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...less foie gras. Meyer, who owns seven New York City eateries, says lines are longer than ever at his Shake Shack. But business is off 5% at two of his nearby, higher-end eateries, both of which are on the first floor of the New York headquarters of financial firm Credit Suisse. One of the restaurants, Eleven Madison Park, features a duck-liver terrine with pineapple and pearl onions on a rum-raisin brioche. The appetizer costs an additional $20 on top of the restaurant's normal $88 tasting menu. But few are buying. "I call it the AIG effect...
...days only 21% of all so-called Wall Street jobs are based in New York City, down from 38% three decades ago. Stamford, Conn., mayor Dannel Malloy says his city is sure to suffer from Wall Street's swoon. In the past few years, a number of large financial firms, including UBS, have moved thousands of investment-banking and trading jobs to the city. Already, a proposed Ritz-Carlton hotel and convention center has been put on hold, and city officials are afraid a large financial firm that was looking to rent 10,000 sq. ft. downtown will pull...
Overall, analysts are pessimistic about how the market will do in 2009, but there remain a wide range of viewpoints. "There's a lot of disagreement about how bad the economy will get," says Tim Gaumer, director of fundamental research for Starmine, an investment research firm, "but analysts are still more optimistic than economists, who say we'll be lucky if we see 0% growth in 2009." A dismal science, indeed...
...more money for a new car or to remodel the kitchen is not a high priority. And without greater consumer spending, most companies have little need for new loans to expand operations. "Interest rate cuts don't matter in this environment," says Kirby Daley, senior strategist at financial-services firm Newedge Group in Hong Kong. "It doesn't get at the heart of the issue...
Getting the federal money, however, might be only half the battle in a GM-Chrysler merger. Sources who have been briefed on the private discussions about the merger have indicated Cerberus LLC, the New York City-based private-equity firm that owns 80% of Chrysler, would want a significant stake in any company that emerges from the deal. That would include a number of seats on the board and a voice in deciding who actually manages the new company...