GOOD DAY FOR: Stephen Schwarzman, after the Blackstone Group CEO’s $702 million in compensation last year made him 2008’s best-paid U.S. executive, according to the Corporate Library. Schwarzman’s $2.3 million salary was augmented by the vesting of a quarter of the $4.7 billion in equity he received upon taking Blackstone public in 2007, adding almost $699.8 million to his take-home last year. (Bloomberg)

BAD DAY FOR: Southwest Airlines, after rival carrier Republic Airways beat it, despite heavy odds favoring Southwest, in an auction to buy bankrupt Frontier Airlines. Republic’s $108.75 million purchase price won out over Southwest’s $170 million bid due largely to unresolved labor issues between Southwest and Frontier pilots. (Reuters)