Feminist alert: Millionaires' mistresses and wives are biggest victims of financial crisis - 5-Jul-2009 - Generational Dynamics

Generational Dynamics Web Log for 5-Jul-2009

Feminist alert: Millionaires' mistresses and wives are biggest victims of financial crisis

Abusive, controlling husbands are forcing wives to do their own cooking and cleaning.

The first signs of this new form of abuse came last November, when a study of millionaires showed that these men were taking the financial crisis out on their mistresses:

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"According to a new survey by Prince & Assoc., more than 80% of multimillionaires who had extra-marital lovers planned to cut back on their gifts and allowances. ...

“Rich people are getting hit, and they’re all expressing the need to curtail unnecessary spending,” said Russ Alan Prince, president of Prince & Assoc., a wealth-research firm based in Connecticut. “Lovers are part of the same calculation.” ...

Fully 82% of men in the study said they planned to lower the allowances to their mistresses, while more than three quarters planned to provide fewer gifts, less expensive gifts and fewer perks, like jet rides, resort vacations and top restaurant meals."

It's a symptom of how misogynistic our society is that these women have to suffer just because of the financial crisis.

But now a study shows that even more women are being abused -- specifically, the wives of hedge fund managers.

According to a new study by Tatiana Boncompagni Hoover:

"On a recent sunny afternoon in New York City I was talking with a girlfriend who happens to be a hedge fund wife. She was complaining about her husband, once a highly compensated trader whose fund had closed down and who now, in her opinion, wasn’t doing enough to find a job. The couple had been bickering non-stop about their cashflow problems. From behind a pair of oversized black lenses, she confided in me that she was at her wit’s end and was considering pulling the plug on the relationship. “I didn’t get married for this,” she whimpered, adding ruefully, “Do you know I have to take the subway now?” ...

Life for New York’s hedge fund wives has changed dramatically. Almost half the city’s 1,000 hedge funds have disappeared. Globally, 10,000 hedge fund workers lost their jobs last year, and a further 20,000 are expected to be out of work this year. An industry that was once worth about $1.9 trillion is now worth half that. ...

As a New Yorker living among financial kings and wizards, it is hard to avoid getting caught in somebody else’s awkward moment. Not too long ago my husband and I were invited to the apartment of an extremely successful hedgie for dinner. Five of us were sitting around the giant coffee table, enjoying our cocktails, when one woman remarked that the hedgie’s wife, who also works in the industry, was likely to out-earn her husband that year. The silence was deafening. I expected someone — the husband, the wife or the silly cow who had made the gaffe — to attempt to make light of the situation, but it turns out that when it comes to money matters, these people don’t have much sense of humour. ...

Here in New York there is a quiet revolution taking place. The once-almighty hedge funders are finally getting their comeuppance and almost everyone is happy to have a bird’s-eye view of their long (and, thus, quite entertaining) fall from grace."

Maybe it's the male hedge funders getting their comeuppance, but it's clear that their wives are the ones being victimized. Abusive and controlling husbands are forcing their wives to do their own cooking and cleaning.

As feminists like to point out, all men are abusers and all women are victims in this misogynistic society of ours, and this is just one more example. It's time for all of us to join together with feminists to stamp out this cruelty and victimization of millionaires' mistresses and wives.

(Comments: For reader comments, questions and discussion, see the Gender Issues thread of the Generational Dynamics forum.) (5-Jul-2009) Permanent Link
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Generational Dynamics Web Log for 5-Jul-2009 Feminist alert: Millionaires' mistresses and wives are biggest victims of financial crisis

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Generational Dynamics Web Log for 5-Jul-2009
Feminist alert: Millionaires' mistresses and wives are biggest victims of financial crisis