David Weidner Knows Why Blackstone’s Going Public
And it’s not because of money or the government or a promise he made to a hooker in 1983 on Avenue C. Nor is it because stock would “allow executives to ‘cash out,’ would provide another means of compensation and would give the firm another currency to use in deals,” justifications that Weidner regards as “weak.”
No, this is all happening because of Stevphen’s recently acquired ego, one that could blow Donald Trump’s hairpiece out of the water. The reason David knows this, is that a search on Factiva reveals that since January 1, 1985, Schwarzman name has been referenced 901 times. One third of those references have been made in the last sixth months. (Weider also notes that 36 of those references have used the misspelled “Schwartzman,” to say nothing of the fact that the Market Watch article calls him “Steven.” Coincidence? We think not). Potential shareholders—you’ve been warned.
Mirror, mirror [Market Watch]
Comments
From page 8: " No Golden Parachutes/CEO Compensation. We have no severance arrangements with any of our professionals. Accordingly, unlike in the case of many public companies, the departure of an executive officer or other senior managing director would not trigger any contractual obligation on our part to make any special payments to the departing professional. Moreover, following this offering Mr. Schwarzman will receive no compensation other than a $350,000 salary (and will own a significant portion of the carried interest earned from our carry funds)."
I giggled.
Posted by: Schwarzman = wacko | March 22, 2007 04:49 PM