Not everyone is suffering during these chaotic financial times as seen with the huge income of Stephen Schwarzman, the co-founder, chairman and CEO of the private equity firm Blackstone Group. Forbes has written Stephen Schwarzman is the co-founder, chairman and CEO of private equity powerhouse Blackstone Group, which has $190 billion in assets under management. He co-founded the firm with Peter Peterson in 1985 with just $400,000 on the balance sheet. Devin Banerjee has reported for Bloomberg on March 2, 2013, Blackstone’s Schwarzman Got $213.3 Million as Profit Rose.
Stephen Schwarzman, who is the co-founder and chief executive officer of Blackstone Group LP (BX), has received $213.3 million in pay and cash dividends for last year, which almost matched his payout of $213.5 million a year earlier. Private-equity executives have benefited as a 13 percent rally in global stocks raised assets at their firms and the fees for overseeing them.
Schwarzman, who is 66 years old, was paid a $350,000 salary and $8.1 million from his share of the firm’s profits, which is known as carried interest. And he is reported to have received $204 million in cash dividends from his ownership of Blackstone stock. Schwarzman has said “When private equity works, it really works. And our credit business had a truly standout year.”