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Wednesday, November 11, 2020

Wall Street may move to Dallas

In a huge blow to liberals, Nasdaq officials are in talks with Republican Governor Greg Abbott of Texas about a possible move to Dallas. Charles Schwab already is ditching San Francisco for a new home on the range. With its $22 billion merger with Ameritrade, Schwab now manages $6 trillion in assets for 28 million brokerage accounts, according to CNBC.

Stock exchanges are portable now. All you need is a laptop and WiFi. The rest is just to handle the volume and frequency of trades.

KSAT reported, "Officials from Nasdaq and other major stock exchanges will meet with Gov. Greg Abbott on Nov. 20 in Austin to discuss a possible move from New Jersey to Texas, nbcdfw.com and the Dallas Morning News reported.

"The meeting comes on the heels of the exchanges threatening to move their trading platforms out of New Jersey, the report said."

Who wants to deal with a crazy communist mayor, stand down orders by police, and the closing of restaurants, hair salons, and even floral shops?

Obama's Occupy Wall Street movement morphed into BLM and Antifa with thugs sucker-punching old people as part of a Knockout Game.

The Wall Street move likely is limited to data process centers. That would mean thousands of jobs, nevertheless.

KSAT reported, "According to The Dallas Morning News, Abbott’s office has been talking with Nasdaq and other exchanges about moving their data centers to Dallas because of a potential tax on financial transactions in New Jersey.

"The proposed tax would charge a quarter of a cent per financial transaction at entities in New Jersey that process at least 10,000 transactions annually via electronic infrastructure, the Dallas Morning News reported. That tax would generate an estimated $10 billion annually for the state."

But if the exchanges physically move from Wall Street, everyone is in for a nice raise.

Texas has no state income tax. New York's top rate is 8.82%. New Jersey tops off at 10.75%.

Money is pretty simple to move. I can send money just about anywhere in the world with a few computer clicks.

The other advantage is Dallas has wide open spaces that companies can build on to their specifications instead of renting and renovating someone else's building. Renovation is more expensive and more cumbersome than construction in most cases. 

The Dallas Morning News reported, "Charles Schwab’s new home on the range in Texas comes complete with cattle. More than 2,000 people have moved to the financial giant’s Westlake campus."

The cultural differences were emphasized in the story, but the architectural change should bring changes in psychology.

The story said, "Designed by Dallas architect Corgan, Schwab’s new buildings have wide stretches of glass, sloping roofs and balconies, and use polished wood and rough stone on both the inside and exteriors. Mesquite wood and Texas limestone were used in some areas."

The company is building 700,000 square feet of office space.

The back offices carry a lot of jobs. The exchanges themselves carry a lot of prestige. Either carry a lot of cash flow.

New Jersey might want to back off that transaction fee, but maybe it is too late because who would trust New Jersey not to try this again?

I live in West Virginia where under 80-plus years of Democrat control of the legislature people learned that it is oh so easy to lose a company and hard as a rock to replace it. We led the league in unemployment in the 1980s and 1990s.

68 comments:

  1. "if the exchanges physically move from Wall Street, everyone is in for a nice raise."

    I'd rather start with a completely fresh set of employees than risk NJ transplants forgetting why the move took place and voting for the same crap in Texas that has ruined the Garden State.

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    1. Actually, one fringe benefit of a relocation like this one is that a lot of (if not most of) the horror-struck will not take the move. It's often said that moving HQ is the voluntary way of downsizing an operation.

      Comerica relocated from Detroit to Dallas, and built a delightful downtown tower for their new HQ. I suspect that the staff quality improved by subtraction in the process.

      (BTW, same idea holds with moving agencies out of DC. Great way to downsize without having to have fights about it.)

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    2. If you can get them. These job require a linguistic familiarity with the industry's operations that have a complexity that you would not believe unless you were to hear it for yourself. Years of experience are often required before true proficiency has been attained.

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    3. @Don Reed, you make an interesting point. I think one major downside of "work from home" is the lack of mentoring. Experienced folk will do fine, but new employees won't be able to "hear it for yourself." Much of the skill in complex environments comes from being around other people who already know how to do it. The Work-from-home environment eliminates that possibility.

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    4. Totally agree. leave the Jersey Liberals in Jersey.
      look at Arizona - all the Californians looking for a lower cost of living all brought theur shitty politics with them and now look at the state.....

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    5. I work with a bunch of New Jersians. I remember politics coming up on a call when I mentioned Trump favorable. The response? "We had no idea you were one of those people," with utter disdain. Fine. Just stay there. Please don't spread the (D)isease.

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    6. I think most would leave. They could double the size of their house. Pay lower property taxes besides the income taxes, lots of pluses for them. Unfortunately, they will destroy Texas with their liberal politics.

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    7. I think the wall street gang needs to move out to Odessa. Dallas or Austin is too redneck for these types. Don't be expecting to change the environment. Wall st hasn't been all that kind to Ranchers, oil and gas, and other commodity folks. Saunter into Texas like you own it is no different than a wet back swimming the Rio from Mexico. Be respectful, if yall know how or go back where ya came from. That means leave your stinkin polyticks in jersey and gnew ork.

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    8. And this is how the decadence of Left Wing ideals spread; they will bring with them the same ideals the are ruining New York, Chicago etc., and Dallas/Texas will devolve into the abyss....

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    9. Compare Austin, TX with Portland or Minneapolis. There is VERY little difference between them. Austin used to be Weird, now it is a dumpsite.

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    10. Please, please stay out of Dallas county. Very corrupt. Move to Tarrant county instead. Y'all will love it. Downtown Ft Worth is perfect for it.

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    11. Love to see those thugs try to “occupy Wall Street”, in Texas.

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    12. I'm a lifelong NJ resident, conservative and in agreement with everyone here. Only staying here because my job is specialized and I'm too old to change careers (who'd hire me anyway). Wall st should hire as much local talent as possible and leave NJ liberals to their fate. NJ has the elected the leadership that it deserves. However, my brother moved to Houston 30 years ago and BECAME conservative so anything is possible.
      JerseyJim

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    13. Don't forget that Dallas is run by Democrats, so not much change from Joisey or Gnu Yak and their communist leaders.

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  2. I'm with Mmatters...hire local Texans. We don't want what happened to California to happen to Texas

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    1. Agreed!!! Don’t come to Texas with your leftist views that killed your state and ruin ours

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    2. Looks more and more like CA politics were ENHANCED by those controlling the vote.

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    3. Unfortunately it is already happening and there doesn't seem to be much that can be done about it except bring back the old west.

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  3. Don listed the NY State income tax but left off the city income tax.

    Starts at 3.762% for $21,000 a year in income and goes to 3.876%

    That’s almost a 13% combined top tax rate ... but doesn’t include the fact that NY City sales tax is almost 9% (incl the state part) and Real estate taxes are insane too.

    For a 3,300 sq ft home in Montclair NJ, 30 minutes from NYC, price is $850,000 and the annual real estate tax is listed as $27,000 dollars

    No. Thank. You.

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  4. ___ A crying shame... I was a B of A baby (NationsBank, then), working in Tower II, in the mid '90's living in Midtown (I was a poor college grad living on boxed mac-n-cheese, thankfully in a corp. paid apartment) and loved Guiliani NYC. First the Terrorists destroyed Wall ST. and now today's financial Terrorists to capitalism, Cuomo and DeBlasio. Sad. ZB

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    1. This comment has been removed by the author.

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    2. The NYC of 1993 in 2020 is extinct.

      As what used to be Berlin, Germany, thirty-seven years earlier, in 1945.

      And the American Communists are now trying to convince us that New York City Mayor de Blasio's twin, Braindead Biden, has been elected president.

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  5. Don't California or new Jersey or new York my Texas. Hire from within the state. Not from outside the state.

    Anyone moving here should be able to vote....

    In their former states elections for 7 years and not infect their new states with the old policies they are running from.

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  6. It would also take a lot of electoral votes and House seats from NY and Jersey.

    Best part of all.

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  7. Not everyone in new jersey is a democrat dude.

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    1. Almost everyone. Not too long ago, Morris and Hunterdon Counties were solid R. It was stunning to see the Harris Biden signs not to mention they went for that duo.

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  8. Just be careful Texas.
    You're importing liberal brain disorder and it is contagious.
    You're not scaring NJ, but making the D-kkk power brokers happy as they now see a better path to flipping Texas blue.

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    1. We've been importing it for decades. We're on the brink here. A couple decades if we're lucky to hold out that long then it's over.

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  9. It should be noted that there is more than just the money aspect to all this.

    For instance, my wife works in the industry. Having to move from NJ (current residence) to Anywhere Else would move her from her family, which for her would be a huge emotional problem (not I. No allegiances anywhere to anyone but her).

    However, NJ definitely leaves us no choice. When she retires, we go to Tax Jail.

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  10. If NJ transplant has voted democrat the last 5 elections tax them at 500% of last year's gross income to pay for all the damage they're going to cause to their new locale and to pay in advance for all the taxes they're going to vote for.

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  11. Don't take that liberal crud with you. Leave it behind.

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  12. Yes, but will they keep voting for democrats after fleeing the cesspool they created with their voting history.

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  13. I live near Westlake, the campuses for Schwab, Fidelity and others are gorgeous!

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  14. Just remember, Florida is still closed for any Northern business or citizens. It's that damn Covid! We'll let you know when it's safe!

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    1. Penicillin should help resolve the issue with your name :-)

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    2. Anon, you are missing the burning issue! Times are tough, but I'm holding my own...

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  15. DeBlasio, Bloomberg, and Nazi-collaborator George Soros will snap up prime New York real estate for pennies on the dollar, while at the same time sending the liberal-voting minions they created to infect the body politic in many other states. For them it is a win-win. Diabolical. - Elric

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    1. You're probably right. Think of all the "prisoners" that can't afford to leave.

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    2. Why is George Soros still alive?

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    3. This is what's behind the move to empty out inner city projects and construct new ones in suburbs. They are moving out people they consider an undesirable burden and they will snap up that real estate for pennies like they did the coal mines.

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  16. I have to say, it's shots in the feet for NYC and Joisie, and it couldna happened to nicer states, which they aren't. I am sooooooo Not Bummed.

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  17. God no. We don't need any more leftists in Texas. We're barely hanging on as it is. You can keep Wall Street.

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  18. I saw a bumper sticker a few months ago that said "Don't California my Texas". I like the idea of jobs, but I'm afraid that would turn my Texas into a blue state.

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  19. I've never clicked on the Instapundit "Welcome Wagon" proposal (to keep blue state libs from continuing their ways after moving to red states). Perhaps it's time...

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  20. Financial firms have been moving back office and middle management jobs to Dallas, Nashville and South Florida for a long time. It’s not a question of if theses firms will leave NYC but when.

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  21. All those New Yorkers will turn Texas more globo-homo.

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  22. Don,
    A lot of businesses require the closest possible physical locations to the stock exchange as they do high frequency trading and other strategies that require them to get to a tiny bargain quicker than everyone else. This will lead to a mass exodus from wall street

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  23. Just look what is happening to Florida they move down here from NY,NJ,OH PA and everywhere else to flee the taxes and winter weather and almost always bring with them their Left Wing politics. Be careful Texas or you will end up with the same just look at Arizona and Colorado.

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  24. What a conundrum huh? However parasites gotta parasite, proggies gotta prog.

    Its in their nature.

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  25. Plenty of northern bank have already moved their headquarters to San Antonio.

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  26. Texas is gone and so goes the republic.

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  27. As if the DFW traffic isn't screwed up enough, now this. Me thinks Amarillo would be a better place to relocate to. Just think of than nice underutilized air base there

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    1. El Llano Estacado sounds like a good place for them. - Elric

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    2. The Journada del Muerte would be better for them.

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  28. Gonna need something to replace the opening and closing bell.

    I’m leaning towards the M777 Howitzer.

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  29. Someone here in Texas needs to fold up the welcome mat. Until we find a better source of water and have an oath of allegiance to conservativtism I'm for closing our borders. At least to those states that are not adjacent.

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  30. Relocations like this often start as a partial move to a new building/campus.

    Then, once that is complete, surprise!! They move the rest of their operation also and close their original location down completely.

    Don's right: a LOT of current employees won't go, some by their own choice, many will be offered early retirement or simply let go. A company is not going to pay to relocate an employee they aren't happy with. Easier to buy them out, or simply "eliminate the position".

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  31. Dallas should go on full alert for a possible locusts infestation. They destroy and devour one area and then move onto the next. Just look what they've done to NYC.

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  32. Good on Wall Street (if only). What I want to know is where to move the Federal Government in preparation for the Red/Blue breakup. I see two options (1) do as Australia did 100+ years ago and pick a vast amount of unused land in the center of the country with good water supply or (2) as above but with major departments distributed throughout the country.

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