Mayor Bloomberg who knows well the City he governs stands to lose big time on ratables and income taxes on each and every financial firm that crumbles basically said today "there always be a weakest investment bank, a weakest commercial bank, a weakest S&L; what is to stop the run by short sellers on next week's weakest financial firm".
The collateral write offs from FNM and FRE now WM and AIG with WB KEY SOV and WFC on deck will cause other smaller firms to run the gauntlet of raising capital and single digit stock price.
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