There's been a rare moment of humility from the billionaire boss of the Blackstone private equity empire, Stephen Schwarzman.
At a Fortune magazine breakfast, the diminutive financier was asked whether he regrets his now infamous 60th birthday bash at New York's Armoury in February 2007, which infuriated his rivals by highlighting the vast wealth sloshing around in private equity.
"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," Schwarzman replied according to the New York Post.
Lazard's Bruce Wasserstein helpfully chimed in: "It was a great party."
Schwarzman noted that his celebrations this year were muted: "61 is just fine. You notice it was quiet."
The bash cost a rumoured $3m, with guests feasting on lobster and baked Alaska as they enjoyed private performances by Rod Stewart and Patti LaBelle. The cavernous building was decked out to look like Schwarzman's apartment, complete with a huge portrait of the man himself.
Publicity surrounding the party, which was attended by an A-list of New York's financial establishment from Michael Bloomberg to Donald Trump, contributed to rumblings in Congress about the tax breaks enjoyed by private equity.
The industry has since fallen to earth with a bump as the credit crunch has made it almost impossible to raise finance for the huge takeovers in which private equity once specialised. it seems remarkable that it was only 18 months ago that Blackstone splashed $39bn on an obscure real estate firm, Equity Office Properties.
Since its flotation on the New York Stock Exchange in June 2007, Blackstone's shares have plunged by 75%. The good days seem a long, long time ago.
