Up, Up and Away From Wall Street

The New York Times/Business

February 4, 2006

By LANDON THOMAS Jr.

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.

For two men in particular, this new level of supercompensation has resulted in contrasting personal styles. Steven A. Cohen, a publicity-shy hedge fund magnate in Greenwich, Conn., who made more than $500 million last year, rarely gives interviews and remains rooted to his trading floor.

By contrast, Stephen A. Schwarzman has assumed a more public profile as a prominent private equity executive. He still closes the big deals, but finds ample time for forums in Davos and White House dinners. He is estimated to have earned as much as $300 million.

The Wall Street establishment did very well last year, reporting record financial results and doling out $21.5 billion in bonuses to thousands of investment bankers, traders and other professionals.

More:http://www.nytimes.com/2006/02/04/business/04rich.html