Filed under: Blackstone Group L.P (BX)
Blackstone Group (NYSE: BX) head Stephen Schwarzman’s 60th birthday party quickly became a symbol of the excesses of the private equity bubble, corporate greed, the frailty of man, etc., etc., etc.
Equally symbolic of the credit crunch, his 61st birthday — which fell on Valentine’s Day, another symbol of something — was a more modest affair. True, he and his wife weren’t exactly drinking store-brand apple juice out of plastic cups and smacking around dollar-store pinatas, but it was a definite let-down for observers looking forward to the private equity party of the year. He ate at a Four Seasons restaurant, drank pink champagne, and then had what Forbes called a “low-key gathering” with close friends and family at his home that night.
Perhaps he has good reason to scrimp: shares of Blackstone have declined more than 50% since the IPO, knocking billions off his net worth.
If things keep going like this, next year’s birthday party could be at Chuck E. Cheese.
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