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With the recent downturn in the fortunes of Wall Street barons, you might think it’s all doom and gloom within New York’s highest circles of plutocracy – but not so!
Take the sorcerers in the mysterious world of hedge fundery, where unimaginable profits are spun from exotic bets on other people’s misfortunes. For example, one of those wizards reaped $2 billion in pay last year by betting that the housing market would crash. What a winner he is, huh?
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And even though annual bonuses for top shelf Wall Streeters are being cut down to the low-millions of dollars each, their plucky families still make do as best they can. The New York Times reported recently that a pricey restaurant on the city’s exclusive Upper East Side exists as a haven for these beleaguered elites. As the wife of one Wall Street big shot says, “I started going there with my girlfriends for lunch so we could all have kind of a comfort zone.”
A simple lunch of shrimp over greens, served with a glass of wine tops $50, but who’s counting? These regulars don’t actually pay the bill – instead, the restaurant keeps a running tab for them, sending a monthly total to their bookkeepers. “There’s a division of labor here,” explained a regular, “I don’t keep all that stuff in my head.”
Meanwhile, even as the economy tanks for regular folks, over-the-top extravagance still has a home in New York. For example, a new residence tower will afford its elite clientele an “en-suite sky garage.” When you arrive at this high-rise building, you pull into a car-sized elevator that automatically recognizes your vehicle and lifts you and your car to your floor. You then drive your car forward into your personal garage attached to your suite, the elevator goes back down, and you step out of the car directly into your residence.
Isn’t it good to know in these tough times that excess is still alive?
“Smiling Through a Down Year,” The New York Times, March 25, 2009.
“Keeping Tabs On the Rich,” The New York Times, February 18, 2009.
“Fancy NYC apartment building getting a personal car elevator,” www.dvice.com, March 24, 2009