While the world is sinking into recession and companies worldwide are broadly announcing downward revisions to their growth forecasts (if not losses), one segment had stood out as “recession-proof”.
Brioni (high end Italian clothier) had recently introduced the most expensive line of men’s suits in its history - with price tags as high as $43,000.
However, the true super-rich (the wealthiest 1% to 2% of consumers world-wide) are still spending (even if they are buying fewer things). Individuals in this group have bought 30 of the $43,000 Brioni suits.
On similar length, Hermès (French luxury label) has introduced limited-edition silk scarves inspired by works of the artist Josef Albers at an eye-popping $2,800 each, and Kiton (Italian designer label) is introducing an $8,125 cashmere-and-vicuna sport coat.
Seems like only 98% of the world population is affected by this downturn. I guess I will be contented with my under-$30 windbreaker.
Read more - The $43,000 recession suit (WSJ)
dollars & sense, global issues
alas, with hindsight
this letter to SEC (in 2005) highlighting that
“The World’s Largest Hedge Fund is a Fraud”
seemed so obvious… now.
pity that this slipped through the SEC checks.
[Read more - WSJ $$]
dollars & sense
Since it was a zero-sum game, it’s apparent that “some” people had profited from the madoff’s scheme, where in some cases, investors have withdrawn far more than their principal investment.
Guess it’s time for the ethical and legal quandary.. what to do if you have ‘profited’ from the ponzi scheme.
Chanced upon this interesting / funny question posed by a “victim” to its lawyer:
‘I’ve taken out more money then I originally put in, but I still had $1 million left with Madoff. Should I file a $1 million claim?’
[Read more - IHT]
dollars & sense
This is totally hilarous!
Well, Wall Street got the bail-out… auto industry got the bail-out… so why not the “age-old” industry?
Larry Flynt and Joe Francis (owners of the adult entertainment companies in US), are asking the US government for a bailout for the porn industry, which is said to be on its knees (Triple X-rated DVD sales are apparently down some 22% on a year ago).
Flynt said: ‘With all this economic misery, and people losing all that money, sex is the farthest thing from their mind. It’s time for Congress to rejuvenate the sexual appetite of America’.
How about a ’stimulus’ package ?
[Read more - Guardian uk]
dollars & sense
