The End of New York City
Today I was think ing about the New York City economy so and how it's a mystery to me that it hasn't tanked much further. I went over to Wikipedia to look at this article on New York City's economy and found the following table, which I am lifting in its entirety.
Of course there are other people who work in the city, in fields like advertising, marketing, law, consulting, architecture, and design. In other words, fields that service companies like those listed below.
Companies in green are in finance, companies in yellow are in entertainment. Many, if not most, face insolvency.
|The Top 25 Fortune 500 Companies in New York City|
(New York, NY)
|Fortune 500 industry group||2007
|1||1||8||Citigroup||399 Park Ave. 10043||Commercial Banks||
|2||2||12||J.P. Morgan Chase & Co.||270 Park Ave. 10017||Commercial Banks||
|3||3||13||American International Group||70 Pine St. 10270||Insurance: Property and Casualty (stock)||
|4||5||17||Verizon Communications||140 West St. 10007||Telecommunications||
|5||6||20||Goldman Sachs Group||85 Broad St. 10004||Securities||
|6||7||21||Morgan Stanley||1585 Broadway 10036||Securities||
|7||8||30||Merrill Lynch||4 World Financial Center 10080||Securities||
|8||9||37||Lehman Brothers Holdings||745 Seventh Ave. 10019||Securities||
|9||10||43||MetLife||200 Park Ave. 10166||Insurance: Life, Health (stock)||
|10||11||47||Pfizer||235 E. 42nd St. 10017||Pharmaceuticals||
|11||12||49||Time Warner||1 Time Warner Center 10019||Entertainment||
|12||14||75||American Express||200 Vesey St. 10285||Diversified Financials||
|13||15||77||Hess Corporation||1185 Sixth Ave. 10036||Petroleum Refining||
|14||16||80||Alcoa||390 Park Ave. 10022||Metals||
|15||17||82||New York Life Insurance||51 Madison Ave. 10010||Insurance: Life, Health (mutual)||
|16||18||84||News Corporation||1211 Sixth Ave. 10036||Entertainment||
|17||19||86||TIAA-CREF||730 Third Ave. 10017||Insurance: Life, Health (mutual)||
|18||20||125||Bristol-Myers Squibb||345 Park Ave. 10154||Pharmaceuticals||
|19||21||139||Loews Corporation||667 Madison Ave. 10021||Insurance: Property and Casualty (stock)||
|20||22||156||Bear Stearns||383 Madison Ave. 10179||Securities||
|21||24||172||Bank of New York Mellon Corporation||1 Wall Street 10286||Commercial Banks||
|22||25||181||CBS||51 W. 52nd St. 10019||Entertainment||
|23||26||182||L-3 Communications||600 Third Ave. 10016||Aerospace and Defense||
|24||27||186||Colgate-Palmolive||300 Park Ave. 10022||Household and Personal Products||
|25||29||191||Viacom||1515 Broadway 10036||Entertainment||
|NYC = New York City; NYS = New York State; US = United States|
|All data except stock price changes are for either the calendar year ending on December 31, 2007 or the company's fiscal year ending before February 1, 2008.|
|Stock price changes are for the calendar year 2008. Declines of over 50% are in boldface. Over the same period (December 31, 2007 to December 31, 2008), the 30-stock Dow Jones Industrial Average declined by 33.8% and the Standard & Poor's index of 500 leading stocks declined by 38.5%. By the end of 2008, the stocks of Bear Stearns (acquired by JPMorgan Chase) and Lehman Brothers (in dissolution) were no longer being traded.|
|Sources: Fortune 500 website and Fortune, May 5, 2008 (Volume 157, number 9), pages F-1 to F-10, F-28, F-34, and F-40 to F-41.
Stock price change between December 31, 2007 and December 31, 2008 from "Year–End Review: Markets and Finance 2008", The Wall Street Journal, Friday, January 2, 2009 (Volume CCLIII, number 1), pages R-15 to R-18.