AFP
December 6, 2008
The hedge fund dealers partied at a New York nightclub like there was no tomorrow — which for some was probably true.
- A d v e r t i s e m e n t
Swilling martinis and vodkas, they filled Manhattan’s white, tent-themed Nikki Beach to bursting. Waiters, trays of tapas held high in the air, became stranded, wedged into crowds swaying to music under pink lights.
About 650 guests attended the event late Wednesday, a third more than organizers expected.
Yet with hedge funds in freefall, this was more funeral wake than celebration.
“The industry is down 20 percent. It’s by far the worst environment we’ve ever seen and we’ll see a lot of funds going out of business,” said Evan Rapoport, co-founder of HedgeCo Networks, which services hedge funds and organized the party.
The evening was billed as a networking session. Sometimes that meant angling for a particularly special deal.
“A lot of people are looking for a job,” said Nicole Alexander from Ovation Group, a corporate travel company.
“There is no stigma now because so many people have lost jobs,” she said. “The joke is that the new status symbol, instead of a Porsche or Ferrari, is having health insurance and a desk.”
Job losses across Wall Street are forecast by New York state accountants to hit 48,000 by the end of next year.
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