John Studzinski, senior managing director at Blackstone, worked in soup kitchens as a teenager in Massachusetts, where he also helped start a toll-free number to educate adolescents about sexually transmitted diseases. Today he gives away half of his cash compensation after taxes to the arts, the homeless, and human rights. He’s pledged $10.2 million toward the expansion of the Tate Modern which, considering Blackstone’s stock performance, is quite generous. He’s the vice-chair of Human Rights Watch, and was instrumental in the founding of The Passage, London's biggest homeless day center where he regularly volunteers. He says it’s “dangerous” to not help those who come to him in need. Without knowing anything else about him, one could make the argument that he’s a pretty selfless, decent human being.
Based on his previous writings about charitable giving, you know Studzinski’s generosity of time and money toward the less fortunate nauseate John Carney. But, quite obviously more importantly, how do you think it makes Studzinski’s boss, Stephen Schwarzman, widely known for his staunch opposition to using his excessive wealth to help others, feel? It’s pretty common knowledge that sucking up to the guy above you on the food chain by pretending to share the same interests is a good way to get that promotion, or to at least ensure the preservation of your current job. (Like this, see—Carney: What are you up to this weekend? Me: Oh, you know, probably just going to head over to the Port Authority, little unprotected sex with trannies here, little intraveous drug usage there. And my regularly scheduled Klan rally on Sunday, of course.) Essentially outright saying that you don’t share his beliefs—and pretty much making the guy look like what some people might call a "cheap bastard"—can’t be good for business.
Blackstone's Studzinski Gives Millions Nurturing Tomorrow's Art [Bloomberg]
Posted by St. Luke, Patron Saint of Bonehead Bankers, Oct 02, 2007 4:47PM
I've never seen an armored car following a hearse.