Sunday, June 15, 2008

How Do America's Super Rich Get Away with Acting Like 'Just Folks'?

And the rich get richer as the poor get poorer....Of course, the style of dress that's come to be known as hedge-fund casual isn't bought at your local Nordstrom's. A couple of years ago, the Wall Street Journal put together a representative outfit that a male hedge-funder would wear to work in Greenwich, Connecticut (the epicenter of the industry): shoes by Cole Haan, $365; trousers by Ermenegildo Zegna, $495; shirt by Armani, $315; messenger bag (no dorky briefcase!) by Tumi, $395. Total, not including underwear and socks: $1,570 -- not all that much below $1,874, the average household's annual expenditure on clothing in 2006. But that's just for the hedge-fund rank and file; for the top guys, who take in a billion a year or more, it's private jets and even personal submarines.

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