Bloomberg skips trip amid financial woes

September 14, 2008 7:12:27 PM PDT
New York Mayor Michael Bloomberg has canceled a trip to California amid troubles in the U.S. financial industry.A spokesman says Bloomberg spent the weekend speaking with federal officials and heads of financial firms and felt it was best to remain in New York.

Federal government officials and Wall Street executives have been meeting to try to save investment bank Lehman Brothers, whose shares have tumbled 95 percent in the past year over worries it doesn't have enough money to cover losses from its real estate holdings. Insurer AIG and savings bank WaMu have taken steep losses during the past year from risky investments.

Bloomberg is a billionaire former chief executive officer. He had been scheduled to appear with California Gov. Arnold Schwarzenegger in San Francisco on Monday.