High society is really taking a beating in this economic crisis. The scores of trophy wives who have been left to fend for themselves by husbands caught in the unfortunate outing of greed and corruption on Wall Street are not taking their fall from status lying down—well, maybe they’ll take it lying down if the opportunity presents itself—anyway, there are many former well-to-do women out there who, because of the recent convictions of their high profile spouses, have begun to wonder, “will I ever shop at Gucci again?”

These kept women needn’t fear thanks to the efforts of a small group of their peers who, having had the sense to hide assets before their husbands were arrested, are going through their closets and picking out the stuff that is “so last year” and donating it to the poor darlings suffering from this disastrous year of corporate misunderstandings.

This outpouring of kind generosity from women largely given to self-indulgence can only be deemed a miracle by most.

Calling itself BABs–which doesn’t stand for anything, they just like the name—this small group of highly selfish turned less selfish women are a sliver of light in the fading dusk of the luxe world they come from.

Ruth Madoff, wife of Bernard Madoff, who made off with millions before Madoff was arrested, declared “I’d help, but I need every million I can get my hands on. Now be a darling, dear, and fetch me another cosmo, would you please?”

Originally begun as a joke, the wives of former executives charged with corporate fraud quickly realized that by forming a charity organization, it could give them the means to hide assets, as well as provide a nifty tax haven, and the idea of BABs took on a life of its own.

“One can only imagine the stress these poor unfortunate creatures are under by having to shop one block down from Rodeo Drive, or worse, having their hair and nails done in public,” said Lyns Palmer (not her real name), co-founder of BABs. “Their flawless complexions are taking a beating, and BABs has vowed to make available free botox injections to every one of these women who needs them” she added with feigned interest. Heartwarming, to say the least.