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Article: Wall Street bonuses have big ripple effect; Record cash rewards from investment banks boost local economy.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- December 20, 2006
CopyrightCOPYRIGHT 2006 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ADAM GOLDMAN - Associated Press
NEW YORK - When Michael Aaron learned that Wall Street investment banks were going to be shelling out record bonuses this holiday season, the savvy wine merchant uncorked his own plan to make serious dough. He paid for a double-page advertisement in The New York Times, boasting a rare bottle of 1995 Dom Perignon. The price tag: $14,950.
"We thought we'd put this temptation out there," said Aaron, chairman of Sherry-Lehmann wine store on Madison Avenue.
The five-figure bottle of bubbly is just one example of how record Wall Street bonuses this year can trickle through New York City's economy. People are ...