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Wall Street Spending Habits Flirting With Dangerously Déclassé Territory

Gang, something serious has come up and we need to nip it in the bud before it goes any further. As you may have heard, bonuses at hedge funds, private equity firms, and so forth are expected to be up this year, which is wonderful news. As you may have also heard, bonuses at big banks are expected to fall anywhere from ten to forty percent, which is less great news. Especially when it means witnessing scenes like the following.

This holiday season, many Wall Streeters are flying commercial, according to jet brokers. Those who are still flying private are jet-pooling with strangers to cut costs. Some are even skipping the catered in-flight meals, which can cost $1,000 or more for four people. “They’re telling me, ‘We’ll just bring our own lunch,’ ” said Ricky Sitomer, chief executive of Blue Star Jets, a private-jet charter company. “They still want to travel in luxury, but they want the best value they can get.”

And it gets worse. Brown-bagging is just the beginning

According to Jeff Drajin, who presides over the showroom at Manhattan Motorcars, no one has come in yet this year, despite December historically being prime time for his customers to at least come take a look if not a touch. Jewelry and watchmaker Wempe says “business is booming” but it’s all coming from “rich Chinese and Brazilians, not Wall Streeters,” the latter having “other issues to contend with, like a roof over their head.” And while we’re on the topic of roofs, 12,000 square feet summer homes are being swapped for 6,000 to 8,000 square feet- let’s just call them what they are- shacks. But the most disturbing trend of all?

Jonathan Beckett, CEO of yacht brokerage firm Burgess, said demand for weekly yacht rentals in the Caribbean this winter is “quite poor,” in part because of Wall Street. In previous years, yachts in the Caribbean were booked months in advance for the prime week after Christmas. This year, there are dozens of boats up to 250 feet long still available. The boats usually charter for between $250,000 to $1 million a week—food, beverages and fuel not included.

Bankers booking boats are discount shopping, with some charters seeing price cuts of 20% or more, Mr. Beckett says. Many are also booking cheaper, shorter trips. “They used to call up and say, ‘I want this boat on this date, just send me the contract,’ ” Mr. Beckett says. “Now they’re saying, ‘Who’s giving the best deals?’ “

Deals? This is how it starts. First it’s “who’s giving the best deals?” then it’s “let’s wait ’til it goes on sale.” Before you know it you’re sticking to a budget and next year? You’re taking the day after Thanksgiving to line up at have your weave knocked off in a stampede for flat screens.

Wall Street Bonuses Mean Restrained Indulgences [WSJ]

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81 Responses to “Wall Street Spending Habits Flirting With Dangerously Déclassé Territory”

  1. mudslinger says:

    Lining up at have your weave knocked off in a stampede for flat screens is the NKI.

  2. Value-Conscious Banker says:

    Personally, I’m hoping Jos. A. Banks has some sort of sale so I can get a deal on a new suit or two. I’m afraid the chances of that happening might be slim, however.

  3. Guest says:

    The private-jet company is called Blue Star. Heh heh. Heh heh heh. *chuckles*

  4. Abe says:

    Blue Horseshoe loves Blue Star Airlines

  5. ugly old banker says:

    i may switch back to flying commercial, but i’ll never be able to switch back to fucking private..

  6. Guest_guest says:

    make the comment make sense please.

  7. Guest_guest_annoys_me says:

    Not the joke briefer, but a fan of his work.

    Ugly Old Banker was implying that he had been knocked two steps below flying privately. The first step would obviously be flying commercial. The second step is unmentioned, but lets assume it involves climbing aboard a bus. Now that things have stabilized, the Ugly Old Banker is thinking he may be able to swing a Jet Blue flight to Orlando…but the G6 to Telluride is not gonna happen. All-in-all, a decent effort with scanty material, IMHO.

  8. AnusMacGaperson says:

    You are from Texas, aren’t you?

  9. ugly old banker says:

    fucking private as opposed to commercial is not having to pay for it – a pleasure that may have passed you by completely

  10. Anti DB says:

    Dear Bankers,
    You can hitch a ride on my G5,bitches
    Andrew Mason
    CEO Groupon

  11. guestosaurus says:

    do we get 50% off if we sign up with the whole floor?

  12. The Sheriff says:

    very few finance people are consistently flying private. ny to aspen on a g350 is costing you 60k each way. love how people paint “wall street” in one swoop then conjure grandiose images of such. wealthy people are flying private, of which ny has many. ny wealthy people doesnt necessarily equal md at goldman, cs…

  13. The Duke of Guest says:

    No, you’re wrong. 1st year MD at GS means you fly private all the time, rent 40,000 sf houses in the Hamptons for the whole summer, and eat orphans for breakfast, all the while taking “taxpayer bailout” dollars for your own personal use and forcing “main street” people out of their homes for fun. While doing no real work. Everyone knows that.

    –The NYT, and Every Congressperson Up For Election

  14. Guest says:

    I don’t think that company ever stoops so low as to sell its merchandise at a discount. You are out of luck my friend.

    -Guy who does not watch CNBC

  15. Todd Thompson says:

    Jet-pooling is so 2007 – I invented it.

  16. Goddy says:

    $1 million for a week of yatching .. something is wrong there

  17. God says:

    fact: this one was started by someone after seeing wall street. Stone hired them to move his crew during shooting of wall street 2.

  18. Seaman Bodine says:

    what about the whores?

  19. whenwherewhy says:

    Hookers?

  20. Maria B. says:

    Too Soon.

  21. george.bush@gmail.com says:

    How does one become a 1st year doctor at GS?

    Dubya, 43

  22. Guest says:

    Anybody that makes a Wall Street joke about Blue Star Airlines is a fucking failure.

  23. Guest says:

    yeah…it’s a BARGAIN

  24. guestacular says:

    what about the clients’ weaves?

  25. Romer says:

    Rick Sitomer, the metros**ual looking executive from that chop shop broker caught peddling penny stocks? Or Rick Sitomer the guy profiled in article on google ‘click fraud’? Or Rick Sitomer the social climbing Hamptons wannabe? All 3!

    Sitomer had his bucket shop brokerage firm shut down by the regulators and here he is as an authoritative quote in the WSJ. Pathetic.

  26. Guest says:

    Urology specialty, rabbinical training preferred.

  27. Slander Only says:

    Please do not pollute this message board with facts.

  28. Guest says:

    Peanut butter and jelly sandwiches on your private jet to Vail is the NKI.

    -guy who reads the NY Times Digest every morning at the gym

  29. Guest says:

    Peanut butter and jelly sandwiches on your private jet to Vail is the NKI.

    -guy who reads the NY Times Digest every morning at the gym

  30. Guestasaurus says:

    You go to the gym twice every morning? What time do you get to work?

  31. Guest says:

    DB commenters leave regularly insightful, smart, witty comments. sorry that you personally have nothing to offer.

  32. Guest says:

    and, increasingly, the WSJ. (plus, obviously, the sensationalist garbage that is business insider, though, not really worth mentioning.)

  33. Anonymous says:

    It’s highly accurate reporting like that of the WSJ and NY Times that makes a McDonald’s manager totally rethink strategy, doubling up on the value menu items due to the coming influx of downsizing Wall Street elites. It’s not something that the fry guy or Bonita at drive through would have been on top of.

  34. Anonymous says:

    Thats seems to be cheaper, as the private jet chartering or business jets are charging less which made the frequent flyers to save their time and money.
    http://www.247jet.com/

  35. Anonymous says:

    Only a private jet charter allows to make your travel as a complete package, as they will take care of your air travel, food, restaurant, lodging etc as single package.
    http://www.247jet.com/

  36. Anonymous says:

    Only a private jet charter allows to make your travel as a complete package, as they will take care of your air travel, food, restaurant, lodging etc as single package.
    http://www.247jet.com/

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