Wall Street's Rookies Socked by First Crisis
nb34p01.qxp 8/17/2007 6:39 PM Page 1 TOP STORIES Textbook Digital efforts fall answer to short at magazine NY jobs —Greg David giant Time Inc. on Columbia’s PAGE 2 expansion ® plans Chinese firms list Page 13 on Nasdaq for prestige and access to cash VOL. XXIII, NO. 34 WWW.NEWYORKBUSINESS.COM AUGUST 20-26, 2007 PRICE: $3.00 PAGE 3 MARKET CHAOS HITS HOME Rate talks between hospitals, insurers getting tense Wall Street’s rookies Well is dry PAGE 3 Business owners in for real Queens call for socked by first crisis probe of chronic estate flooding problems Twenty-something SURGE IN FRESH FACES PAGE 25 financiers struggle deals in teeth of the rout; Labor in NYC: UFT Transactions stall, adds members; job fears mounting chart ranks city’s buyers walk away largest unions BY AARON ELSTEIN as lenders pull plug UNION REPORT, PAGE 19 jean-philippe aractingi has never seen anything like this. BY TOM FREDRICKSON Markets plunge,then soar,then BUSINESS LIVES plunge again, not in days or weeks, the credit crunch is paralyzing GOING TO EXTREMES but in minutes and even seconds. the New York real estate market. In recent weeks, three of Wall In the past few weeks,financing Daredevil execs are taking risks; employers Street’s longtime titans—Bear for almost all large commercial and are wary PAGE 31 Stearns, Goldman Sachs and residential projects in the city has Kohlberg Kravis Roberts—have dried up. each seen their reputations sullied. As a result, some property de- Meanwhile, armies of professional velopers and investors are being and amateur investors are bolting forced to abandon deals and are for the exits.
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