It's been a long, long time since an Observer profile inspired us to pants-soaking rage (Cheban nostalgia runs deep), but today the pretty pink paper has served us a new object worthy of our ire: Italian Baron Cody Franchetti, who currently resides in Manhattan, leaving a trail of snot wherever he goes. Some of his better quotables:

More words of wisdom from the progeny of the idle rich:
· Cody Franchetti (pointing to a set of 1921 encyclopedias): "This was the last year encyclopedias were made for the [wealthy]. You see how thin they are? They are full of information that we would need to better ourselves and reach a higher level...Now they are crap for the masses."
· Christina Floyd (on a tour of the Southampton Meadow Club): "People would not be very excited if someone came in with a black person." (When Johnson pointed out a black man playing tennis), Floyd laughed, "Oh, he's probably a pro."
· Stephanie Ercklentz: "I love purses. They are so easy to buy. I have shelves and shelves of them...It's not a big deal. I want a Gucci purse, I buy it...I would have to marry within my [social group], because I couldn't have a husband who would freak out if I bought a $600 Gucci purse. I used to work [at an investment bank], but the first day was like from 7 a.m. to 10 at night, and then I realized all my friends were having lunch at Cipriani's and why wasn't I there?"
Born richand ridiculous on camera [Page Six]