Monday, September 15, 2008

85,000 jobs likely lost - tip of the iceberg?

Meltdown shakes up Wall Street's workers

The roughly 25,000 workers at Lehman, as well as many of the 60,000 at Merrill, face a double whammy: Many will lose their jobs and the companies' plunging share prices likely wiped out much of their net worth.

The financial hurricane that whipped through Wall Street Monday suddenly made the Street, long a source of fabulous wealth, look uncertain and scary. In New York, where a half-million people work in finance, nearly everyone was shaken, from hedge fund billionaires to secretaries from Queens.

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