Earlier this morning, Squawk on the Street had a little interview with Blackstone chief Stephen Schwarzman, live from Waldorf Astoria, where the Yale CEO Summit is taking place. The chat was conducted by Tyler Mathisen, with his colleagues patched in from the mothership in Englewood Cliffs. Everyone was very excited to have Steve-o on and things started off friendly enough. David Faber had a question about Dynegy. Erin Burnett wanted to know about investing opportunities abroad. And Mathisen and Schwarzman, whose firm owns the Waldorf, had a cute little repartee going about Steve delivering towels to Tyler’s room and leaving a mint on his pillow (given how game Schwarzman was to play along, and the diversity of the The ‘Stone’s companies, now might be a good time to nominate a certain someone as the next guest on Undercover Boss).

Then Mark Haines had something to say.

Haines: “Mr. Schwarzman. You’ve said you think the tax compromise will boost economic activity from one half to one percent. How do you figure that’s going to happen?”

Schwarzman: “I think you’re going to have more people with more money. Without taxes going up you’re going to have a variety of different incentives with cutting payroll taxes and there are other incentives in this package. And I think the economy will respond positively to that.”

Haines [internally smirking at how Schwarz had played right into his hand]: “Huh. Cuz the Congressional Budget Office it will increase employment by no more than 1/10t of one percent. And we are asking Americans to take on $850 billion more in debt so RICH PEOPLE…[you] can continue to pay less in taxes.”

[This was when someone at CNBC should've had the foresight to cut away to the reaction shots on Mathisen, Faber and Burnett's faces, and a producer considered screaming "cut his mic!"]

Schwarzman: “Well, you know, this is one of those situations where there is no perfect answer. You have now very large amount of fiscal stimulus. Nobody likes the debt. You can take either side of that argument; I don’t really want more debt but the faster the economy grows, the more taxes people will ultimately paying because everyone’s earnings will be higher. Over time–”

Haines: “A year from now- oh, sorry, didn’t mean to interrupt I thought you were done with that sentence. So, a year from now, if the economy isn’t growing, will you admit you were wrong?”

Schwarzman: “I’m always comfortable admitting I’m wrong, I don’t have a problem with that.”

Haines: “Me too. Out of necessity.”

Moment at which we stopped watching and started picturing the look on Haines’ face when he finds out he’s no longer welcome at Blackstone-owned Michaels craft store, Legoland, Jurassic Park, or Madame Tussauds (the last of which is really gonna chafe).

27 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (27)

  1. Posted by Anon | December 16, 2010 at 10:36 PM

    SS: “When we believe something we make investments based on that . . . so it’s more than just chatter”

    Translation: “You and I are not the same Mark, and we never will be.”

  2. Posted by Non-Entity Hedge Fund Manager | December 16, 2010 at 10:43 PM

    SS [cocking his head in reaction to the third trimester abortion that was Burnett's question]: “Erin, do you mean to ask whether we’re at a competitive disadvantage investing internationally?”

    This entire interview is full of wonderful subtleties which serve to confirm both SS’ superiority and view of his own superiority relative to all CNBC staff combined, and most other people.

  3. Posted by Guest | December 16, 2010 at 11:07 PM

    co-signed.

  4. Posted by Anon | December 16, 2010 at 11:08 PM

    her question was truly amazing in its stupidity. SS deserves a medal for not asking if she was dropped on her head a lot as a child.

  5. Posted by Frank Stallone | December 16, 2010 at 11:33 PM

    Erin is just uncomfortable in the bra Mark Haines bought her

  6. Posted by DJ LIBOR | December 16, 2010 at 11:52 PM

    Which one of you wharton h-mos marinated your dong in this?

    http://www.coburngreenberg.com/chezleyhowle

    Apologies for being redundant (above).

  7. Posted by Ssssssss | December 16, 2010 at 11:57 PM

    Mark Haynes is so dumb. So fucking stupid. And he’s a fat, disgusting slob. WTF is he doing on TV besides making people quickly change the channel to Bloomberg.

  8. Posted by Somnolento | December 17, 2010 at 12:16 AM

    Steve?

  9. Posted by secret | December 17, 2010 at 12:46 AM

    David Faber?

  10. Posted by guest | December 17, 2010 at 12:47 AM

    Jeffrey Immelt is that you?

  11. Posted by Yeahbutt | December 17, 2010 at 1:42 AM

    My cats breath smells of cat food

  12. Posted by Yeahbutt | December 17, 2010 at 1:42 AM

    My cats breath smells of cat food

  13. Posted by South FL Retail Dunce | December 17, 2010 at 1:45 AM

    I can picture Stevie jingling his Rolls keys in one hand and flicking off purple
    shirt with the other while saying “management expertise”

  14. Posted by Mark | December 17, 2010 at 1:52 AM

    politics are a mystery to him…?

    So Blackstone’s lobbyist are really rolling in the mystery van, and they just keep reporting back that politics are a mystery.

    scooby snack?

  15. Posted by Jacob Moore | December 17, 2010 at 4:10 AM

    How dare you interrupt thee SS!

  16. Posted by Seaman Bodine | December 17, 2010 at 12:27 PM

    I was at a party last night at the Holiday Inn, Hartford airport. They were filming a new reality series, the Biggest Wall Street Loser. At any rate, there was this guy there who mumbled to himself a lot, and looked a lot like King Kong Bundy from the old Mike Tyson’s Punch Out. He kept talking about getting back to Stamford, but from the looks of him, he seemed destined for a rub and tug in Springfield after the last ad shots. You guys ever hear of this guy who supposedly was a trader, though I think he probably just churned retail accounts? His name was Steve something. Said he was framed, and spent a few years in Danbury.

    – The Ghost of Christmas Future

  17. Posted by God | December 17, 2010 at 1:58 PM

    You are a bastard .. why is that some ppl think it is just funny to talk dirty about some random person especially when it is not even newsworthy.. most probably she is someone you know who didnt give a fuck about you .. and rightly so coz you sound like a wanker .. now fuck off to your little closet and stay there till I tell you to come out

  18. Posted by bramama | December 17, 2010 at 2:11 PM

    Erin Burnett could have asked SS of what he thinks of that red gas mask bra! If his firm would be in competitive disadvantage if he sells that bra overseas!

  19. Posted by HuckFoley | December 17, 2010 at 6:05 PM

    I used to think Mark was just a bitter old man. In actuality, he is trolling, and you all have been had. It would have been even funnier if SS had bit harder on the bait. Mark is my hero.

  20. Posted by 5am | December 17, 2010 at 7:59 PM

    You have too much time and imagination.

  21. Posted by Me | December 28, 2010 at 6:27 PM

    Try switching to FOX BUSINESS NEWS…..prettier girls…..most up to date business news…..guests withj some semblance of a brain. Me

  22. Posted by At | December 28, 2010 at 6:36 PM

    Al you retards who have nothing better to do but watch CNBC…..remember….they are losing audience. Many of you in the USA have Bloomberg, FOX business in addition to the clowns recently being offered to Comcast cable, if ever settked, Just a thought……..;and I wish I were 18 again……Lori B in the midday at Fox……races my pulse.

  23. Posted by Jas | May 6, 2012 at 11:19 PM

    Hi you all,James: For example, inmigae a world where there are 50 male executives and 25 female executives. If you compare the top 25 of each group, you will be comparing the top half of men to the average of women. RW: I do not know the number of male/female execs, but anecdotal evidence suggests that your point is correct. Touche, there are inconsistencies regarding the distributions of each gender.Ryan: You seem to be confused about million vs. billion throughout this article. RW: Not confused, just a typo. I was looking at trade data (which is measured in billions) contemporaneously. Thanks, though, for the note $ billion and $million are clearly two entirely different leagues. I fixed the stats. Ryan: There is a huge difference between industries and even firms, and obviously non-cash compensation dominates here, so figuring out the value in a turbulent market is a bit tricky. RW: Certainly, there are industry differences, but I suspect that cannot explain the differential. It should be noted that the first woman to be listed as an exec in finance (which is the industry where the top two males work) is number 10: Sharon Fay, EVP at AllianceBernstein Holding (AB); 2007 Total compensation: $12.4 million. Firms is slightly more obscure, but one would think that anybody working at The Blackstone Group no matter what the gender would earn a higher salary than someone working at a less reputable asset management firm.Fortune indicates that the source data total compensation is comparable across both genders, and so non-cash compensations would not make a difference since the data does not incorporate it. According to Fortune (and for both the top male and top femal execs): Source: Equilar Inc.: Total compensation includes annualized base salary, discretionary and performance-based bonus payouts, the grant-date fair value of new stock and option awards and other compensation. If relevant, other compensation includes severance payments. Equilar Inc., an executive compensation research firm in Redwood Shores, Calif., prepared the chart by looking at companies with more than $1 billion in revenues that filed proxies by Aug. 15. RW: In the end, it seems irrational for the pay scales no matter what industry, firm, distribution, or title to be so vastly different. I work as an Economist in the financial industry; I am used to being in the boys club. Statistics like this, however, do highlight some obvious inefficiencies in labor markets across genders.I agree with, Janie, who sent me this email: Basically, all the technicalities in the world still don’t explain the fundamental difference in pay. Thanks for reading, R

  24. Posted by wmsbbu | May 8, 2012 at 12:07 AM

    qoOLi8 lgvjwnnyddxd

  25. Posted by shlgutp | May 9, 2012 at 6:25 PM

    aueVQS joxonxzfuhui

  26. Posted by wpdkju | May 9, 2012 at 9:49 PM

    ava3iB , [url=http://nrpryoljlnfi.com/]nrpryoljlnfi[/url], [link=http://vcrtgpkpmwvl.com/]vcrtgpkpmwvl[/link], http://rjnltkmyojlk.com/

  27. Posted by diablo 3 gold | October 6, 2012 at 4:38 PM

    you are actually a excellent webmaster. The site loading velocity is incredible. It seems that you are doing any distinctive trick. Also, The contents are masterwork. you’ve done a excellent job in this subject!