Some Incredibly Discouraging News Indicating We May Not Yet Be Out Of The Woods

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It was just last month that we noted that you could once again buy that $300,000 car you'd had your eye on without people judging you. "I have the cash for this thing and I don't have to worry about someone thinking I'm a douchebag for buying this thing," you were finally able to say to no one in particular. It felt good! No, it felt great, particularly for those of you who were so excited the good times were back you chose to spring for the auto-fellate enabling dashboard tilt feature. And now, this. This total crock:

[Before the shit hit the fan] many financiers took it a step further. Hedge-fund manager Jim Chanos (of Enron fame) has kept an office in East Hampton for years. Hayground Cove founder Jason Ader works from his East End home on weekends and the occasional Friday. Why stick around the city on a summer Friday when you can log on and invest from the beach? But the wave of “beach bankers” who opened temporary summer offices crashed along with the stock market three years ago. Realtor Robert Kohr of Elliman told me that during the boom, groups of Manhattanites would often turn home rentals from $50,000 to $100,000 into summer offices. One innovative CEO, Brian Villante of Grace Financial, opened a “hedge-fund hotel” in Southampton in 2005. Leasing East End office space to other money managers seemed like a good idea when virtually everyone was hanging out a shingle in the $2 trillion hedgefund industry. But in the jittery post-crisis world, fewer financial types are swapping their loafers for flip-flops. Last year Villante shuttered the hotel and decided to take advantage of the cheaper rents himself: His mini broker-dealer reopened in a single-firm location next door to Saks Fifth Avenue.

God damn these people! You will set up your offices out East in order to give us a sense of confidence and you will like it. And on a related note, here's a q: why must Jim Chanos always be the one who has to do all the heavy lifting? Why does he have to be the guy always holding this place up like Atlas? I mean, really.

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