Sunday, December 7, 2008

Meltdown weakens NYC as global financial capital

NEW YORK (AP) -- For the hundreds of camera-toting tourists who visit Wall Street every day, the New York Stock Exchange presents an imposing sight.
The building-sized American flag draped over the exchange's towering Corinthian columns. The sculptures on the facade that symbolize the prosperity of a capitalist nation. The stern-looking statue of George Washington across the street. These icons of national pride mark Wall Street as both a site of business and a symbol of the risk-taking and financial success that have spurred American global dominance and helped shape this country's identity. But with the nation's top investment houses shuttered, sold or changing into staid commercial operations, doubts have emerged about whether the city that for generations has been known as the world's financial capital can retain that title — or the daredevil swagger that has defined Wall Street for so long

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