Amid the crisis on Wall Street - stock markets hit the lowest point since 9/11 - New York City's mayor, Michael Bloomberg has stepped into the fray. The New York Times cites his “influential role” in helping to work on a resolution, including his direct contact with heads of the suffering institutions and the way in which he chose to address the public.
After an early morning strategy session on Monday, Bloomberg's involvement in drafting a speech on the banking crisis – a task usually handled by speechwriters – delayed a news conference nearly an hour. However, seeking to alleviate fears that the city, which depends heavily on Wall Street funding and employment, Bloomberg sounded a high note in addressing the city, saying, "we will get through this one."
The Wall Street Journal highlights a Best Buy experiment called TagTrade, an imaginary stock trade program for its employees. The CEO and others quoted explain that the program helps predict the success of new product sales and narrow the communications gap between management and workers.
In two weeks, MySpace will launch MySpace Music, a collaboration between the Warner Music Group, Sony BMG, and the Universal Music Group, that will enable users to stream the music on MySpace and buy downloads through Amazon.