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Article: Dark Economic Clouds Hover Over New Jersey
- Article from:
- New Jersey Business
- Article date:
- November 1, 2008
- Author:
CopyrightCopyright New Jersey Business & Industry Association Nov 2008. Provided by ProQuest LLC. (Hide copyright information)
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As New Jersey Business magazine goes to press, we look back on weeks of turmoil that included the once-unthinkable crumbling of behemoth financial institutions, a continuing dismal credit market, and, among other nadirs, the Dow Jones Industrial Average experiencing its greatest one-day point drop. The drama now continues on a global scale.
For New Jersey, the picture seems similarly grim. The major securities firm Lehman Brothers, which filed for bankruptcy in September, had more than 3,000 employees in New Jersey. Merrill Lynch, which sold itself in September to Bank of America to avoid a worsening financial crisis, told this magazine last May that it had roughly 8,600 employees in the ...