The NY Daily News reports Chuck: Trouble on the Street:
Calling a new Wall Street disaster plan a "dagger pointed at the heart of New York," Sen. Chuck Schumer urged federal regulators yesterday to scrap it and start from scratch.Why not next door to the main site, eh Chuckles? Someone ought to explain to Chuckles how disaster recovery works. You want your backup site to be out of range of the disaster. 9/11 was relatively localized - not all forseeable disasters (manmade and otherwise) would be.
The plan recommends that financial firms build backup facilities as far as 300 miles out of town - and move thousands of jobs with them.
It "could spell big trouble for downtown and big trouble for New York City, as well as for our country," Schumer said outside Federal Hall on Wall St. "This is not going to fly - we're going to stop this report in its tracks."
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The plan, released in August, was created by the Federal Reserve Board, Securities and Exchange Commission and Office of the Controller of the Currency and billed as a way to protect the financial markets from another terror attack.
The agencies urged 15 to 20 major banks, and five to 10 major securities firms - many of which have base operations in the city - to consider creating backup sites.
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Schumer said Wall Street's relatively quick reopening after the Sept. 11 attacks should dispel any notion that backups need to be far away.
"If they start playing with fire and doing that, we're not sure that companies would stay in New York State or even the U.S.," he said.
To be fair to Schumer, the article says Gov. Pataki and Mayor Bloomberg are similarly clueless.
