Someday when the perfect book is written about the financial excesses of this decade, the opening chapter will take place at Blackstone founder Steve Schwarzman’s 60th birthday party. Held at the Seventh Regiment Armory on Park Avenue, the party is said to have cost $3 million and featured a performance by Rod Stewart. They might not ring a bell at the top of the bubble but trumpters heralded Schwarzman’s arrival at the party, and that should have been good enough.
Over at Recession Wire, we’re reminded that the party took place just about two years ago. Meaning, it’s birthday time again. So how was Old Crab Claws celebrating this year?
“Blackstone Group employees were invited to a giant boardroom for a brief roast (no, not a toast) and some cake. But it wasn’t all humble pie. Huge flat-screens in the rooms displayed the birthday invitation—a map showing the many miles Schwarzman had traveled in the last year, complete with cute little pictures of private planes,” Sara Clemence at Recession Wire reports.
Anyway, happy 62nd birthday Steve. Your party may be the perfect symbol of Wall Street excess but we know the crash wasn’t your fault. Although, we have to say, your new found frugality could a very special example of the paradox of thrift. If even Steve Schwarzman can’t afford to throw a good party these days, how will the rest of the consumers ever regain their confidence?