The Punt: Blackstone boss cleaning up with take-home pay of $734m
Published 29/02/2016 | 02:30
Blackstone boss Steve Schwarzman is no stranger to Ireland, having bought up - and increasingly sold out of - a plethora of juicy assets in this country since the crash.
Bottom of the market investments ranging from Eircom and the Burlington Hotel to old and new office blocks have come good for the private equity boss and his Blackstone Group.
At least some of those Irish returns made their way to Schwarzman himself last year. He received $645m (€590m) in dividends on his stock ownership according to calculations based on the firm's annual report.
When his cut of deal profits and basic pay are thrown in, he took home $734m, up from $656m in 2014, according to analysis by Bloomberg.
Schwarzman owns about a fifth of Blackstone, which has a market value of $492m.
He became the stage villain of the euro crisis, when he was quoted in 2010 summing up his investment strategy for an audience at Goldman Sachs.
"We're basically waiting to see how beaten up people's psyches get, and where they're willing to sell assets… You want to wait until there's really blood in the streets."
The "blood" is gone now. Guess who cleaned up?