Daily Intelligencer, 10/26/06

October 26, 2006

A Possibly Bullshit Theory on the Cosmic Meaning of Goldman Partnerships
The biennial Rite of Riches is here again: Yesterday, Goldman Sachs unveiled its new partner managing directors — 115 of the lucky bastards. It’s the finance world’s ultimate prize, not least because PMDs get a share of the firm’s revenue. Based on Goldman’s projected 2006 intake of $36 billion, these hard-working ladies and gentlemen stand to rake in about $9 million apiece this year alone. It’s a cause for celebration, of course. But it’s also a reason to polish up résumés. Because unlike at practically every other company in the world, when you reach the top of your game at Goldman, it’s the exact moment you start contemplating your next job…..

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WIRED, October 2006

October 1, 2006

The merely superrich buy land. The ultrarich make their own, using special ships called trailing suction hopper dredgers. These leviathans can hoover up to 835,000 cubic feet of sand per hour from the ocean floor and spit it out in a new location with the precision of an engineer. The vessels were originally designed to dredge waterways and repair storm-damaged coastlines. But the Rotterdam, owned by Dutch dredging firm Van Oord, is “rainbowing” sand into the Persian Gulf off the coast of Dubai to help build The World, an artificial archipelago of privately owned islands that will eventually resemble a map of Earth. Next up: Van Oord will terraform Palm Deira, another island destination for Dubai’s elite. “Instead of buying half of Manhattan or London, they’ve decided to invest in their own country,” says Bert Groothuizen, Van Oord’s marketing and PR manager. When it’s finished, Palm Deira will cover 57 square miles – requiring a cool 35 billion cubic feet of sand. The cost: $3.2 billion. But check out the location!