Lehman Fallout: Street Vendor, Morgan Stanley VP Suffer (Updated)


The effect of the Lehman collapse is already being felt by citizens, or at least used by journalists for copy. The New York Post interviews a Elizabeth Willis, a longtime newsstand fixture outside the firm’s midtown headquarters. “Business got better when Lehman Brothers moved in,” she asserts. “It will be hard without the people and the money.”

In an attempt perhaps at class balance, the Post also shares the woes of a Morgan Stanley senior VP David Shorr, who says he lost $6 million overnight. (Update: We are informed that, contrary to our original report, this is not the same David Shorr who serves as a Stanley Foundation officer and political journalist, and it was a Lehman employee, not Shorr, who asks the Post reporter for money. “Are you always this sloppy?” asks commenter Anonymous. Only when you’re paying attention, Anon.)

“Misery only beginning,” promises Crain’s, which notes that a Lehman “Where Vision Gets Built” coffee mug is selling for $40 on eBay. (Interestingly, Crain’s current events listings include “How To Find Work After a Layoff,” “Economic Outlook for New York City,” and “Plan B: Have a Great Life!”)

amNY lists industries that will be hit by the ensuing crash, some very speculatively: “It’s hard to know what will happen to tourism,” says amNY, though foreign shoppers who have enjoyed a weak dollar for years will probably find the situation encouraging.

Lehman employees of course felt the impact quickly and directly, and WCBS interviewed a few, including a man man whose wife had just quit her job to watch the kids “since he’s never home from Lehman’s before 10 o’clock at night.”

Looking for silver linings, Jeremiah’s Vanishing New York roundups up some boho bloggers who hope the collapse will lead to an exodus of “obnoxious bankers, pseudo-celebutards, and other bright shiny people,” and Neither More Nor Less finds that Ray’s Candy Store on Avenue A has dropped the price of belgian fries.


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