A Brief History of Mardi Grass

Mardi Gras isn’t all nudity and drunken debauchery (though, yes, there is definitely nudity and drunken debauchery). From King Cakes to Mardi Gras Indians, TIME takes a look at the unique traditions of New Orleans’ Carnival season.

Origins

Literally meaning “Fat Tuesday,” Mardi Gras is the culmination of a weeks-long Carnival season that ends on Ash Wednesday. While impromptu foot and horseback parades had been a regular New Orleans occurrence for decades, it was in 1857 that the first “krewe” — private groups with semi-mythological namesakes that organize thematic parades — was established. This 1879 picture details a parade by Rex, an all-male krewe whose leader is known as the “King of Carnival.” The Krewe of Rex established the official Mardi Gras colors of green, gold, and purple.

Let’s Mask

With it’s mixture of Caribbean, Spanish, and French influences, New Orleans’ Mardi Gras adopted the latter nation’s affinity for masked balls and celebrations. In a little more than 150 years, Mardi Gras has only been canceled about a dozen times, typically for disease (yellow fever in the late 1870s) or conflict (the Civil War and both World Wars).

Carnival Royalty

The hierarchy of New Orleans society is on full display during Mardi Gras. In the past, Krewes were often private organizations that held formal, ritzy balls closed to the public. When the city council passed a 1992 ordinance that required krewes to be more inclusive, three of the oldest groups disbanded rather than give up their exclusivity. One of the more inclusive — if ostentatious — traditions is the presentation of the Mardi Gras King and Queen, such as in this 1941 picture.

100 Years Strong

White New Orleans society wasn’t the only group that celebrated Carnival. The city’s significant African American community, subject to its fair share of segregation, started parading in 1909. Named Zulu, after the African tribe, it is said to have been founded in mocking response to the highfalutin Rex parades. In 1949, the Zulu Krewe was the first to crown a celebrity king, Louis Armstrong. And while it experienced a period of profound unpopularity among socially-minded African Americans in the 1960s — Zulu parade participants wore blackface — it effectively integrated Mardi Gras when its parade rolled down New Orleans’ main thoroughfares. Previously, it had been limited to back streets in black neighborhoods. Today, the Zulu Krewe, which rolls on Fat Tuesday, puts on one of the season’s most popular parades.

Light My Fire

Nighttime Mardi Gras parades feature flame-wielding “flambeaux carriers,” who harken back to days when streets were not as well-lit. Interspersed between the elaborate parade floats, which are now themselves brightly lit, the flambeaux carriers spin, twirl and dip their bodies — all while keeping their torches aflame. Most carriers were initially slaves and free African Americans, and the tradition of tossing them coins continues to this day.

A Family Affair

Many Americans associate Mardi Gras with drunken debauchery and women baring their breasts for cheap colored beads. But most of the season’s celebrations take place outside of the raucous French Quarter, in family-filled neighborhoods such as the tree-lined Garden District. There, parents and kids await daytime parades, many utilizing modified ladders with seats on top. There, children are ideally positioned to catch beads and other “throws” — plastic coins, stuffed animals, cups, Frisbees, etc. — from passing floats. During Carnival season, tree branches along popular parade routes are often covered with hanging sets of gaudily colored beads

A Rowdy Affair

OK, Mardi Gras’ reputation as an alcohol-fueled, nudity-filled bacchanal is not completely unearned. In 1973, a ban was established on Krewe parades in the increasingly rowdy and narrow streets of the French Quarter. In subsequent years, tourists and other drunken fools descended on the Quarter (especially the particularly saucy Bourbon Street) en masse, and the tradition of showing skin for beads began. Native New Orleanians despise the reputation, and rarely venture into the Quarter during Carnival season.

Don’t Eat the Baby

In a city well renowned for its food culture, the act of purchasing a King Cake is a beloved part of Mardi Gras. Sold only during the Carnival season, king cake is a large braided Danish pastry, typically spiced with cinnamon and covered with green, purple, and gold sugar, corresponding to Mardi Gras’ colors. Socked away inside the cake is a tiny plastic baby, and whoever discovers the little tyke in their slice is required to buy the next king cake (or host the next party).

Tribal Traditions

One of New Orleans’ more unique sights is that of two Mardi Gras Indian tribes facing off on a street corner. The Indians are said to be a way for African Americans to pay tribute to Native Americans who helped their slave ancestors escape their masters. New Orleans is home to dozens of Mardi Gras Indian tribes, who each have their own special chain of command and who spend an entire year working on their elaborate feathered and beaded costumes, each of which is worn only once during Mardi Gras season. When two tribes encounter each other, a ritualized, theatrical performance full of chanting, singing, dancing, and bluster ensues.

Indomitable Spirit

After Hurricane Katrina slammed into the city in August, 2005, many thought that Mardi Gras would have to be postponed for the first time since World War II. Residents, however, would hear nothing of it. Absent all the fancy trappings, the city held an abbreviated Carnival whose official parades rolled through the less devastated areas of New Orleans. This unofficial parade, however, marched through the ruined lakeside neighborhood of Gentilly. While the city’s population has not yet returned to pre-Katrina levels, Mardi Gras celebrations have grown unabated.

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The 10 people most reponsible for the recession

The global financial crisis has evolved into a worldwide recession of epic proportions. Analysts fear the sudden slump which has followed the credit crunch could even rival the Great Depression of the early 1930s and lead to global stagnation.

But who is responsible?

The bursting of the housing bubble and the collapse in confidence throughout financial markets was not caused by one individual or a single decision, so pointing the finger of blame is a near-impossible task. But Times Money has given it a shot anyway. Here are ten suggestions for the nine men and one woman responsible for the mess we’re in. Once you have read our notes, vote in our poll and make your own suggestions in the comment box at the end of the piece. 

1. Dick Fuld

Multi-billionaire and US squash all-star Dick Fuld, 62, was CEO of Lehman Brothers when it went bust in September last year. Dubbed the “scariest man on Wall Street”, Dick Fuld is blamed for a litany of mistakes that include leaving Lehman Brothers heavily exposed to toxic US sub-prime mortgage debt and other assets that collapsed in value in the wake of the credit crunch.

His secretive work ethic, which rewarded loyalty over all else, has been criticised for silencing potential whistleblowers. In its final months a series of interested buyers surfaced to save Lehmans, but Mr Fuld would not sell at the prices offered. Had he acted sooner, he would have been able to avoid bankruptcy. Institutional Investor magazine named Dick “America’s top chief executive” in 2006. The collapse of Lehmans triggered the second destructive phase in the credit crunch and laid the foundations for a full blown global recession.

2. Hank Paulson

If Dick Fuld is responsible for the collapse of Lehman Brothers, Henry Paulson, the former US Treasury Secretary, is the man who let it happen. Anatole Kaletsky, of The Times, says: “The global banking collapse could perhaps be described as a bullet in the head, since its proximate cause was a conscious decision by the US Treasury to jeopardise the stability of the world economy in pursuit of an essentially political objective – to show that the Bush Administration was willing to act ruthlessly against at least one big Wall Street investment bank. Until that point, savers and investors around the world had assumed that financial institutions such as Lehman were “too big to fail” and would always be supported by their governments. By shattering this belief Henry Paulson triggered a run on every important bank in the world and caused the sudden implosion of consumer and business confidence seen in the past two months.”

Hank didn’t just let Lehmans fail. He made a series of mistakes in the run up to the Lehmans collapse. He also proposed a £700 billion package to boost the US banking system. And how did Hank come up with a figure of £700 billion? “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com, the US financial website. “We just wanted to choose a really large number.”

 

3. Alan Greenspan

Alan Greenspan was feted for his management of the US economy while he stood in charge of the US Treasury, but has since been put under the spotlight. He was responsible for cutting interest rates to near zero in the US in the aftermath of September 11, flooding the world with cheap and easily available money. Did this pave the way for a “once-in-a-century credit tsunami”? In October last year he said: “I made a mistake in presuming that the self-interest of organisations, specifically banks and others, was such that they were best capable of protecting their own shareholders.” 

Allan Meltzer is a professor of political economy at the Carnegie Mellon University in Pittsburgh, said: “Alan Greenspan was much too afraid of a slowdown or other recession…he allowed the credit to expand too rapidly.”

 

4. John Tiner/Hector Sants

John Tiner was in charge of the Financial Services Authority, the watchdog that polices the UK ’s complex financial services industry until 2007, when it was taken over by Hector Sants. The FSA failed to keep a close eye on Northern Rock, the Newcastle-based ex-mutual which gorged on wholesale mortgage securitisation and came a cropper as a result. A key parliamentary committee has said that the FSA was guilty of a “systematic failure”. Mr Sants accepted that the organisation under Mr Tiner failed to stress-test the business model of Northern Rock and spot signs that the bank was dangerously dependent on interbank funding to remain in business. “We should have been in more intense dialogue earlier”, he has said. 

5. Fred “the shred” Goodwin

The “world’s worst banker” has brought the Royal Bank of Scotland (RBS), Britain’s second biggest bank, to its knees. Last week it announced humiliating losses of £28 billion, the biggest in British corporate history, and economists and analysts have concluded that it could soon ber fully-nationalised. In mid-January, taxpayers saw their stake in the banking giant increase from 58 per cent to 70 per cent.

Sir Fred joined RBS in 2000 and promptly embarked on a spending spree, acquiring 26 banks in seven years for more than £35 billion. These included NatWest and stakes in America and the Bank of China. In 2006, its share price stood at £13. But at the close of trading on January 28, RBS shares were trading at a near-worthless 15.9p.  

In 2000, after the takeover of NatWest, RBS’s board rewarded Sir with a £2.1 million annual salary, including a bonus of £814,000 for the takeover — more than any other UK bank chief received that year. It paled in comparison with his £2.86 million bonus in 2007. Three months ago, in October, Sir Fred left the bank under a dark cloud that has now mushroomed into a thunderstorm. On the day his departure was announced, Sir Fred said he was “sad”, adding: “Nobody will ever tell you that they feel good the day they have to step down.” The Prince’s Trust recently dumped Fred The Shred and the campaign to strip him of his knighthood is gathering pace.

6. Gordon Brown

Apparently Gordon Brown predicted the global financial crisis ten years ago, in a speech he made to Harvard students. Sadly he did little to prevent it. James Gordon Brown was Chancellor of the Exchequer during “the longest period of growth” in the UK ’s history, but economists blame Mr Brown for encouraging soaring house price inflation and the spread of credit which fuelled the years of boom and led eventually to the current bust.

In a recent speech to the London School of Economics, George Osbourne, the Shadow Chancellor, said: “Our competitors used the fat years to prepare for the lean years. Britain did not. We are the least prepared country in the developed world to cope with the current financial turbulence. Our financial reputation has been badly damaged by the only run on a retail bank in the world. Our double deficits – external and fiscal – are worse than any other European economy. Taken together, they are worse than the United States.” The blame “lies squarely and fairly with Gordon Brown”, he concluded.

7. George Bush

The former President was in charge during the boom years when the seeds of the sub-prime implosion were sown, but has failed to take any responsibility for the financial disaster which occurred on his watch. In a speech last year he blamed the bankers in New York for the problems facing his country’s economy. “Wall Street got drunk…The question is, how long will it [take to] sober up and not try to do all these fancy financial instruments?” 

8. Kathleen Corbet

The credit rating agencies have been blamed for failing to ask tough questions about the collateralised debt products containing so many toxic sub-prime mortgages, which investors traded for millions of dollars during the booming housing years. The three biggest agencies have been accused of taking the word of investors and not properly assessing the risks involved in securitisation. Mrs Corbet was head of the biggest credit rating agency, Standard & Poors, before she quit amidst heavy criticism in 2007. Critics argue that S&P and its main rival Moody’s, as well as other agencies, face an inherent conflict of interest, in that many of their clients issue securities that are rated by its analysts.

9. “Hank” Greenberg

Another Hank. This one was head of AIG, the insurance giant that had to be rescued in an £47 billion US government bailout just days after Lehman Brothers was allowed to go bust. Hank was in charge between 1967 until 2005, during which time the insurer got heavily involved in the murky world of credit default swaps. Mr Greenberg appealed to the US Government to save the company last September, saying: “It’s a healthy company financially except for liquidity. No organisation around the world has the spread of risk that AIG does. It’s a company that opens markets – letting it go down would be a dramatic mistake.”

10. Angelo Mozilo

Mr Mozilo was head of the largest sub-prime mortgage lender in the US, Countrywide, until July 2008. Sub-prime lenders in the US have been accused of using misleading marketing to push unsuitable mortgages on sub-prime homeowners who could not afford to service the debt, the root cause of the credit crunch. During the housing boom, Mr Mozilo reportedly earned $470 million in salary and other income. Mr Mozilo has also been under the spotlight for a VIP programme in which politicians and senior officials in the Government were offered favourable mortgage deals. Earlier this month Bank of America agreed to buy Countrywide for about $4 billion (£2 billion). Meanwhile, Mozilo unloaded $141m in stock options before the company’s share price collapsed.

(Money Central - January 30, 2009, http://timesbusiness.typepad.com)

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