OMG Atlanta based ICE to purchase the NYSE (Jersey: 2013, homes)

[rorqual]

Originally Posted by ATLTJL

I would predict that absolutely nothing would change. Certain industries are in certain cities, and finance....well, that's in New York.

For another Atlanta example, just look to CNN. The new president of CNN is Jeff Zucker. Even though Turner Broadcasting is headquartered in Atlanta, the news media business industry is in New York and as such, Jeff Zucker will be based out of New York.

So the idea of corporate headquarters is starting to get a little fuzzy. Sure, Turner's headquarters is in Atlanta. But that just means most of the accountants, public relations, and support staff are housed in CNN Center. But with the company president, Anderson Cooper, and many producers based in New York and Wolf Blitzer and all the political unit honchos based in Washington, can you really say CNN is based in Atlanta? What does based in a city even mean? Is headquarters where you have the biggest building with the most support staff, or is it where the real strategic decisions are made?

Even though the NYSE was purchased by an Atlanta company, I think we can still say the NYSE will be based in New York.

But TBS is a subsidiary of Time Warner which is headquartered in NYC.

[dichloromethane]

Originally Posted by AnsleyPark

Well, the Chair will be ICE's current CEO and the president will be NYSE Euronext's current Chair (I think is the way it goes). Lot's of companies have "dual" headquarters, but that's usually to keep the troops from thinking, "Oh my God, we are moving our headquarters!" It's generally just a PR thing.

PR it may be, but that's precious PR we need.


Good day for Atlanta.

[Newsboy]

THANK YOU! to the incomprehensible critic who wasted rep points on me with the following comment:

"Trust me when I say this, NO ONE from Wall Street will give up living in an exciting cosmpolitan city like NY to move to McMansion Tea Party land aka Atlanta."

^^^^ Which is EXACTLY what I said (minus the "McMansion Tea Party land aka Atlanta part)

[chiatldal]

Originally Posted by ATLTJL

I would predict that absolutely nothing would change. Certain industries are in certain cities, and finance....well, that's in New York.

For another Atlanta example, just look to CNN. The new president of CNN is Jeff Zucker. Even though Turner Broadcasting is headquartered in Atlanta, the news media business industry is in New York and as such, Jeff Zucker will be based out of New York.

So the idea of corporate headquarters is starting to get a little fuzzy. Sure, Turner's headquarters is in Atlanta. But that just means most of the accountants, public relations, and support staff are housed in CNN Center. But with the company president, Anderson Cooper, and many producers based in New York and Wolf Blitzer and all the political unit honchos based in Washington, can you really say CNN is based in Atlanta? What does based in a city even mean? Is headquarters where you have the biggest building with the most support staff, or is it where the real strategic decisions are made?

Even though the NYSE was purchased by an Atlanta company, I think we can still say the NYSE will be based in New York.

I get what your saying but that's a bad example Most of CNN air time is actually based in Atlanta, as CNN news room. It just a lot of the prime time show aren't. Never the less I get your point.

But yeah I don't think it means anything over than bragging rights.

Originally Posted by Newsboy

THANK YOU! to the incomprehensible critic who wasted rep points on me with the following comment:

"Trust me when I say this, NO ONE from Wall Street will give up living in an exciting cosmpolitan city like NY to move to McMansion Tea Party land aka Atlanta."

^^^^ Which is EXACTLY what I said (minus the "McMansion Tea Party land aka Atlanta part)

I actually kind of miss getting negative reps. Every one wins! trolls get there hate on, and you get rep.... Win-Win

[dichloromethane]

Originally Posted by Newsboy

THANK YOU! to the incomprehensible critic who wasted rep points on me with the following comment:

"Trust me when I say this, NO ONE from Wall Street will give up living in an exciting cosmpolitan city like NY to move to McMansion Tea Party land aka Atlanta."

^^^^ Which is EXACTLY what I said (minus the "McMansion Tea Party land aka Atlanta part)

That wasn't me.

[Atlwarrior]

Originally Posted by ATLTJL

I'm not trying to take away from the prestige of the acquisition, I'm just saying don't expect big jobs to come to Atlanta or for anyone on Wall Street to even really notice.

CNN aside, this kind of thing has actually been going on for a long time. Tons of companies around the country are incorporated in Deleware because they have the best business laws, but I don't know what benefits Deleware reaps from that. Most cruise ships are (or at least were, I don't know anymore) registered in Liberia. That didn't seem to do too much to help them. There are all kinds of other examples, I think a lot of companies have official headquarters in Bermuda.

For Bloomberg Business to break away from their normal format and focus on this transaction for at least a good 2 hours during before the pre market hours of 7am-9am, definetely was a great plug for the city. Atlanta got tremedous exposure courtesy of Bloomberg Business and other reputable Business media outlets. Bloomberg business seemed to overemphasize that ICE was Atlanta Based, which gave the city some good free advertising. Also every business article from London, England to Detroit seems to be starting off that a much smaller Atlanta investment company is acquiring its rival. At least for today, I think it was great Atlanta got so much good attention.

[Newsboy]

Originally Posted by Atlwarrior

For Bloomberg Business to break away from their normal format and focus on this transaction for at least a good 2 hours during before the pre market hours of 7am-9am, definetely was a great plug for the city. Atlanta got tremedous exposure courtesy of Bloomberg Business and other reputable Business media outlets. Bloomberg business seemed to overemphasize that ICE was Atlanta Based, which gave the city some good free advertising. Also every business article from London, England to Detroit seems to be starting off that a much smaller Atlanta investment company is acquiring its rival. At least for today, I think it was great Atlanta got so much good attention.

Bloomberg, like most every news outlet in the nation, has a sizable news bureau presence in ATL. I have friends who live in ATL and work for Bloomberg Business News. I don't think many people outside the communications / news biz realize this, but it's been true for years. CNN aside, all the major networks (ABC, NBC, CBS, FOX) have news operations in Atlanta INDEPENDENT of the local affiliates. (Ditto for the nations's largest newspapers.) Just one more example of how Atlanta is indeed considered a big player by the national media.

[Atlwarrior]

Originally Posted by Newsboy

Bloomberg, like most every news outlet in the nation, has a sizable news bureau presence in ATL. I have friends who live in ATL and work for Bloomberg Business News. I don't think many people outside the communications / news biz realize this, but it's been true for years. CNN aside, all the major networks (ABC, NBC, CBS, FOX) have news operations in Atlanta INDEPENDENT of the local affiliates. (Ditto for the nations's largest newspapers.) Just one more example of how Atlanta is indeed considered a big player by the national media.

I guess as a Business major Bloomberg sources are the most reliable and trustworthy for me. Its amazing the number of reputable Economist's they have to come on their shows during the week. The amount of Data and Analyzation of economic news Bloomberg Business does is mind blowing.

[afonega1]

“I am pleased they will keep the New York Stock Exchange name and protect the brand,” Schumer said, adding that the new company will have dual headquarters in Atlanta and on Wall Street.

Sprecher’s terms persuaded the 775 stockholders of NYSE Euronext to the accept his deal to protect the operation from shrinking any further.

Most trading for financial products is done largely on computers with little need for face-to-face contact. The image of the once-hectic trading floor has all but vanished at the Big Board.

NYSE ice storm - NYPOST.com

I guess there are no jobs from the trading floor to moved anyway.

[Newsboy]

That NYPost story has a couple graphs that suggest this is still a blow to NYC's ego:

"Sen. Chuck Schumer (D-NY), an aggressive defender of Wall Street, said he received assurances from the new owners that the historic trading floor — sparsely occupied now — and its jewel landmark building at 11 Wall St. won’t be turned into condos.
“I am pleased they will keep the New York Stock Exchange name and protect the brand,” Schumer said, adding that the new company will have dual headquarters in Atlanta and on Wall Street."