Bucks Fizz Anyone?

We have been hearing lots of news about wall street bonuses and the latest scandal being the plans of AIG, who have received $173 billion, yes billion, in US Federal bailout funds,  to payout out bonuses to the tune of $165,000,000 to executives and staff of the division responsible for the Credit default swap derivatives that nearly pulled the company down and triggered the current financial system implosion.  Of course this is yet another scandal upon scandal upon scandal of huge sums being paid to the people responsible in large part for the financial meltdown, often on the basis that they are too valuable to lose. Give me a break. If you or me, average workers did anything remotely like these losers we would be out on our ears with no severance and lucky to get a box to carry our desk toys.

The enormity of these scandals help us forget that many lower level people in these organizations are also living the high life. The referenced bonus payout article above and others also indicate that many worker bees, not just the execs, were on that gravy train. This morning one of our readers posted a discussion piece about a NYTIMES Weekend Magazine article on several trendy restaurants in NYC that doing very well with afternoon "brunches" catering to the well to do. The extravagance is disgusting and I am sure similar orgies occur not only in NYC but LA, Chicago, San Francisco, London and other financial centers.

The original NYTIMES Magazine piece is here and does require a subscription but is well worth a read. But take your blood pressure meds before reading. I include quotes from the final paragraphs in the article below, with apologies to the NYTIMES.

A man who works in finance and was standing near the bar of Merkato 55 the following Saturday started to talk about this issue, but then he had second thoughts, saying he could be fired for drawing attention to the subject in the news media. Any overt display of conspicuous spending, he added, even if not a dime was expensed to a corporate account, would not sit well with his employer. "Excess," he said, "is frowned upon heavily."

As for how he and his fellow Wall Streeters could still afford such afternoons, he said: "We all made so much money in the past five years, it doesn't matter."

A 29-year-old man who works for a large investment management firm and was at Bagatelle's brunch one recent Saturday and at Merkato 55's the next, put it another way: "If you'd asked me in October, I'd say it'd be a different situation, and I don't think I'd be here. Then the government gave us $10 billion."

P.S. Trivia: Bucks Fizz is a champagne and orange cocktail favored by the Sloane Square crowd in London in the 80s and the name of a really bad band of the time.

Enjoy. What do you think? Add your comment.

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