The weekly voice of En Passant bringing you up to date
discussion in hospitality, leisure travel and tourism

Quote of the Week

"There's no such thing as same-sex marriage. Sex is never the same after marriage."

Overheard at a Prop 8 rally, courtesy of Andrew Sullivan's blog

"Conspicuous consumption is out"

According to Hilton's Chief Executive Chris Nassetta the mentality of the consumer has changed dramatically in light of the economic downturn, even though the desire from people to travel and stay in hotels remains.

Fact of the week

CNBC has its own slide show of embarrassing comments

Slide 10:
"In today's regulatory environment, it's virtually impossible to violate rules...it's impossible for a violation to go undetected, and certainly not for a considerable period of time."

Well-known investment guru Bernard Madoff, Oct. 27, 2007.
Madoff was arrested in December, 2008 and has since pleaded guilty to running a $50 billion Ponzi scheme, the biggest financial scam in history. He misled hundreds of investors around the world for years.

Slide 6:
"Lehman is a takeover target...I upgrade to buy".

Dick Bove, banking analyst at Ladenburg Thalmann on Aug. 21, 2008.
Within three weeks, Lehman Brothers filed for bankruptcy. The stock went from $14 a share to $0.

Slide 3:
"Categorically no."

Lehman Brothers CFO Erin Callan responding on March 18, 2008, to the question as to whether the firm would be the next to go out of business.
Callan was ousted from her job in June. In September, Lehman Brothers filed for Chapter 11 bankruptcy protection.

Slide 2:
"We had $17 billion of cash" at the end of last year, and "that liquidity cushion has been virtually unchanged."

Bear Stearns CEO Alan Schwartz telling CNBC in a March 12, 2008, interview that he is not aware of any liquidity problems at the firm.
Two days later, Bear Stearns, the fifth largest U.S. investment bank, was forced to seek emergency funds from the Federal Reserve and JPMorgan Chase. The firm was taken over by JPMorgan that weekend for $2 a share, which was later raised to $10.

http://www.cnbc.com/id/28435645/?slide=1

hotcatUK Live

This is a monthly networking event for members of hotcatUK.

They are the perfect opportunity to catch up with fellow hotel and catering professionals, make new contacts and discuss the hottest topics affecting hospitality in a relaxed atmosphere.

This month hotcatUK Live takes us to Bureau, a private and discrete late night members bar with unparalleled exclusivity and sophistication and home to two of the most talented mixologists in the UK. This is a rare opportunity to visit an exclusive private member's bar which, for one night, welcomes hotcatUK members to enjoy the timeless, glamorous and luxurious style the venue offers.