The WASP story is personal for me. I arrived at Yale in 1971 from a thoroughly mediocre suburb in New Jersey, the second-generation hybrid of Irish and Italian stock riding the postwar boom. Those sockless people in Top-Siders, whose ancestors’ names and portraits adorned the walls, were entirely new to me. I made friends with some, but I was not free of a corrosive envy of their habitus of ease and entitlement.
I used to visit one of those friends in the Hamptons, in the 1970s, when the area was about wood-paneled Ford station wagons, not Lamborghinis. There was some money in the family, but not gobs, yet they lived two blocks from the beach—prime real estate. Now, down the road from what used to be their house is the residence of Ira Rennert. It’s one of the largest private homes in the United States. The union-busting, pension-fund-looting Rennert, whose wealth comes from, among other things, chemical companies that are some of the worst polluters in the country, made his first money in the 1980s as a cog in Michael Milken’s junk-bond machine. In 2015, a court ordered him to return $215 million he had appropriated from one of his companies to pay for the house. One-hundred-car garages and twenty-one (or maybe twenty-nine) bedrooms don’t come cheap.