Headline links to source.

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