BUSINESS
04/04/2008 05:12 am ET Updated Feb 17, 2013

Bankers' Spouses Deprived Of Luxury Items During Downturn

From Wednesday's New York Post, with the oh-so-packed headline "Execs Bear-ly $urviving":

Less than 48 hours after news broke that Bear Stearns & Co. Inc. would be bought for a fire-sale price, the wives of two of the firm's senior investment bankers called their high-end interior designer to cancel their contracts.

It's yet another sign that some bankers are slashing spending on luxury items as they fear for their jobs and the value of their firms' shares.

"We only had about $50,000 worth of final touches [to go], and the wife called me last week and said stop," said interior designer Darren Henault, whose work has been featured in Vanity Fair and Elle Decor.

The authors note bankers and their wives are also refraining from spending on yachts, jets, watches, and luxury apparel, not to mention putting summer homes up for sale.


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