Tuesday, October 14, 2008

How the Super-Rich Are Surviving the Meltdown | Newsweek Business | Newsweek.com

The bottom line, so to speak: on the Upper East Side, where I have lived for 30 years in a few buildings on the same street, I've never seen a mood quite like this one. Everyone is just plain scared, but no one is talking specifics. The thing about rich people is you never know exactly how rich they are or where their money is. Some of my neighbors are a hundred times richer than I will ever know. Others have a palatial city apartment and a house on Gin Lane in Southampton, but very little cash. So they may look rich from the driveway, but they actually sweat the bills each month. Figuring out who's been hardest hit means knowing where their assets lie: art, real estate and piles of cash and Treasury bills; others were rich mostly in the now worthless stock of the Wall Street companies they worked for.
How the Super-Rich Are Surviving the Meltdown | Newsweek Business | Newsweek.com
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