Tuesday, February 10, 2009

UPDATE: It's Still Hard to Be Wealthy

When is the New York Times going to get it? In the midst of our current economic clusterfuck, almost no one is feeling sorry for the rich bankers who caused it. Well, except for rich bankers themselves and NYT hacks that is.

But today sees publication of the latest in the grey lady's series of poorly judged articles about poor rich folks, this one hilariously titled "You Try to Live on 500K in This Town." It's all about the harsh choices faced by top executives forced onto the breadline by President Obama's proposed limits on pay for incompetence:
"As hard as it is to believe, bankers who are living on the Upper East Side making $2 or $3 million a year have set up a life for themselves in which they are also at zero at the end of the year with credit cards and mortgage bills that are inescapable," said Holly Peterson, the author of an Upper East Side novel of manners, The Manny, and the daughter of Peter G. Peterson, a founder of the equity firm the Blackstone Group. "Five hundred thousand dollars means taking their kids out of private school and selling their home in a fire sale."
Apparently rich bankers also spend lots of money on designer clothes, big houses, and fancy cars. I mean, they're practically broke but for their stock options, property portfolios, and other valuable assets. And it's not like they caused the current financial shitstorm, is it?

Oh, actually, wait a minute ...

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