As head of Blackstone group and the new "King of Wall Street" (according to FORTUNE), Stephen Schwarzman is said to pay himself $300 million or more a year. He may already have accumulated as much as $10 billion, and if, as expected, Blackstone goes public, he will pocket billions more.
What do Schwarzman and Blackstone do for all this money? Oh, this and that, but mainly they buy publicly traded companies, take them private (that is, replace the public stockholders with private equity from institutions and rich individuals), do some abracadabra that increases the companies' value and then take them public again....
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