Posted on 08/21/2023 7:35:38 PM PDT by lowbridge
A giant, sucking sound is coming out of Wall Street — and it’s siphoning staggering sums of money out of the Big Apple while handing business to Florida and other states farther south.
Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.
Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows.
Icahn Capital Management — headed by billionaire corporate raider Carl Icahn — is among the most prominent firms to decamp to the Sunshine State. In August 2020, the firm ditched his posh Manhattan digs atop Fifth Avenue’s General Motors Building in favor of a 14-story office complex in a Miami suburb.
Icahn’s firm, which manages $22.2 billion in assets, now conducts business less than a mile away from his mansion in Indian Creek Village.
Meanwhile, hedge-fund tycoon Paul Singer’s Elliott Management — which commandeers a total of $59.2 billion after shaking up investment targets including AT&T, Twitter and the government of Argentina — moved its headquarters from Midtown Manhattan to West Palm Beach, Fla., in October 2020.
One year later, closely watched tech-stock guru Cathie Wood — famous for her bold, windfall bet on Elon Musk’s car maker Tesla –moved her firm ARK Investment Management — and its $24.7 billion worth of assets — to St. Petersburg, Fla.
(Excerpt) Read more at nypost.com ...
Oh, NYS is doing that.
But NYS telling taxpayers to make bricks out of straw doesn’t mean it’s gonna happen.
I've spent many-a-day in Manhattan. Working at the World Financial Center, looking out the window at the Twin Towers (and later looking out a shattered window down onto the rubble.). Dodging Bocce Balls in the hallways of the Waldorf. I've jumped between cars late at night on the Long Island Railway. I've ridden in NYC taxis with drivers who used their horns the way that bats use their radar (those guys were masterful!).
No, NYC has not always been for losers. But it is today, and will be tomorrow. As a long-time Floridian I always worried that the dam of humanity in NYC would burst and come flooding into Florida. That has certainly proven to be the case.
Have you look at Florida’s budgets?
If Deep State turns off the tap, FL will be in a world of hurt.
Yeah, that $20 billion dollar surplus and $2.7 billion in 2023 tax relief has been hard to take, lol.
They’re trying to make it up on the backs of people who rent apartments and condos. But the city will hollow out; and the danger is foreign oligarchs swooping in to buy up NYC real estate. Chinese, Arabians, Russians...
In a speech before the National Press Club on October 29, 1975,
President Gerald Ford denies the near-bankrupt New York City a
federal bailout, prompting the New York Daily News to run the
infamous "Drop Dead" headline the next day.
Ford to City: Drop Dead
[History Channel audio 3:25]
Perhaps we're related. My ancestor helped found Brooklyn in 1603. Another was mayor of Brooklyn in the 1800s.
We have excess money in our State Government. New York’s in debt up to their eyeballs... And money from DC? I can assure you - New York would have more and waste more...
Yea.
Unfortunately it’s seriously outdated by the current regime, since the Federal budget is about 38T now.
But hopefully it is still effective in getting the message across.
Thanks for the response.
Excellent comeback...
You don’t find it bizarre that the Mayor of the nation’s largest city suddenly up and goes to Jerusalem while his city is inundated with foreign infiltrators?
Why not meet with the local Jews?
NYC is moving mountains to house and feed foreign infiltrators. These dirtbags are living in 5-star rooms and eating the finest meals.
They’ve had homeless on the streets for decades and put them into overcrowded shelters with crappy food.
>> Seems like you’re saying this is a Jewish plot. Why don’t
>> you just say it instead of being coy?
If you look at the poster’s history, he seems to be obsessed with da Joos. Trying to be just obtuse enough to skirt the edge of a zot.
But the mayor, the former NYPD affirmative action hire, fiddles while Rome burns.
When these big spenders are not eating and drinking and shopping, the retail in the city gets hit hard. Increased crime doesn’t help much either.
You wrote that without evidence.
I used to say kick the UN out of NY. Now I think it is in the best place for it.
I suppose they deserve each other.
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