Bloomberg Says Merrill Lynch Not Moving to Ground Zero is No Biggie

When questioned about troubled investment brokerage Merrill Lynch deciding not to move to Ground Zero (characterized as a "major setback" for development by the NY Times), Mayor Bloomberg struck an optimistic tone, "The properties that [developer Larry] Silverstein is building are very attractive. He can rent them at lower rents than midtown. He will have to do that to attract business." He added, "I'm assuming - I don't know for sure - their [Merrill's] current landlord has enticed them to stay and offered them a very good deal. That's just the marketplace working." Yeah, especially since Merrill announced $5 billion in losses yesterday. At least Bloomberg is apparently willing to pay the firm $4.5 billion in a buyback of Bloomberg L.P. shares.