Nearly two months after Hurricane Sandy, some lower Manhattan buildings still remain without power and in a state of disrepair. According to Wall Street & Technology, insulation, transformers, wiring and telecom equipment were ruined by flood waters. Even sheetrock and carpeting have to be removed and replaced before people are allowed to return.
Some companies are working in back-up facilities. Bloomberg LP opened its Houston Street disaster recovery location to clients and traders displaced by the hurricane. Muni bond insurer Ambac Assurance Corp.’s building was inundated with five feet of water and a flooded basement. They activated their disaster recovery site in Kingston, NY before Sandy hit the city. Even after power was restored three weeks later, there were still air quality issues. Employees also had to deal with their own personal problems. The lack of available employees was the main reason for the stock exchange closure. “When you have a hole in your roof over your kid’s bedroom, the last thing you are thinking about is getting to the office,” one employee told Wall Street & Tech.