Fortune magazine hailed Steve Schwarzman as "The King of Wall Street"—but lately there's been more attention on his wallet than his crown. Schwarzman cofounded the Blackstone Group, the private-equity giant whose $4.1 billion initial offering last week constituted the biggest IPO in five years.
At just past 10 a.m. one morning this week, auctioneer James Regan stood in the driveway of a large home in central Massachusetts, ringing a handbell. After reading aloud a foreclosure notice, he looked up at the 40 or so onlookers—realtors and clients, bankers, a few curiosity-seekers (including me)—and asked for someone to open the bidding on 2 Copperbeech Circle.
Like most parents, Phil and Karyn Corless face a constant struggle to keep their home from becoming overrun with toys. They have a specially designated toy closet in their Coeur d'Alene, Idaho, home, and when playtime is over, they cajole their children—Ethan, 8, and Megan, 5—to store their Play-Doh and Hot Wheels, crayons and Barbies.
Nearly a century ago, engineer Frederick Winslow Taylor conducted time-and-motion studies of factory workers to determine the most efficient way to work. In the 21st century, fewer Americans toil in factories—and many of us sit in front of computer screens, trying desperately to break away from answering e-mails to get our real work done.
The 3,000-acre site west of Phoenix isn't much to look at--not yet, anyway. Far from urbanity, past a highway sign warning no services next 38 miles and amid acres of saguaro cactus and creosote bushes, only a few streets have been built and a few foundations poured.
There's no popping sound--not yet anyway. But for doomsayers who've been worried about a housing bubble, data released last week brought long-awaited news: after months of slowing sales, in August the median existing home price fell by 1.7 percent, the first year-over-year price drop in more than a decade.
It's a seasonal hazard for colleges: students love to see the famous onstage at graduation, but odds are that somebody will get upset. At Boston College, some faculty are protesting the fact that Condoleezza Rice was invited to speak at its May 22 ceremony, complaining that Iraq war policies conflict with BC's Jesuit values.