And so as you can see from just the front page of the New York Times- yesterday was devastating. The front page of the New York Daily News features one large red arrow facing down with the number 777 largely displayed followed by two bullet points that read:
*Fools on the Hill vote down bailout
*Dow takes biggest point plunge ever
In the Times business section Andrew Ross Sorkin writes in the "Dealbook" that he attended a class of directors of the nation's Fortune 500 in 2002 where Stanford University professor Joseph A. Grundfest (who is a former commissioner of the Securities and Exchange Commission) said:
"If there are ways people in this room go to jail, it's probably through crimes of upholstery - the cover-up will kill you."
Read Sorkin's full article here.
Also, a sad day for the media as wall. The New York Sun will publish it's last edition today. Posted on their website are remarks from editor Seth Lipsky. At one point he says:
"We have spoken with every individual who seemed to be a prospective partner, and everywhere we were received with courtesy and respect. I tend to be an optimist and held out hope for a favorable outcome as late as mid-afternoon today. But among other problems that we faced was the fact that this month, not to mention this week, has been one of the worst in a century in which to be trying to raise capital, and in the end we were out not only of money but time."
See all of his remarks here.
*New York Times picture from their website
*New York Sun picture from the New York Daily News
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