Blackstone tops CEO pay, Southwest burned on Frontier bid
Good day for Stephen Schwarzman; Bad day for Southwest Airlines
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)
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.