Four months ago, Goldman Sachs assured all financing would be in place for a $950 million professional basketball arena in Brooklyn by today. Bruce Ratner, owner of the New Jersey Nets and developer of the ambitious, $4 billion Atlantic Yards project, said he was "inches away from completing the deal." That was before prestigious investment firms started to fall and credit markets went into full-scale panic, triggering a financial crisis on Wall Street unseen since the Great Depression.

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