Five Dumbest Things On Wall Street: Nov. 7

Schwarzman Bashes Birthday

The party of the century is giving Steve Schwarzman the hangover of a lifetime.

The CEO of private equity giant Blackstone Group(BX Quote) finally admitted last week at a New York press conference that his multi-million dollar 60th birthday celebration was a mammoth public relations mistake. The garish gala, held on Valentine's Day 2007, featured British rocker Rod Stewart, comedian Martin Short, singer Patti LaBelle, two Harlem choirs and a marching band.

"Obviously, I wouldn't have wanted to do that and become some kind of symbol of that period of time -- who would ever wish that on themselves? No one," said Schwarzman at the conference. ...