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"the WSJ has done a good job of drilling down almost to bank account level detail for the Co-CEOs (who both got paid $250,000 in 2009)."
Correction, whose salaries were $250,000 each. From the WSJ.....
"Each executive owns 13% of KKR, according to a public securities filing Tuesday. That gives them a combined $1.65 billion stake in the firm, which is worth $6.35 billion as measured by KKR shares that trade in Europe. In 2009 the firm paid the two executives about $22 million each in total compensation, including a $250,000 salary."
The $250k is considered cab fare and pocket change for tips and other assorted gratuities.
And as you know CD, the vast majority of that $22 mil will be taxed at a 15% federal rate. Its called extortion and you won't hear the tea baggers talk about it.
Excellent point, and it should be taxed at the corporate rate of 35%, but instead it will be only 15% officially, even though much of their monies will avoid taxation via offshore funneling.
Interesting to note, that after Blackstone Group went publicly traded, they are still taxed at 15% capital gains, INSTEAD of the legal 35% corporate taxation they should now be taxed at.
Why? Because they bought off specific crooked congressional whores.
http://www.pehub.com/76318/kkr-releases-compensation-info-kravis-salary-56-times-smaller-than-schwarzman-salary/ From pe HUB
Who's the bookrunner?
Weren't they going to try and go thru Fidelity when they tried this last year? (seriously) lol
Also, when they originally tried to do the deal in 2007, Morgan Stanley and Citi were supposed to lead. Not sure this time.
Personally, I would rather invest in the PPT, or short Obama.
Read between the lines: GET OUT OF PE WHILE YOU STILL CAN!
Good call, Leo.
I believe it's called all those PIK (payment-in-kind) notes coming due, with nothing to pay them with.
And all those CLOs coming due or turning over, with nothing to back them but numerous other securitized instruments leveraged on them.
Let's see....hot air, when added to hot air, equals.....
c'mon, this doesn't remotely resemble blackstone's selling the high. these guys are just getting out while they can, but they're 2.5 years too late to be called top-tickers.
With a 13% ownership each, they don't have to worry about the company tanking. They just take the net loss and reduce their tax burden on their remaining wealth - then laugh all the way to Grand Cayman Island!
So much for pulling the deal due to market conditions. I view this as 1 of 2: KKR believes things are about to get so bad, they will risk getting the deal done however they can just to get the money OR they believe we have hit a short term bottom and market will head higher. (putting their faith in Benny Bucks and HAL 9000)
+100....I vote for #1....they know the whole boat is about to turn turtle and they are getting out while the getting is good.........
Henry's been married to the economist way too long ... time to cash out so he can divorce her
"Can I get that $250k on a Starbuck's card please?"
Yeah, we've seen this movie before.
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