Are the lavish holiday parties that we've known for years on Wall Street a thing of the past? Both Lazard and Morgan Stanley have cancelled their company-sponsored holiday parties, according to DealBreaker. Morgan Stanley is instead going to donate funds budgeted for the party to "those truly in need."
The parties are probably victims of the Wall Street bailout. The firms are strapped for cash but these parties are a negligible expense in the larger scheme of things. Rounding errors in a world of mulit-billion write downs. But the flak that AIG has been catching for management retreats and employee con-fabs probably has Wall Street running scared. The last thing the managers at Morgan Stanley want is for Congress to say they are buying champagne and canapes with taxpayer money.
We're expected a lot more of this kind of thing in the coming months. If your firm cancels its party, please send us an email or text us at 646-526-FEAR.
