Rubbernecking on Wall Street

The urban legends spawned last week over the smash-up of uber-banker Robert Greenhill’s (GHL-NYSE) Porsche Carrera GT included everything but Greenhill selling a kidney to pay for a loaner car.

However, the blogs detailed wild stories about how the one-in-1,500 Porsche was destroyed by a friend, who in turn rush ordered a replacement, which would have set him back $440,000. It turns out this detail was wildly inaccurate. Instead, the official story according to the Post is the car was destroyed by Christopher Numme, Greenhill’s mechanic, who was returning the car after completing service on it. (dealscape)

We have never met a financial journalist who could afford a Porsche Boxster, much less a Carrera GT. Thus the inaccuracies.  But even mini-ballers on Wall Street know that Porsche ceased Carrera GT production about 200 units shy of the planned 1,500 production run due supply and demand issues.

German women are gorgeous...and German men are pragmatic.  With resale prices on the Carrera GT plunging faster than the Nikkei circa 1991, the bean counters in Zuffenhausen pulled the plug last spring in order to protect their customers who were already long the supercar.

Economics 101. Duh.

Given the imbalances in the marketplace, paying over 400k for a Carrera GT is nothing more than hyperbole. Those of you looking to treat yourself after the bonus check clears should call this guy...and tell him StockJockey sent you.

Of course we are not miracle workers. If you need a Manhattan parking spot you are going to have to call Seinfeld.

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