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Bloomberg warns of \\\'Next Wave\\\' crisis

Staff Report • Sep 19, 2008 at 12:00 AM

CBS News is reporting that New York Mayor Michael Bloomberg warned Wednesday a \\\"next wave\\\" of financial pain may come from overseas if foreign entities stop buying U.S. debt. 

The billionaire mayor spoke before an audience at Georgetown University, telling them it\\\'s not clear who is going to continue buying U.S. debt as financial firms try to cope with a crisis of confidence on Wall Street. 

The financial markets have undergone a tumultuous last week: Investment bank Lehman Brothers filed for bankruptcy and later sold off its North American trading division to British bank Barclays PLC; Insurance giant AIG needed an $85 billion bailout from the U.S. government in order to stay afloat; and investment firm Merrill Lynch sold itself to Bank of America. 

The mayor is scheduled to meet Thursday morning with Treasury Secretary Hank Paulson and Securities and Exchange Commission Chairman Chris Cox. 

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