Pain spreads to East Hampton

So how bad is the downturn on Wall Street? Bad enough to spread to East Hampton, a favorite play area for the made-it Wall Street set. Tax revenues in the town are down 42 percent from last year. The East Hampton Star also reports the town faces a budget deficit of up to $12 million, which has forced it to turn to the capital markets for some bridging funds. Residents include the likes of Carl Icahn and Ron Baron, who paid $103 million for an oceanfront estate last year. It seems like residents could collectively come up with a solution, if they stopped to think about it. The town apparently is considering ending roadside leaf collection, notes the New York Times. I'm not sure that will get their attention. For now, residents have larger bailout issues on their mind, involving the federal government. 

For more:
- here's the New York Times article