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Rich bankers burn money on The French Riviera while Wall Street potholes become Grand Canyons!

 

DOZENS of wealthy Barclays bankers 

enjoyed a lavish jaunt to the French Riviera – 

as millions struggle in the 

grip of the credit crunch, 

Charlotte Spratt reports for 

The U.K. Sun September 29th.


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News of the trip, including a party 

in Monte Carlo, came BEFORE lawmakers 

yesterday finally backed a £400billion 

plan to save America’s financial 

system and avert global economic disaster. 


And last night it emerged that troubled 

mortgage lender Bradford & Bingley 

was set for nationalisation.

More than 100 employees from 

Barclays Private Equity soaked up 

the sun at the Royal Riviera Hotel 

in Saint Jean Cap Ferrat, 

near Nice in the South of France – 

where suites cost up to £1,800 a night.

.


The fat cat financiers – 
from offices in Paris, Milan, London, 
Madrid, Manchester and Birmingham – 
chatted in the hotel’s upmarket 
Mediterranean Lounge.

Some at the 48-hour conference 

then spent the night at the piano bar, 

quaffing expensive booze – 

hours after discussions on how 

to plot a course through the 

crushing credit crunch.


Champagne there is £16 a glass 

and cocktails about £14 each, 

while a three-course dinner at 

the hotel restaurant costs 

£120 per head, 

including dishes like milk-fed veal 

and hand-dived scallops.

.




Limousines were later hired to ferry 

members of the group to nearby 

Monte Carlo, 

where they carried on partying in 

some of the world’s priciest 

clubs and bars.


One Briton staying at the hotel said: 

“It was a totally shameless display of 

extreme wealth at a time when millions 

back at home are struggling with debts. 

While youngsters can’t get mortgages 

and financial institutions are on 

the brink of bankruptcy, 

these overpaid bankers seemed 

not to have a care in the world.


“They were lapping up five-star luxury and 

talking of their party night in Monte Carlo 

as if the banking industry was in rude health.”


A hotel source confirmed that a group 
from Barclays’ Private Equity division 
were there last Thursday and Friday.


One guest told how he saw some 

of the bankers in Monte Carlo. 

.


He said: 

“They were in the Stars ’n’ Bars club 

drinking £100 bottles of champers 

and eating canapes.

“I was a bit aghast they were so 

jolly given the credit crunch.”

Barclays denied staff acted irresponsibly. 

A spokesman said: 

“It was a low-key conference and all staff 

behaved responsibly as we would expect 

at this time of money concerns.”


A Barclays insider said: 

“We were all on best behaviour. 

It wasn’t that glamorous,” 

The bank, which days ago pushed up 

mortgage rates on its best deals, 

is sitting on £17.4billion in 

structured mortgage debt.

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