D.C.’s prestige takes bite out of Big Apple

Washington Times – “New York still has the best connections to the rest of the world,” said Gerald Hanweck, professor of finance at George Mason University. “Wall Street is still there.”

And many of the brightest minds on Wall Street — even if unemployed at the moment — simply won’t give up the prospect of another hedge-fund job (in which they might earn $3 million a year in bonuses alone) for a government job (at which 20 years on the job could earn them a total of less than $3 million), Mr. Hanweck said.

Still, with a huge chunk of the $787 billion in economic stimulus money landing in the greater Washington area and with a growing and newly activist federal government, the city’s importance clearly will grow, Mr. Fuller said.

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