Thy Pyramids, Built up with Newer Might

[steepholm]

According to a programme I heard on the radio yesterday, back in the days when bankers got obscene bonuses rather than just ridiculous ones - that is to a say, a couple of years ago (and also a couple of years hence, as the programme made very clear) - they would often use them to buy property in cash. "A flat in Knightsbridge? Look at my wad!" If not property, they would buy fast cars, or Rolex watches.

Well, I do find it possible to understand spending a lot money on a flat in Knightsbridge. After all, you can then live in it, and the more you spend, the better flat you get. It's also, potentially, an investment you can resell, and maybe even make a profit. It makes sense that a banker would think in those terms.

I also find it possible to understand spending a lot of money on a fancy car, though I'd never want to do it myself. After all, you can then drive it, and the more you spend, the better car (roughly speaking) you get, or at least I assume so. Admittedly, cars depreciate rapidly in value, so it's not much use as an investment, but in the meantime you can feel the wind in your hair.

What I can't understand is why people would spend thousands of pounds on a Rolex watch. After all, you can buy a watch that will keep perfect time for, say, £30, and your Rolex won't do a jot better job of being a chronometer. Nor can you expect to resell it at a profit. The only point of a Rolex, as far as I can see, is to let people know that you're a dick rich. But if you want to do that, you'd still be far better off buying a fake Rolex at a fraction of the price. At least, that's how I imagine I would view it if I were a banker - and yet it's the bankers who buy them.