Peter Lynch

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NY Mayor Bloomberg Reverses Course, Cancels NYC Marathon

ew York City Mayor Michael Bloomberg has called off the New York Marathon, bowing to political pressure and criticism that the race would divert city resources away from the Hurricane Sandy cleanup effort. But it will cause another financial blow to the already reeling city. Bloomberg wanted to move forward with the marathon because it was expected to generate $255 million in economic activity for the beleaguered city, which is losing tens of millions of dollars a day because of the hurricane. The mayor also wanted to marathon to go forward as a symbol of the city’s resiliency and a sign that it was quickly moving ahead to restore normalcy to the city....