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March 14, 2007
The Compulsive Shopper as I-Banker
Completely frivolous stuff, but the story of ex- Goldman Sachs i-banker Christiana Stamoulis and her $63,169 annual clothes expenditures is about as insightful into banker culture as anything more serious you'll read in Fortune. The story only became public because Ms. Stamoulis tried to claim a deduction on charitable donations for designer clothing she bought and wore only a couple of times.Petitioner describes herself as an "impulsive buyer" whose annual expenditures for clothing and shoes might be deemed by some to be rather extravagant. Furthermore, it appears that her wardrobe is constantly changing. According to petitioner, she routinely purchases designer clothing and shoes, wears the items once or twice, and then donates them to an upscale thrift shop in New York, New York. Despite the fact that her 2002 income was substantially less than usual, petitioner claims not to have modified that routine during that year.As an aside, what self-respecting i-banker only earned $114k in 2002? Nevertheless, read the Bloomberg story, and the lovingly detailed IRS decision.
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If you're going to wear designer clothing, you probably don't eat anything anyway!
Unless she was married, had a partner or shared an apartment or was rich already, where was the money left over for food and shelter?