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Modern Gentleman's Blog
Monday Oct 06, 2008

Wall Street lifestyle, R.I.P.

Wall Street RIPA few weeks back, the day after Goldman Sachs and Morgan Stanley were granted emergency approval to become commercial banks, a private wealth manager & college fraternity brother said, "We've just witnessed the end of Wall Street as we know it." While I follow the financial markets closely, meltdown or not, I had not really grasped the fact there is very little of what we think of as "Wall Street" left. That conversation was on a Monday, and by that Sunday, I was opening the New York Times Sunday Business section to the giant headline, "Wall Street, RIP". 

With that thought having marinated in my head for a week, it really hit home this morning. Having worn most of my favorite suits last week, the only one I hadn't worn in a while is my Wall Street baller suit -- a Brioni three-piece navy pinstripe number. The fabric was the inspiration for our gift wrap, business cards, promotional postcards, and even the header atop our website. It begs for French cuffs, shiny cufflinks, a brash tie, and expensive shoes so I obliged.

But standing in line for a latte and croissant this morning at a local bakery, watching the Dow plunge 500 points on my iPhone, I felt like a total a$$hole. And I'm not even peripherally involved in this mess. Just wearing clothes evocative of the Wall Street lifestyle was enough to make me feel guilty. So what now? Do we remove the Wall Street lifestyle from our site? Rename it? Replace it with something new? We'd love to hear your thoughts!  

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Comments:

I think it is premature to write the obituary on Wall Street or the Wall Street lifestyle and I think history bears that out. This is not the first plummet the American-or other economies-have experienced and ultimately survived. Certainly, things will be different. Just as the 1929 crash facilitated the formation of the SEC so too will this major crisis in the markets bring about new regulations and ways of doing business. But don't delete the Wall Street Lifestyle from your site. Wall Street represents the free market economy and the courage, boldness, risk-tolerance and confidence that are essential to innovation and prosperity. Those characteristics in America and in many of her citizens are bruised, but certainly not deceased!

Posted by Colin Geiger on October 09, 2008 at 02:32 PM PDT #

Agree with Colin Geiger on not wanting to throw in the towel so quickly. Lived on the West Coast pretty much all my life, so the Wall Street Lifestyle isnt really that interesting - no disrespect intended.. There will always be those that thrive on this life and it would really be ok given all that has been accomplished because of it, but for crying out loud, can we find even a few honest, really honest people, around there? I think everyone would have fared better through all of this if the people at the top were truthful, dont you think ? I just dont see how anyone can ever really be happy, knowing they screwed so many innocent people in the process..
The W/S Lifestyle will live on, but its got alot of stains on that Brioni suit.. Hope it can get its credibility back.

Posted by Dan Franco on October 09, 2008 at 03:34 PM PDT #

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