Three prominent New York City officials warned Monday that the Big Apple will lose its status as the world’s financial capital within a decade if the United States does not change its accounting, legal and regulatory structure.

New York City Mayor Michael Bloomberg, Democratic Sen. Charles Schumer and Gov. Eliot Spitzer unveiled a report that said if legal and regulatory concerns are not addressed the role of pre-eminent financial center will shift from Manhattan to rivals like London and Tokyo.

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