Wall Street Layoffs

[blackjack007]

Quote from cstfx:

In NY, they rely on the tax revenues way too much, and if the revenues go down, there will be public service layoffs. We had it in 88, 91, and 97-98. So look for the same here if Wall Street revenues begin to decline.

Plus tax hikes.

duhhh... what city/state government doesn't rely mainly on tax revenues????? what should NY do, try to sell billions more in lottery tickets?

 

[cstfx]

LEHMAN CUTS JOBS IN ALT-A
Bloomberg
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September 7, 2007 -- Lehman Brothers Holdings Inc., which shut its subprime mortgage business last month, is cutting 850 more jobs, mostly at a U.S. subsidiary catering to borrowers with decent credit scores.

Lehman, the biggest underwriter of U.S. mortgage bonds, is also closing its Korean home loan business, the New York-based firm said in a statement yesterday. The bulk of the firing will be at Aurora Loan Services LLC, the U.S. unit that makes so-called Alt-A loans to borrowers whose credit ratings fall just short of standards for regular prime mortgages.

National City Corp., Ohio's largest bank, said yesterday that it too would sever 800 employees and take a $200 million pretax charge in the third quarter because of losses in its mortgage business.

"As the outlook in these parts of the mortgage market remain negative, it makes sense to cut down capacity," said Brad Hintz, an analyst at Sanford C. Bernstein & Co, referring to Lehman's announcement.

 

[KINGOFSHORTS]

Quote from Vinny1:

500/head is totally absurd. The restaurant probably paid $5 for that meal. No need to waste that kind of loot when there is a Wendy's nearby.

As for the strippers, they can go work at Wendy's.

Only an idiot would pay that. There are so many great places to eat at NYC where 100-120 dollars would feed two people and that is eating real good food.