Not that we care or need to comment on personal circumstances of people, but in this situation it is indicative of the excess that Wall Street Banking had come to represent. 

Richard Fuld Jr. and his wife, Kathy, a well-known collector of modern art sell art | WSJ

It could also evoke the plight of its owners, Richard Fuld Jr. — chairman and chief executive of Lehman Brothers Holdings Inc., the bankrupt holding company — and his wife, Kathy, a well-known collector of modern art.

The sketches were consigned in early August following a competitive bidding process between Christie’s and Sotheby’s. Christie’s wouldn’t confirm the identity of the seller but says the total presale estimate of the works is between $15 million and $20 million. The auction house also confirmed the deal included a guarantee, an undisclosed sum promised to the seller whether or not the works sell.

The drawings will be shopped to potential bidders in Moscow and London before being offered Nov. 12 during the fall auctions in New York.

The lives lived here have nothing to do at all with personal wealth and everything to do with excessive spending by the Bank.  Where we see the helicopter being sold this soon after last weeks bankruptcy tells the obvious story that he has nothing other than what the company pays.

Mr. Gregory also has sold the helicopter that he used to commute to work from his home in Huntington, N.Y., according to a person familiar with the matter. Rumors that Mr. Gregory is in serious financial trouble have dogged him for weeks, but a person familiar with the situation says his finances are fine.

Relevance to Bankwatch:

I think few of us have no issue with people aspiring to doing well and accumulating wealth.  However the lives lead by the Wall St Investment bankers are clearly over the top.  I think its safe to note that people in that situation who did not come by wealth “the old fashioned way” have clearly forgotten their first step in life and that leads us to question their judgement when evaluating investments.  It also leads us to question which Banks should be allowed to live and which not.  I think we see now why Lehmans was allowed to fail.