Private equity firm Blackstone’s much ballyhoed IPO today made George W. Bush’s Yale classmate Stephen Schwarzman.
- Stephen Schwarzman, a Blackstone founder and its chief executive, took in a cool $398 million last year. That was his share of the company’s profit. He’ll get $677 million when he sells Blackstone shares in the IPO (at $31 a share). And he’ll still have an estimated $7.7 billion stake in the company.
- Blackstone co-founder and Chairman Peter Peterson, who was commerce secretary under Richard Nixon, got $213 million as his share of last year’s profit. He’ll get $1.9 billion for the stock he sells in the IPO. Afterward, he’ll still have a $1.4 billion stake in the company.
- Hamilton James, Blackstone’s president and chief operating officer, got $97 million in profit last year. He’ll get $22 million for the stock he’ll sell in the IPO, and he’ll still have a $1.6 billion stake in the company.
The party continues:
Not bad, not bad at all.
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