Friday, October 17, 2008

Falling fat cats

Wall Street: Fall of the fat cats (


"These guys were spending more than $250 billion a year," Robert Frank said. "They bought mansions in Greenwich and Palm Beach. They bought art for $100 million a painting."
Frank, author of "Richistan," says the enormous amounts of money earned by Wall Street elite made them practically a nation unto themselves.
"They just looked at the guy with the bigger house, the nicer Ferrari, the better artwork," he said. "And it was all competitive spending."

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