Bonfire Revisited

In his 1987 novel, The Bonfire of the Vanities, Tom Wolfe told a story about a multi-millionaire bond trader on Wall Street named Sherman McCoy. It’s a story of power, greed, race, lust, and manipulation. McCoy’s life, filled with champagne, expensive artwork, million dollar Manhattan apartments, limousines, extramarital affairs and money comes crashing down when on their way home from the airport, he and his mistress accidently run over a young black man. They leave the dying man in the street, agreeing to not call the police.

The story is manipulated by the journalist that reports it, then used for political gain by the D.A. who prosecutes it. Manhattan socialites pick sides. The finger of blame is pointed generously. Almost lost in the mess is the tragedy of the young man’s death.

The Bonfire has been playing out in real life in recent weeks.

Former AIG CEO, Martin Sullivan, and Lehman Brothers CEO, Dick Fuld, have been testifying to Congress for two days. The Wall Street execs have played dumb and ignorant. They refuse to accept responsibility for their gross mismanagement. Lehman Brothers paid three executives bonuses totaling $20 million before the company collapsed. AIG posted a fourth quarter loss in 2007 of $5 billion. For that accomplishment, Martin Sullivan was paid a $5 million bonus. A week after AIG was bailed out by taxpayers, executives at the company blew almost $400,000 on a party in Orange County, CA ($200,000 on rooms, $150,000 on meals, $23,000 on massages and facials, and $7,000 on golf).

The politicians have used the hearings to grandstand, pander, aide their party’s Presidential nominee, and deflect public anger. After all, it was the politicians who enacted legislation that allowed and encouraged the reckless greed that has set Rome ablaze.

They should all be thrown into the bonfire.

We should blame ourselves for not doing so.