Does One Man Deserve $7.5 Billion? He Thinks So

Today’s WSJ includes a profile of Blackstone’s Stephen Schwarzman. He’s one of the people who make the most money of anyone on earth. He buys and sells companies, and does it with such ruthlessness that he’s made millions. And now that the company is going public, his take will be $7.5 billion. The article portrays a man who is as serious off duty as he is on.

“He expects lunches of cold soup, a cold entree such as lobster salad or fresh grilled tuna on salad, followed by dessert. He eats the three-course meal in 15 minutes. Often he spends $3000 for a weekend of food, including stone crabs that cost $400, or $40 per claw.”

When he celebrated his 60th birthday, Schwarzman said no to any teasing or roasting. He asked his peers not to poke fun at him. Guests including Colin Powell and Mayor Mike Bloomberg dined on lobster and listened to Patti LaBelle and Rod Stewart. Children in military uniforms ushered in guests, and the Park Avenue Armory was decorated to look like his sprawling apartment.

To those who sniff that one man couldn’t possibly deserve such paychecks, he scoffs. He said he’s created wealth for pension funds owned by good people like cops, teachers and civil servants. He said the ones we should rail about are CEOs whose companies stock falters and they still get big checks.