The Christmas Spirit, Wall Street Style

Reading about how Wall Street bankers will be breaking the bank with their bonuses was simultaneously depressing (the last time Gothamist got excited about the word "bonus," it was the "bonus season" of Sex and the City) and enlightening about how the rich spend their riches. We thank the NY Times for this quote though:

"Certainly the Wall Street crowd is very special to us," said Lonnie Hanover, a representative for Scores, a high-end strip club in Manhattan. "December is an amazing month for our business, but it's everything, it's Christmas bonuses, Christmas spirit. They have their official parties and then the unofficial party here."

Ah, the Christmas spirit at Scores - Tiny Tim would be proud of one and all! And Gothamist is sure that the Wall Streeters will be using the credit cards the wives don't know about and trying not to get too crazy in the champagne room.

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By Jen Chung in News on December 28, 2004 12:11 PM

Comments [rss]

dd

Rich people make money the same way as poor people, they earn it. And if their bonuses were donated to a charity each year, then these financial workers would stop working. Then there wouldn't be anyone to handle complex financial transactions. Are you going to crunch the numbers on a $3 billion dollar deal?

How can people on this board actually still support communism? Why can't you just accept that some people earn more than others. If you try to limit earnings, you make everyone poor, as this happens in every communist country.

The gap between rich and poor is better than everyone being poor. As they used to say in the USSR, "equality in poverty." Some people actually prefer this because they just can't stand to see others make more money.

Howard

My favorite quote:

"But many Wall Street professionals are urging caution, given that the bonus typically constitutes the majority of their compensation. More than a dozen bankers, all of whom would talk about their spending only on the condition of anonymity, said they were all too aware that the good times could end as quickly as they did after 2000, when a $2.5 million income could turn to $800,000 overnight."

No kidding. It's a bitch getting by on $800,000 a year.

Iceman

And these people need a tax cut why?

j

Oh, sure, Keith, I'm well aware of how the world is. But just because that's how things ARE doesn't mean that's how they should be. It also doesn't mean you shouldn't take every opportunity to point out the digusting juxtapositions such as this that pop up--things will never change if no one says anything.

KeithS

Welcome to the world, J. It's not a pretty place, but it's all we have.

j

Perhaps they should consider giving those disgustingly fat bonuses to some tsunami relief funds. Better yet, those banks should just donate all those bonuses directly to Doctors Without Borders or some other aid agency.

It's pretty fucking disgusting that some guys who push money around have so much, while millions in Asia now have nothing, not even their children or clean drinking water.

S.D.

For me, the ending quote was the best:

<ul>"I have a sailboat, a motor boat, an apartment, an S.U.V.," he said. "What could I possibly need?" After brief reflection, however, he continued: "Maybe a little Porsche for the Hamptons house, but probably not."</ul>

Just Wish they'd share the "Good Times" with the IT Staff...

KeithS

My favorite quote:

"The manager with the Aston Martin said that last year's compensation packages for associates were ridiculously low. "You had third-year associates making $210,000 to $225,000; a lot of these guys are married and have young kids and they are working" very hard, he said."