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The New Yorker – Financial Page “Over There”

The New Yorker – Financial Page “Over There”

by Toby Lucich on January 29, 2007

These look like fat years on Wall Street. In 2006, the city’s biggest financial firms made more than thirty billion dollars in profits. Trading volume on the major exchanges is climbing, while the merger market is booming. And bankers and traders have reaped the benefits, earning close to twenty-five billion dollars in bonuses last year. Yet over the past few months, amid this bounty, a chorus of Cassandras has emerged.

“The United States is losing its leading competitive position,” a private-sector commission on capital markets said in a November report, and last week Mayor Michael Bloomberg and Senator Charles Schumer released a study arguing that New York City’s financial dominance was being eroded, thus putting tens of billions of dollars and tens of thousands of jobs at risk.


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