Observer: Terry Duffy adds Washington clout
Published: February 1 2008 02:00 | Last updated: February 1 2008 02:00
Excerpt (regarding the recent announcement of Dennis Hastert joining CME's Board):
Hastert's arrival is another sign of the political clout wielded in Washington state by the Windy City's exchanges.
Last year, that came in handy persuading Washington's antitrust people that there really were no monopoly concerns in the acquisition of the CBOT; the deal was eventually waved through.
And with the possible addition of Nymex helping to create an even bigger juggernaut in the derivatives world, having Hastert on board can't hurt.
I found this next article an interesting look back in time. Published in early 2004, shortly after Bank One agreed to be acquired by JP Morgan, it depicts the gloom surrounding Chicago's future as a global financial center. Interestingly, while many of the issues discussed in the article continue to hold true, one can say with confidence that things really haven't turned out quite so badly for Chicago today:
Chicago's Financial Center Could Lose Its Last Pillar
By DAVID BARBOZA
Published: January 15, 2004
CHICAGO, Jan. 14 - When J. P. Morgan Chase acquires Bank One, probably sometime later this year, the city of Chicago seems all but certain to lose its last major banking headquarters. Indeed, people here are already lamenting the deal as one more step toward the demise of Chicago as a major financial center.
"Emotionally, it's upsetting," said Paul O'Connor, executive director of World Business Chicago, a nonprofit economic development corporation for the city. "In my line of work, headquarter pelts are prized, but the economic impact is the real question."
And that has some here worried. In recent years, this city - built on steel, railroads, chewing gum, ad jingles and pork bellies - has been steadily eclipsed as a financial and corporate center, experts say.
New York Times