Best to hide that bling because the bling police are coming after you.
Italy and Greece have been pumping resources into their bling police. This new and sinister 1984 / Minority Report squad of socialist agents are pouncing on those who flaunt their wealth. The regulators are successfully prosecuting hedgies for market abuse (Hank Paulson of course has avoided any such problem) and in Italy those who drive fast red cars are being reported to the tax authorities.
As most of you know, the inherited rich like to keep their wealth hidden. So taking a leave out of their books, my car of choice (notice that is singular) is a beaten up Toyota and home and possessions are held in the name of an offshore nominee company (no utility bills in my name alas so a nightmare trying to do anything these days that involves Know Your Client). Cash is my best friend and my cellar has been converted into a bullion vault.
My clothes are tatty but my teeth and fingernails are nicely manicured and keeping a six pack doesn't cost much.
Poverty is the new black.
Film finance tax loopholes (telegraph)
Italian bling (bloomberg)
Oxfam to open up on New Bond Street.