Schadenfreude: Tough Times For the Wealthy

From Floyd Norris at NYT:
"I point out some of the advantages that accrued to those of us who never managed to get lots and lots of dollars together.

1. We never got used to spending large bonuses. A cap of $500,000 on annual cash income would not present a serious problem in lifestyle maintenance.

2. We never got to invest in hedge funds. So we never found out out that our fund’s manager had invested in C.D.O’s, or had gotten those nice returns by funneling money to Bernie Madoff (TW: or Sir Allan Stanford)

3. We never had any reason to open a secret Swiss bank account. So we did not quake in fear when we read today that UBS has decided to tell the American tax authorities about the ways we used those accounts."