How the mighty have fallen

From an article on the plight of the ultra-wealthy in New York, who are feeling the pinch as a result of the credit crunch:

 

'Justin Sullivan, managing director of Regent Jet, which leases private airplanes, said most clients in real estate and on Wall Street are switching to chartered jets over private jets, and cutting their flight budgets by about 25 percent. One New York real estate developer cut his budget to less than $250,000 a year from $1.5 million a year.

 

"A year ago, he would have only flown Gulfstreams," Mr. Sullivan said. "Now it's moving to the point where he's flying Beech jets and Learjets."'

 

- New York Times, 1 June 2008