‘We’re keeping our seat belts on pretty tight as the roller coaster continues’
ALBANY, N.Y. - The crisis in the financial system will almost surely blow gaping holes in the already tattered budgets of New York, Connecticut, New Jersey and other states that rely heavily on tax revenue from investment banks and the big salaries and million-dollar bonuses doled out to Wall Street professionals.
The downfall of such giants as Lehman Brothers, Merrill Lynch and Washington Mutual, and the turmoil at other financial institutions, could mean tens of thousands of layoffs of investment bankers, stockbrokers, traders, analysts and other employees.
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