The rich are not so different after all: Hamptons town struggles with $12M defic

[Ptarmigan]

The rich are not so different after all: Hamptons town struggles with $12M deficit
By FRANK ELTMAN
Associated Press Writer
4:56 PM EDT, August 8, 2008
 
EAST HAMPTON, N.Y. (AP) _ The social calendar is still a whirl of glamorous lawn parties, wine tastings, gallery openings, beach get-togethers and gala benefits in the Hamptons, the summer playground for the millionaire Learjet Set. But down at Town Hall, the local government could use a handout.

East Hampton, one of the main towns on the eastern end of Long Island that make up the Hamptons, is burdened with a deficit that could exceed $12 million. And that has become a rich source of irony, given the community's spectacular wealth and its concentration of Wall Street money-management talent.

"LEA$T HAMPTON IS GOING BROKE; GLAM TOWN $12M IN THE HOLE," screamed a recent New York Post headline.

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Cries of poverty in the Hamptons!