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.