International Herald Tribune – On Wall Street, where the size of an executive’s bonus is often the ultimate measure of success, a new status symbol has emerged: the $500 million cash payout.
While the Securities and Exchange Commission is seeking greater disclosure of soaring executive compensation, top executives at hedge funds and private equity funds are collecting much larger amounts beyond the prying eyes of regulators and shareholders.
Two men in particular personify the contrasting personal styles of those with this new type of superwealth. Steven Cohen, a reclusive hedge fund magnate in Greenwich, Connecticut, who made morethan $500 million last year, rarely gives interviews and remains rooted to his trading floor.
By contrast, a prominent person in private equity, Stephen Schwarzman, has become more of a public figure. He still cuts the big deals, but finds time for Davos forums and White House dinners. He is estimated to have earned as much as $300 million.
