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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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March 3, 2009 8:31 AM ET
(Reuters) — Blackstone Group co-founder and CEO Stephen Schwarzman’s pay fell 99% in 2008, a year that saw the private-equity firm post a $1.33 billion loss. Schwarzman—who had celebrated his 60th birthday with a $3 million party in 2007—did not receive any cash compensation for 2008 other than a base salary of $350,000. Co-founder Peter Peterson, a former U.S. secretary of commerce who retired from Blackstone last year, also took a more than 99% pay cut and received a base salary of $350,000 for the year, according to a regulatory filing. Cash compensation of President and Chief Operating Officer Hamilton James, Vice Chairman Tomilson Hill and former CFO Michael Puglisi declined by 73%, 67% and 76%, respectively. Blackstone has been hammered by the financial crisis and shutdown of the credit markets. A revival in leverage is vital for the New York-based firm to be able to do deals of any significant scale and sell off current investments. Blackstone shares have fallen to a fraction of their June 2007 initial public offering price of $31 as the financial crisis hit and access to leverage shrank. The shares closed at $4.77 Monday on the New York Stock Exchange.
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CRAIN'S BENEFITS OUTLOOK 2009
SPECIAL REPORT
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MORE ANALYSIS
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