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Wall St woes to take shine off lavish NY lifestyles

China Daily | Updated: 2008-09-17 07:37

Wall St woes to take shine off lavish NY lifestyles

NEW YORK: The deepening upheaval on Wall Street has rippled throughout New York's business community, hurting everyone from luxury goods stores to charities to Manhattan restaurants, store owners and experts say.

With New York already feeling the effects of a weak US economy, the fall of bank Lehman Brothers, the sale of its rival Merrill Lynch & Co Inc and the struggles of insurer American International Group, all headquartered in Manhattan, have only added to concerns as Wall Street lays off well-paid bankers and the wealthy rein in their spending.

"These people will probably have to start curbing on some of the more lavish expenses," said Matthew Miller, editor of Forbes magazine's list of the richest Americans. "A $20 martini might need to turn into a $15 martini - it's all relative."

Wall St woes to take shine off lavish NY lifestyles

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