Blackstone's CEO makes more in an hour than one of his employees earns in a year !
Mr. Schwarzman, 60, and Mr. Peterson, 81, started the Blackstone Group,with $400,000 in 1985. The equity firm is planning to go public, and yesterday, the firm updated its prospectus and... Anyway read this shocker, it's not satire but fact!!
Mr. Schwarzman will cash out a maximum of $677.2 million from the offering, and his remaining 24 percent stake in Blackstone will be worth $7.7 billion if the shares are offered at $30, the midpoint of the range of $29 to $31 the company has cited (if they trade up, he and others will be worth even more). He earned $398.3 million last year.
Mr. Peterson will put his $1.9 billion payoff into a charitable trust, but will still control 4 percent of the company, worth about $1.3 billion. He earned $212.9 million last year.
Let's go back to Mr. Schwarzman........
Mr. Schwarzman's earnings ( no other income, of which there was considerable) of $394 million means that he made $45, 403 AN HOUR FOR EVERY HOUR OF THE YEAR....not 'working hours', but ALL hours; eating, sleeping, golfing, relaxing....
Meanwhile, one of his office workers, Jane Laweson,
makes $42,000 A YEAR. It takes her a YEAR to earn what Mr. Schwarzman earns in an HOUR!