I own eighty-one leather jackets, seventy-five pairs of boots, forty-one pairs of leather pants, thirty-two pairs of haute couture jeans, ten evening jackets, and 115 pairs of leather gloves. Those who conclude from this that I have a leather fetish, an extreme leather fetish, get a grand prize of zero. And those who are familiar with my choices will sign affidavits attesting to the fact that I wear leather every day. The self-expression feels glorious, an indispensable part of me. As a stranger said after admiring my look in a Gucci burgundy jacquard velvet jacket and a Burberry black patent leather trench, “You don’t give a fuck.” The most expensive leather jacket I own, a Gucci ostrich skin, cost $13,900. The most expensive evening jacket I own, also from Gucci, black napa leather with gold threading, cost $9,800. The most expensive leather pants, $5,600. The most expensive jeans, $2,500. The most expensive pair of boots, $2,600. The most expensive pair of gloves, $1,015. Gucci by far makes up the highest percentage of my collection. The Gucci brand has always held special power for me, ever since the 1960s, when the Gucci loafer with the horsebit hardware was the rage, and my father, who fancied himself as being anti-status when he secretly loved it, broke down and bought a pair. Followed by my mother’s purchase of the famous Jackie O. shoulder bag. As a 13-year-old, I circled the old store on Fifth Avenue several times before getting up the courage to go in and buy a Gucci wallet covered with the insignia. [GQ]
Blowing Your Bonus Watch ’13: In Need Of A Little Inspiration? Consider A Page From The Buzz Bissinger PlaybookBy Bess Levin
From the front lines: Read more »
The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS’s O’Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it? Read more »
The surprise camaraderie enjoyed by the U.K. in European circles, vis-à-vis the European Community’s campaign to destroy London’s status as a global financial center, has evaporated as quickly as it appeared. As if to fortify the opinion of Euroskeptics across Great Britain that the U.K.’s European partners are fey, duplicitous and centralizing all at the same time, Germany et. al. have said, “We’re happy to sign an impotent letter complaining about something we can no longer do anything about, but you can’t expect us to stand in the way of impotent populist measures directed at people who don’t live in our countries.” Read more »
This weekend Switzerland voted to … do something about executive pay? Maybe? I was a little frustrated reading the news reports because they didn’t really say what the Swiss actually did, so I went and found the actual resolution, and turns out it doesn’t either. Something something vote on executive pay:1
The shareholder meeting will vote each year the total amount of remuneration (money and value of benefits in kind) of the board of directors, of management, and of the the advisory committee. Each year it will elect the chairman of the board of directors and, one by one, members of the board of directors and the Compensation Committee as well as the independent representative. Pension funds will vote in the interest of beneficiaries and will communicate how they have voted. Shareholders may vote by absentee ballot electronically, but they can not be represented by a an affiliate of the company or a depositary;
So immediate fun simple questions like
- are you voting on last year’s pay, or next year’s pay?
- what happens if you vote no? do they get nothing? do you do another vote in a month? and
- since you apparently just vote on total amount of comp, can management/the board divvy it up however they feel like it?
remain totally unanswered. Read more »
OH GOSH LET’S GET REAL ANGRY ABOUT THE EU BONUS CAP, which is moving forward and would limit bankers’ bonuses to 1x base salary, or 2x with shareholder approval. It is super dumb.1 England hates it, what with having a functioning banking industry and all. Bankers hate it, being bankers.2 This guy thinks it makes total sense, being a Belgian lawmaker for the Green Party:
“If I have to judge from the reaction of the [banking] industry, this will impact them. And this will also impact the overall amount of remuneration,” said Philippe Lamberts, a Belgian lawmaker for the Green Party who was one of the leading negotiators for Parliament. “I think it will really hit them.”