Bonuses Drop to Lowest since 2002

Wall Street’s cash bonuses will drop to their lowest level since 2002. This shrink in bonuses will affect more then just Wall Street workers. This is because the city and state both depend on Wall Street for tax revenues. The New York City comptroller, William C. Thompson says "The toll taken by the financial industry makes this one of the grimmest economic periods for the city in many years." Reports show that this crisis will have a lasting effect on New York City’s fiscal condition for many years. This crisis is due to the country’s financial troubles and it is now catching up to New York City.
http://dealbook.blogs.nytimes.com/2008/12/11/new-york-city-warns-bonuses-will-fall-at-least-50/

http://cityroom.blogs.nytimes.com/2008/12/11/beyond-wall-st-white-collar-unemployment-soars/?ref=business