Friday, September 19, 2008

Another telling headline


ABC News: The Fall of the Gilded Age.

Here's the lede,
"It had been a long time coming, but in the last week, with the collapse of the investment bank Lehman Brothers and the distress sale of another, Merrill Lynch, thousands of jobs and some 700-billion dollars in wealth, in stock, simply disappeared.

"The gilded age is over," said Holly Peterson, wife of a multi-millionaire investment banker and daughter of multi-billionaire financier Pete Peterson.

"The whole era of conspicuous consumption and free spending and luxury ended as of this week," said Robert Frank, Wall Street Journal reporter and author of "Richistan," a book about America's super-rich."
Pictured is Lehman Brothers Chairman Richard Fuld's mansion in Greenwich, CT. Fuld also has an oceanfront estate in Florida and a luxury Park Avenue co-op. And despite Lehman's failure, Fuld's fortune remains in tact.

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