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Money in New York: The Capital of Capital No More?
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| Contributor | Scott³ |
| Last Edited | Scott³ Oct 14, 2007 12:42pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Sunday, October 14, 2007 06:40:00 PM UTC0:0 |
| Description | New York Times Magazine article.
An excerpt...
"Every day in Lower Manhattan, tourists stroll along the Capitalism Trail. They might start in the yard of Trinity Church, where Alexander Hamilton, the first Treasury secretary and architect of the early United States financial system, is buried. Nearby, on Broad Street, they amble past the hulking headquarters of the New York Stock Exchange. They might stop for a water break in front of 23 Wall, the fortresslike building at the junction of Broad that was the headquarters of J. P. Morgan & Company and was known in its heyday as the Corner. As John Brooks wrote in his book “Once in Golconda,” the Corner was in the early 20th century “the precise center, geographical as well as metaphorical, of financial America and even of the financial world.”
The Corner is now a luxury condominium called Downtown by Philippe Starck. The most common financial transactions there probably involve paying the Chinese delivery guy or tallying bills from the luxury retailers — Thomas Pink, Hermès and Tiffany — that have opened outposts down the block. Wall Street has not been Wall Street for a long time. Big investment banks like Lehman Brothers, Morgan Stanley and Bear Stearns decamped for Midtown years ago, and the largest securities trading floor in the world — belonging to the Swiss bank UBS — is in Stamford, Conn. The N.Y.S.E., which is transforming into an electronic exchange, will close two of its remaining four trading rooms next month. The question today — one being asked with increasing frequency and anxiety in certain quarters — is whether New York as a whole is going the way of Wall Street. Are New York’s days as the world’s epicenter of finance coming to an end?" |
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