It isn’t just the “Real Housewives” who are over-leveraged and living large. Even after the economic crisis mowed down many of the indebted rich, the wealthy continue to borrow to support their lifestyles.
In a column in the Washington Post, market strategist Barry Ritholtz said many of today’s bankers, lawyers and doctors have become so dependent on their ever-increasing salaries that they become slaves to their jobs.
“The big banks, investment shops, law firms and accountants have learned how profitable it is to have ‘golden handcuffs’ on their best employees. These highly-leveraged, debt-laden wage slaves will work harder, put in longer hours and stay with the firm longer than those debt-free workers.”