12/22/2007 - Christmastime is bonus time on Wall Street, and the Gucci set has been blessed with another record harvest.
Forget the turbulence in the financial markets and the subprime debacle. Forget the dark clouds of a possible recession. Bloomberg News tells us that the top securities firms are handing out nearly $38 billion in seasonal bonuses, the highest total ever.
But there’s a reason to temper the celebration, if only out of respect for an old friend who’s not doing too well. Even as the Wall Streeters are high-fiving and ordering up record shipments of Champagne and caviar, the American dream is on life-support.
Read the full article Nightmare Before Christmas on The New York Times Web site.