The New York Sun considers the effect of Lehman Brothers’ fall and expected sale on the city, which is said to be “bracing” for it. Its first quoted source thinks it will have “probably more of a psychological effect” than a non-psychological one, and another source glibly suggests the sale of the financial firm’s midtown headquarters as a partial remedy.
The Sun doesn’t mention layoffs, but the New York Times does, stating outright, “If Lehman is sold — as now appears likely — the buyer will fire” many of its traders, and adds that “tens of thousands of other Wall Streeters laid off in the tsunami sweeping the financial industry… are already chasing after too few jobs.”
To brighten the mood, the Sun refers to a Milken Institute report in which New York compares well economically with other American cities.
Image by Jeremy Brooks (cc)