Mayor Cancels Travel Plans Amid Financial Turmoil
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Mayor Bloomberg has canceled a trip to California amid troubles in the American financial industry.
A spokesman said Mr. Bloomberg spent the weekend speaking with federal officials and heads of financial firms and felt it was best to remain in New York.
Federal government officials and Wall Street executives have been meeting to try to save investment bank Lehman Brothers, whose shares have tumbled 95% in the past year over worries it doesn’t have enough money to cover losses from its real estate holdings. Insurer AIG and savings bank WaMu have taken steep losses during the past year from risky investments.
Mr. Bloomberg is a billionaire former chief executive officer. He had been scheduled to appear with Governor Schwarzenegger of California in San Francisco tomorrow.
