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Wall Street Sets Up Shop in DC

Firms descend on Washington to work on the bailout

By Matt Cantor, Newser Staff

Posted Nov 8, 2008 11:59 AM CST

(Newser) – With Washington the focal point of the financial crisis, consulting, real estate, and legal firms are moving from New York to DC, the Washington Post reports. Financial firms see vast opportunities to advise DC companies on the bailout bill and fight for Treasury contracts. Why relocate? “Our business is a people business. It is important to be accessible to the people you're working for,” notes an investment banker.

And the area's economy is reaping the rewards in the form of "business sales, high-powered restaurant meals, business suit purchases, and travel and luxury hotel stays,” says an economist. For instance, two advisory companies that will do bailout work for the Treasury Department have booked dozens of rooms through Marriott's extended-stay program.

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Washington is getting an economic boost from the influx of financial firms. (Shutterstock)

Wall Street firms are hitting Washington to get in on bailout opportunities. (Shutterstock)

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Everything from the policies, the regulations, to the money and the contracts to do the work will be emanating out of Washington, so people want to be here. - Larry Wolk, attorney

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Wall Street Sets Up Shop in DC