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No, Gisele Bundchen did not ditch the US dollar

NEW YORK - CONTRARY to earlier reports, supermodel Gisele Bundchen has not spurned the US dollar, her manager told CNBC on Tuesday.


Tue, Nov 06, 2007

NEW YORK - CONTRARY to earlier reports, supermodel Gisele Bundchen has not spurned the US dollar, her manager told CNBC on Tuesday.

The manager, Ms Anne Nelson, said stories about Ms Bundchen snubbing the greenback and insisting that she be paid in euros instead are completely fabricated, adding that 'some idiot in Brazil' reported something just to make news.

Ms Bundchen, who lives in New York, needs US dollars for a New York City lifestyle, not euros, Ms Nelson was quoted as saying.

The report, which originated with a Bloomberg writer in Brazil, stated that the financially savvy Ms Bundchen was not happy with the recent sharp decline in the US dollar.

According to the Bloomberg report, her 27-year-old twin sister, Patricia, said Ms Bundchen prefers the euro, which hits record highs against the US dollar nearly every day.

'Contracts starting now are more attractive in euros because we don't know what will happen to the dollar,' Ms Bundchen told Bloomberg in a telephone interview in September.

When Ms Bundchen signed a contract in August to represent Pantene hair products for Procter & Gamble, she asked to be paid in euros, Brazil's biggest weekly magazine, Veja, reported.

Veja also said the supermodel would be paid in euros for a deal with Dolce & Gabbana in Milan to promote its new fragrance, The One.

According to Forbes, Ms Bundchen, who made US$33 million (S$47.9 million) in the year through June, earns more than anyone in the modeling industry.

The Bloomberg report said the Brazilian supermodel was adding her name to a growing list of rich people who are dumping the falling dollar for the safety of other currencies, notably billionaire investor guru Warren Buffett and Mr Bill Gross, managing director of the world's biggest bond fund, Pimco.

Mr Jim Rogers, a former partner of investor George Soros, said last month he was selling his house and all his possessions in the US currency to buy China's yuan.

The US dollar plunged to new lows versus major currencies last week, after the US Federal Reserve cut interest rates by a quarter of a percentage point to alleviate fears of a recession because of the credit turmoil that has gripped the markets since August. -- REUTERS

 
 
 
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