Main Street

Wall Street Making Noise, Wall Street Hiding Out

A couple different responses to the fact that everyone but a few congressional Republicans hates Wall Street bankers, their giant bonuses, and that whole “creating an economic crisis” thing.

Some bankers held a – well, they called it a rally, but apparently it was more of a press conference – to launch an organization called restorewallstreet.com, to defend their honor:

Before the rally began, Mr. Belesis explained that he had begun thinking about forming this group in the last month or so as he heard “the repeating, relentless attacks on Wall Street.”

“I wanted the people who work on Wall Street to be heard,” he said.

Wayne S. Kaufman, the firm’s chief market analyst, alluded to the insulting and “infantile language” like “fat-cat bankers” emanating from President Obama.

“At the end of the day,” he said, “we’re citizens of the United States, too.”

Exactly how the new organization will function was left unclear, though Mr. Belesis said it would stage events and put up signs.

Indeed. The problem with this country is that Wall Street hasn’t been heard enough. Working people making $50,000 a year get so much more of a platform than bankers making millions in bonus alone.

Not everyone on Wall Street is jumping up and down looking to make noise. Some of them are trying to go under the radar—but that doesn’t mean they plan to change anything beyond how ostentatious they are about their luxury purchases:

As much as Wall Street executives are seeking value, decisions are also based on whether they (and their new possessions) can hide in plain sight. A case in point: Manhattan Motorcars offered two lease programs in December, each costing about $100,000. The first was a one-year lease for a Rolls-Royce Phantom Drophead Coupe with embroidered headrests and a brushed steel hood. The second was a three-year lease for a Bentley Flying Spur or GT convertible, both of which are more understated than the Rolls.

Brian Miller, the owner of Manhattan Motorcars, said the Bentleys were more popular with Wall Street executives, not because they were less expensive, but because they attracted less attention. “They said they wanted to tone down their exposure and get something more staid and sedate,” Mr. Miller said. “Later on they said they could come back and get something flashy.”

These, bear in mind, are the people who are going to be trying to convince us all that a Financial Crisis Responsibility Fee would be super-unfair, and would leave them no choice but to pass it on to the consumer. Because clearly they, the bankers, have already been cut to the bone.

Tags: Wall Street