Yo, Wall Street, Pass the Courvoisier!

For those of you who think Wall Streeters are too smart to buy an overpriced asset like real estate, think again: They’re already dropping big bucks on other assets that lose their value over a few years or even a few minutes. According to the Daily News, New York’s purveyors of luxury goods are already reporting an uptick in items which definitely fall outside the category of necessity. The manager of BMW’s 57th Street showroom reports a “flurry of activity,” with Wall Street women prefer the blue 550 model and men the silver gray 650. Since November 1, nine financial types have plunked down the $90,000 for a M5. In recent years, bonuses have accounted for about 40% of the average salary earned on Wall Street and for about 7.5% of all wages paid in the city, according to the state controller’s office. The excess cash is also going towards things like expensive cigars and cognacs. Perhaps the most fitting example: The $50 World Cocktail at the Trump World Tower--which contains edible liquid gold--has been particularly popular of late. Just in case there were any of you left who thought there was any correlation between money and taste.
Spending Wall Street Bonus on Luxuries [NY Daily News]

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