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Financial

Wall Street Aghast at Tragedy

NEW YORK -- As New York City grappled with the disastrous airplane attack and subsequent collapse of the two twin towers of the World Trade Center, U.S. financial markets remained frozen and most financial experts expected a grim and somber environment when markets reopen later in the week, perhaps as early as Wednesday morning.

Major U.S. markets were closed for the day, including the NYSE and Nasdaq and major commodities markets.

Many Wall Street employees and firms were immediately concerned with the task of locating and verifying the safety of friends and family.

"This [attack] is disgusting," wrote one Wall Street executive to a Light Reading editor via instant messenger. "We have an office downtown and I don't even know if it's still there."

Many major financial firms were based in or had offices in the World Trade Center, including Lehman Brothers, Merrill Lynch & Co. Inc. (NYSE: MER) and Morgan Stanley Dean Witter & Co.. A Reuters report said Morgan Stanley was the largest tenant, leasing about 25 floors of the World Trade Center occupied.

Morgan Stanley issued the following statement Tuesday afternoon:

"The towers of the World Trade Center have collapsed following a series of explosions. The south tower was the headquarters for Morgan Stanley's retail businesses.



"We have no information beyond what has been reported in the news. The safety and well-being of Morgan Stanley employees are paramount at this time. We are working with local authorities, and we will keep you apprised of developments on Morgan Stanley Today and Morgan Stanley Connection as we receive information.

Security and Exchange Commission (SEC) Chairman Harvey L. Pitt issued the following statement:

"The Commission has been, and is, in constant communication with each of our organized securities markets and exchanges. As a safety precaution while the tragic events of today are sorted out, the securities markets have decided not to open for trading today. We strongly support that decision; it is a responsible course of action in light of the current situation. We are continuing to monitor the situation, along with the securities markets, and investors should be assured that the disruption to normal trading patterns is a temporary phenomenon; trading will resume as soon as it is practicable to do so. We will keep the public advised."

Earlier today, stocks plunged on the London Stock Exchange on news of the catastrophe. The FT-SE 100 index dropped 287.7 points, or 5.72 percent, closing at 4746.00, the lowest since October 1998.

-Light Reading http://www.lightreading.com staff
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vpdude 12/4/2012 | 7:51:31 PM
re: Wall Street Aghast at Tragedy You guys continue to amaze me! The poor stock market. The poor source of funding for all these loser companies and mis-guided people.

My home page is changed.

May God look over everyone impacted by this tragedy, may swift capture of those responsible occur and may we all reevaluate our priorities.
Lighteating 12/4/2012 | 7:51:31 PM
re: Wall Street Aghast at Tragedy Just wish to express an incalculable sense of horror at the scope and extent of this tragedy.

Our thoughts are with the victims and their families. May God bless them, and the American people, and hold them from further harm.
Joeboo 12/4/2012 | 7:51:30 PM
re: Wall Street Aghast at Tragedy Ditto
Milano 12/4/2012 | 7:51:30 PM
re: Wall Street Aghast at Tragedy Our thoughts are with the victims and their families.

From all of us Canadians, who are united with our friends on this terrible day.
Scott Raynovich 12/4/2012 | 7:51:30 PM
re: Wall Street Aghast at Tragedy As a news organization, we will continue to report on the human and financial toll this disaster is taking. It is relevant, both in emotional and financial terms, to our readership.
manoflalambda 12/4/2012 | 7:51:30 PM
re: Wall Street Aghast at Tragedy As a news organization, we will continue to report on the human and financial toll this disaster is taking. It is relevant, both in emotional and financial terms, to our readership.

This reader whole-heartedly agrees and supports your decision.

Salute,
Manoflalambda
ZAPPED 12/4/2012 | 7:51:29 PM
re: Wall Street Aghast at Tragedy As a departure from my usual messages. I just thought I would bring the following. We need to unite against the terror that has befallen our country. This is Pearl Harbor and should be dealt with in the same way, This is an act of war! It is a day that will live in infamy. And if Bin Laden is responsible he should be erased from this planet forever at NO EXPENSE
let-there-be-light 12/4/2012 | 7:51:29 PM
re: Wall Street Aghast at Tragedy I personally find it quite distasteful when thousands of people have just died in a tragedy and the news reporters seemingly can't wait to report on the financial impact of the disaster. It does indeed seem like a profound lack of respect for the dead. Can't we even wait for just one day before we start re-counting our money???

It goes to prove we are only human, each with private fears and concerns.

At the moment, all I want to do is express my deepest condolences to all affected in this shocking and senseless tragedy.
tsat 12/4/2012 | 7:51:29 PM
re: Wall Street Aghast at Tragedy Yes, there is a severe lack of reporting on the
human tragety of this event. Light Reading
really needs to fill the void...

Some of us are not counting our money,
we are just wondering how much longer
before we are unemployed...

-tsat
lightmaster 12/4/2012 | 7:51:28 PM
re: Wall Street Aghast at Tragedy vpdude,

Two points:

1. The financial implications are not only important, they are THE WHOLE POINT about why the WTC was targeted. Next to the human tradgedy, this IS the story - an attack on the US goverment and fiancial institutions.

2.Did you actually read the article? It was largely about the impact on the companies and people involved and did balance the human side very well.


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