01 December 2008

Macquarie Bank throws lavish Xmas party

News Ltd reports that Macquarie Bank has spent hundreds of thousands of dollars on one of the most lavish Christmas parties held in Sydney, despite the financial crisis.

News Ltd says that while other companies cancelled or downgraded their end-of-year parties as 2008 ends in financial disarray, the so-called "millionaire factory" spared no expense, hiring Cockatoo Island on Sydney Harbour to stage a gothic extravaganza last Thursday.

The company, which may be forced to shed jobs as the share price and the value of mum-and-dads' portfolios crumble, transformed a huge hall into an eerie cathedral, complete with candelabras, coffins and church pews.

ARIA award-winning dance act The Presets were hired for a private performance for about $30,000, including set-up costs.

Following an afternoon of drinks and food while cruising around Sydney Harbour in four chartered boats, more than 1,000 staff and guests arrived at the Cockatoo Island venue where they had the choice of two bars - one of them dedicated to shots.

Promotional girls provided alcoholic shots from water pistols in scenes more suited to Schoolies Week, while waiters and waitresses had their faces painted with vampire-esque make-up.

Alcohol, including Remy Martin cognac at $3,500 a case, was shipped in to the venue by the pallet load.

In one concession to the tough times, there was no Moet. Instead, the champagne served was Chandon NV Brut, at a modest $23 a bottle.

News Ltd says professional party planners estimate the affair cost between $600,000 and $1 million, including the afternoon cruises, transport to and from the island, the hiring cost, set-up costs, catering, security, flights and accommodation for interstate staff.

A Report by The Mole