Everyone’s favorite man-in-white and author of Bonfire of the Vanities, Tom Wolfe, wrote an op-ed piece for the The New York Times over the weekend telling readers that the men he deemed “Masters of the Universe,” that is, the “ambitious young men…who, starting with the 1980s, began racking up millions…in performance bonuses at investment banks,” will face their own apocalypse tomorrow, September 30.
Why? These men left Wall Street for Greenwich Connecticut, Wolfe says, “abandoning investment banking for hedge funds six years ago.” But, Wolfe claims, while they and their hedge funds are still kickin’, unlike the investment banks they once worked for, these Masters of the Universe aren’t getting off scott free.
Tomorrow, September 30, marks the first of several dates that are designated times when people can withdraw their investments from hedge funds. And Wolfe explains, “Even with these strict caps on withdrawals, some funds may end up nothing but shells.” Boo hoo.