While some people are reminiscing about financial panics of the past, or even grokking the Great Depression, it’s not all despair, poverty and austerity yet for the kings of finance.
As Dennis Berman’s The Game column points out in today’s Wall Street Journal, the gilded age and its attendants—extravagance and excess—continues to roar on in some on the more fashionable precincts.
“Just last week, Apollo Management LP chief Leon Black threw a beach bash for about 200 family friends out in the Hamptons,” Berman writes. “The group enjoyed catering from Nobu and Daniel, two of Manhattan's priciest eateries, while taking in a private concert by Tom Petty & the Heartbreakers.”
It’s hard not to wonder if something might have seemed a bit off to the partiers when the Heartbreakers launched into 2002’s “When Money Wasn’t King.”
If you reach back in your memory
A little bell might ring
About a time that once existed
When money wasn't king
If you stretch your imagination
I'll tell you all a tale
About a time when everything
Wasn't up for sale
Credit Crunch Lowers Boom On Deal Excess [Wall Street Journal
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