These are tough times for Michael Bloomberg's free-spending "luxury city." High-end condominium speculators – long considered impervious to the mortgage crisis – are shivering in the bitter cold this winter. Four billion dollars in building projects have been postponed or canceled outright, in large part because Wall Street's bonus babies are getting a tad less than they are accustomed to.
Despite this, I would suspect most of America thinks Wall Street, and New York's financial community, has not suffered enough. Industry bonuses are still expected to total well over $20 billion – small compared to last year's stupendous $33.2 billion, but not an insignificant New Year's present for the very people who have played a crucial role in wrecking the world economy. read more »