When the Post reported yesterday that a former Bear Stearns employee named Gary Reback had filed suit against JPMorgan, claiming that they were now responsible for the $2 million bonus and $1.1 million severance package Bear owed him when it went up in smoke, we couldn't understand why a guy with a few million in his coffers and a small, fey dog would put himself out there like that. Doesn't he know there's a Rich Hunt on? But now we think we understand: Reback and his wife have been forced to downgrade dramatically in the wake of the financial crisis. Cityfile reports:
A neighbor of the Rebacks in Scarsdale wrote in this morning to tell us that Mrs. Reback was frequently spotted driving around town in a Mercedes G-class SUV. Until recently, that is, when the Rebacks traded in the fancy Mercedes for a Honda Pilot.
And apparently, this problem is epidemic:
"They're not the only ones," says the tipster, who we have confirmed is not part of Honda's PR team. "For the wives of unemployed bankers in Westchester, the Honda Pilot is the new 'It' car."
You know what this calls for?
Turning Japanese - The Vapors
Bear Stearns Exec Trades Down in Scarsdale [Cityfile]