alexandra jay alexandra joy |
"Kane & Abel" Rap duo "Kurious Jorge" Rapper L Ángel López Pop Salsa singer originally from group Son by Four responsible for Super Hit song "A Puro Dolor" "La India" Salsa singer George Lamond Pop salsa singer Tito Lara Singer Héctor Lavoe Salsa singer William Landrón a k a "Don Omar" Reggaeton singer Raphy Leavitt Composer musical director Founder "La Selecta" orchestra Tońito Ledee Salsa singer Wall Street is a 0.7-mile-long (1.1 km) street running eight blocks, roughly northwest to southeast, from Broadway to South Street on the East River in the Financial District of lower Manhattan, New York City.[2] Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial sector (even if financial firms are not physically located there), or signifying New York-based financial interests.[3] Anchored by Wall Street, New York City has been called both the most economically powerful city and the leading financial center of the world,[4][5][6][7][8] and the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ.[1][9] Several other major exchanges have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, and the former American Stock Exchange. Contents [hide] 1 History 1.1 Early years 1.2 19th century 1.3 20th century 1.3.1 Early 20th century 1.3.2 Regulation 1.4 21st century 2 Architecture 3 Surrounding neighborhood 3.1 Tourism 4 Importance 4.1 As an economic engine 4.1.1 In the New York economy 4.1.1.1 Versus Midtown Manhattan 4.1.2 In the New Jersey economy 4.1.3 Competing financial centers 4.2 In the public imagination 4.2.1 Versus Main Street 4.2.2 As a culture 4.2.3 In popular culture 4.2.4 Personalities associated with the street 5 Transportation 6 See also 7 References 7.1 Notes 7.2 Other sources 8 External links History[edit] Early years[edit] The original city map called the Castello Plan from 1660, showing the wall on the right side Depiction of the wall of New Amsterdam on a tile in the Wall Street subway station, serving the 4 5 trains
Wall Street in 1797
Conjectural view of Wall Street, as it probably looked at the time of Washington's 1789 inauguration
There are varying accounts about how the Dutch-named "de Waal Straat"[10] got its name. A generally accepted version is that the name of the street was derived from an earthen wall on the northern boundary of the New Amsterdam settlement, perhaps to protect against English colonial encroachment or incursions by native Americans. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal.[11] Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families. The Dutch word "wal" can be translated as palisade. However, even some English maps show the name as Waal Straat, and not as Wal Straat.[10]
According to one version of the story:
The red people from Manhattan Island crossed to the mainland, where a treaty was made with the Dutch, and the place was therefore called the Pipe of Peace, in their language, Hoboken. But soon after that, the Dutch governor, Kieft, sent his men out there one night and massacred the entire population. Few of them escaped, but they spread the story of what had been done, and this did much to antagonize all the remaining tribes against all the white settlers. Shortly after, Nieuw Amsterdam erected a double palisade for defense against its now enraged red neighbors, and this remained for some time the northern limit of the Dutch city. The space between the former walls is now called Wall Street, and its spirit is still that of a bulwark against the people.[12]
In the 1640s, basic picket and plank fences denoted plots and residences in the colony.[13] Later, on behalf of the Dutch West India Company, Peter Stuyvesant, using both African slaves[14] and white colonists, collaborated with the city government in the construction of a more substantial fortification, a strengthened 12-foot (4 m) wall.[15] In 1685, surveyors laid out Wall Street along the lines of the original stockade.[15] The wall started at Pearl Street, which was the shoreline at that time, crossing the Indian path Broadway and ending at the other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers.[16] Wall Street was also the marketplace where owners could hire out their slaves by the day or week.[17] The rampart was removed in 1699.[11]
Slavery was introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made Wall Street the city's first official slave market for the sale and rental of enslaved Africans and Indians.[18][19] The slave market operated from 1711 to 1762 at the corner of Wall and Pearl Streets. It was a wooden structure with a roof and open sides, although walls may have been added over the years and could hold approximately 50 men. The city directly benefited from the sale of slaves by implementing taxes on every person who was bought and sold there.[20]
In the late 18th century, there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities.[21] The benefit was being in proximity to each other.[21] In 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange.[22] The idea of the agreement was to make the market more "structured" and "without the manipulative auctions", with a commission structure.[16] Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing.[16]
In 1789, Wall Street was the scene of the United States' first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30, 1789. This was also the location of the passing of the Bill Of Rights. In the cemetery of Trinity Church, Alexander Hamilton, who was the first Treasury secretary and "architect of the early United States financial system," is buried.[23]
19th century[edit]
1847 map showing the street layout and ferry routes for lower Manhattan.
View of Wall Street from corner of Broad Street, 1867. The building on the left was the U.S. Customs House, but is now the Federal Hall National Memorial.
In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by the clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows.[24] The opening of the Erie Canal in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes. Wall Street became the "money capital of America".[21]
Historian Charles R. Geisst suggested that there has constantly been a "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C., the capital of the United States by then.[16] Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference.[16]
In the 1840s and 1850s, most residents moved further uptown to Midtown Manhattan because of the increased business use at the lower tip of the island.[24] The Civil War had the effect of causing the northern economy to boom, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account.[23] J. P. Morgan created giant trusts; John D. Rockefeller's Standard Oil moved to New York.[23] Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.[23] New York was second only to London as the world's financial capital.[23]
In 1884, Charles H. Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads, and looked at average prices for these eleven.[25] When the average "peaks and troughs" went up consistently, he deemed it a bull market condition; if averages dropped, it was a bear market. He added up prices, and divided by the number of stocks to get his Dow Jones average. Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire stock market. In 1889, the original stock report, Customers' Afternoon Letter, became The Wall Street Journal. Named in reference to the actual street, it became an influential international daily business newspaper published in New York City.[26] After October 7, 1896, it began publishing Dow's expanded list of stocks.[25] A century later, there were 30 stocks in the average.
20th century[edit]
Early 20th century[edit]
Wall Street around 1914
Wall Street in the stock market crash of 1929
Picture of Wall Street, from the Brooklyn Museum collection
Business writer [John Brooks] in his book Once in Golconda considered the start of the 20th century period to have been Wall Street's heyday.[23] The address of 23 Wall Street where the headquarters of J. P. Morgan & Company, known as The Corner, was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world."[23]
Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed a $4 tax on stock transfers, stock clerks protested.[27] At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city.
In the late 19th and early 20th centuries, the corporate culture of New York was a primary center for the construction of skyscrapers, and was rivaled only by Chicago on the American continent. There were also residential sections, such as the Bowling Green section between Broadway and the Hudson River, and between Vesey Street and the Battery. The Bowling Green area was described as "Wall Street's back yard" with poor people, high infant mortality rates, and the "worst housing conditions in the city."[28] As a result of the construction, looking at New York City from the east, one can see two distinct clumps of tall buildings—the financial district on the left, and the taller midtown district on the right. The geology of Manhattan is well-suited for tall buildings, with a solid mass of bedrock underneath Manhattan providing a firm foundation for tall buildings. Skyscrapers are expensive to build, but when there is a "short supply of land" in a "desirable location", then building upwards makes sound financial sense.[29] A post office was built at 60 Wall Street in 1905.[30] During the World War I years, occasionally there were fund-raising efforts for projects such as the National Guard.[31]
On September 16, 1920, close to the corner of Wall and Broad Street, the busiest corner of the financial district and across the offices of the Morgan Bank, a powerful bomb exploded. It killed 38 and seriously injured 143 people.[32] The perpetrators were never identified or apprehended. The explosion did, however, help fuel the Red Scare that was underway at the time. A report from The New York Times:
The tomb-like silence that settles over Wall Street and lower Broadway with the coming of night and the suspension of business was entirely changed last night as hundreds of men worked under the glare of searchlights to repair the damage to skyscrapers that were lighted up from top to bottom. ... The Assay Office, nearest the point of explosion, naturally suffered the most. The front was pierced in fifty places where the cast iron slugs, which were of the material used for window weights, were thrown against it. Each slug penetrated the stone an inch or two and chipped off pieces ranging from three inches to a foot in diameter. The ornamental iron grill work protecting each window was broken or shattered. ... the Assay Office was a wreck. ... It was as though some gigantic force had overturned the building and then placed it upright again, leaving the framework uninjured but scrambling everything inside. -- 1920[33]
The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion."[34]
A crowd at Wall and Broad streets after the 1929 crash. The New York Stock Exchange is on the right. The majority of people are congregating in Wall Street on the left between the "House of Morgan" (23 Wall Street) and Federal Hall (26 Wall Street).
Regulation[edit]
In September 1929 was the peak of the market.[35] On October 3, 1929 was when the market started to slip, and it went throughout the week of the 14th.[35] In October 1929, renowned Yale economist Irving Fisher reassured worried investors that their "money was safe" on Wall Street.[36] A few days later, on October 24,[35] stock values plummeted. The stock market crash of 1929 ushered in the Great Depression in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices.[36] During this era, development of the financial district stagnated, and Wall Street "paid a heavy price" and "became something of a backwater in American life."[36]
During the New Deal years as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946-1947, stocks could not be purchased "on margin", meaning that an investor had to pay 100% of a stock's cost without taking on any loans.[37] But this margin requirement was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%.[37] These changes made it somewhat easier for investors to buy stocks on credit.[37] The growing national economy and prosperity led to a recovery during the 1960s, with some down years during the early 1970s in the aftermath of the Vietnam War. Trading volumes climbed; in 1967, according to Time Magazine, volume hit 7.5 million shares a day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts."[38]
In 1973, the financial community posted a collective loss of $245 million, which spurred temporary help from the government.[39] Reforms were instituted; the SEC eliminated fixed commissions, which forced "brokers to compete freely with one another for investors' business."[39] In 1975, the Securities & Exchange Commission threw out the NYSE's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods.[40] In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers.[40] Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market.[40] Broker commissions for each stock sale lessened, but volume increased.[39]
The Reagan years were marked by a renewed push for capitalism, business, with national efforts to de-regulate industries such as telecommunications and aviation. The economy resumed upward growth after a period in the early 1980s of languishing. A report in The New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although the overall percent of actual users was most likely small. A reporter wrote:
The Wall Street drug dealer looked like many other successful young female executives. Stylishly dressed and wearing designer sunglasses, she sat in her 1983 Chevrolet Camaro in a no-parking zone across the street from the Marine Midland Bank branch on lower Broadway. The customer in the passenger seat looked like a successful young businessman. But as the dealer slipped him a heat-sealed plastic envelope of cocaine and he passed her cash, the transaction was being watched through the sunroof of her car by Federal drug agents in a nearby building. And the customer — an undercover agent himself -was learning the ways, the wiles and the conventions of Wall Street's drug subculture. -- Peter Kerr in the New York Times, 1987.[41]
1 Wall Street, at Wall Street and Broadway
In 1987, the stock market plunged[21] and, in the relatively brief recession following, lower Manhattan lost 100,000 jobs according to one estimate.[42] Since telecommunications costs were coming down, banks and brokerage firms could move away from Wall Street to more affordable locations.[42] The recession of 1990–91 was marked by office vacancy rates downtown which were "persistently high" and with some buildings "standing empty."[24] The day of the drop, October 20, was marked by "stony-faced traders whose sense of humor had abandoned them and in the exhaustion of stock exchange employees struggling to maintain orderly trading."[43] Ironically, it was the same year that Oliver Stone's movie Wall Street appeared. In 1995, city authorities offered the Lower Manhattan Revitalization Plan which offered incentives to convert commercial properties to residential use.[24]
Construction of the World Trade Center began in 1966 but had trouble attracting tenants when completed. Nonetheless, some substantial firms purchased space there. Its impressive height helped make it a visual landmark for drivers and pedestrians. In some respects, the nexus of the financial district moved from the street of Wall Street to the Trade Center complex. Real estate growth during the latter part of the 1990s was significant, with deals and new projects happening in the financial district and elsewhere in Manhattan; one firm invested more than $24 billion in various projects, many in the Wall Street area.[44] In 1998, the NYSE and the city struck a $900 million deal which kept the NYSE from moving across the river to Jersey City; the deal was described as the "largest in city history to prevent a corporation from leaving town".[45] A competitor to the NYSE, NASDAQ, moved its headquarters from Washington to New York.[46]
21st century[edit] The economy of New York City is the largest regional economy in the United States. Anchored by Wall Street, in Lower Manhattan, New York City has been characterized as the world's premier financial center,[1][2][3][4] with tough competition from London and is home to the New York Stock Exchange and NASDAQ, the world's largest stock exchanges by market capitalization and trading activity. In 2012, the New York City Metropolitan Statistical Area generated a gross metropolitan product (GMP) of over US$1.33 trillion, while the Combined Statistical Area[5] produced a GMP of over US$1.55 trillion, both ranking first nationally by a wide margin and behind the GDP of only twelve nations and eleven nations, respectively.[6] The city's economy accounts for the majority of the economic activity in the states of New York and New Jersey.[7]
New York is distinctive for its high concentrations of advanced service sector firms in fields such as law, accountancy, banking and management consultancy, and is the top global center for the advertising industry, which is metonymously referred to as "Madison Avenue"; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand.
The financial, insurance, health care, and real estate industries form the basis of New York's economy. The city is also the most important center for mass media, journalism and publishing in the United States, and is the preeminent arts center in the country. Creative industries such as digital media, advertising, fashion, design and architecture account for a growing share of employment, with New York City possessing a strong competitive advantage in these industries.[8] Manufacturing, although declining, remains consequential.
Contents [hide]
1 Real estate and corporate location
2 Finance
3 Information technology
4 Health care and biomedical
5 Manufacturing
6 Trade
7 Media
7.1 Film
8 Top publicly traded companies in New York City
9 References
10 External links
Real estate and corporate location[edit]
Real estate is a significant component of the New York City economy. In 2006 the total value of New York City property was $802.4 billion [9] The Google building, 111 Eighth Avenue is the property with the highest-listed market value in the city, at $1.8 billion in 2006.[10] The UK consulting firm Mercer, in a 2009 assessment "conducted to help governments and major companies place employees on international assignments", ranked New York City 49th worldwide in quality of living; the survey factored in political stability, personal freedom, sanitation, crime, housing, the natural environment, recreation, banking facilities, availability of consumer goods, education, and public services including transportation.[11]
The MetLife Building, formerly the Pan Am Building
Some of the most expensive office space in the United States is located in New York City. 450 Park Avenue was sold on July 2, 2007, for $510 million, about $1,589 per square foot ($17,104/m˛), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m˛) set in the June 2007 sale of 660 Madison Avenue.[12] Manhattan had 353.7 million square feet (32,860,000 m˛) of office space in 2001.[13]
Midtown Manhattan is the largest central business district in the world. New York City has long been the leading business center in the United States, but with the city's fiscal crisis in the 1970s a new trend began to develop resulting in corporate headquarters and subsidiaries gradually moving to the suburbs and other regions.
In 2005 there were 602 stand-alone headquarter operations for major companies in the city.[14] Many international corporations are headquartered in the city, including more Fortune 500 companies than any other city. It is also the home of JetBlue Airways, headquartered in the Long Island City neighborhood of Queens.
Out of the 500 U.S. corporations with the largest revenues in 2010, as listed by Fortune magazine in May 2011, 45 had headquarters in New York City and another 12 elsewhere in New York state (total 57). In the 1997 Fortune 500, 46 corporations had New York City headquarters, out of 61 corporations headquartered in New York state.[15]
In the May 2008 Fortune 500 list, reflecting the year before the global financial crisis of 2007-2010, five of the top 25 Fortune 500 companies in New York City were classified as securities firms (reflecting the importance of Wall Street), but two years later, none were. Two of the securities firms (Goldman Sachs and Morgan Stanley) had converted themselves into commercial banks, while different banks had absorbed either the organization or the post-liquidation assets of the other three firms (Merrill Lynch, Bear Stearns and Lehman Brothers).[16]
Finance[edit]
See also: Federal Reserve Bank of New York
The New York Stock Exchange is the largest in the world by dollar volume.
The New York Stock Exchange, located on Wall Street, and the NASDAQ are the world's first and second largest stock exchanges, respectively, when measured by average daily trading volume and overall market capitalization.[17] Financial services account for more than 35 percent of the city's employment income.[18]
New York City has been a leading center of finance in the world economy since the end of World War I.[19] As of August, 2008 the city's financial services industry employs 344,700 workers.[20] Manhattan is home to six major stock, commodities and futures exchanges: American Stock Exchange, International Securities Exchange, NASDAQ, New York Board of Trade, New York Mercantile Exchange, and New York Stock Exchange. This contributes to New York City being a major financial service exporter, both within the United States and globally.
The World Financial Center, containing the offices of many financial firms.
The 344,700 workers in the finance industry collect more than half of all the wages paid in Manhattan, although they hold fewer than one of every six jobs in the borough. The pay gap between them and the 1.5 million other workers in Manhattan continues to widen, causing some economists to worry about the city’s growing dependence on their extraordinary incomes. Those high salaries contribute to job growth, but most of this job growth occurs in lower-paying service jobs in restaurants, retail and home health care and not many jobs in highly paid areas.[3]
Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in Manhattan's financial district has been where monetary policy in the United States is implemented, although policy is decided in Washington by the Federal Reserve Bank's Board of Governors. The New York Fed is the largest, in terms of assets, and the most important of the twelve regional banks. It is responsible for the second district, which covers New York State and the New York City region, as well as Puerto Rico and the U.S. Virgin Islands. The New York Fed is responsible for conducting open market operations, the buying and selling of outstanding US Treasury securities. In 2003, Fedwire, the Federal Reserve's system for transferring balances between it and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the Second District. It transferred an additional $1.3 trillion a day in securities, of which $1.2 trillion originated in the Second District. The New York Federal Reserve is the only regional bank with a permanent vote on the Federal Open Market Committee and its president is traditionally selected as the Committee's vice chairman. The bank also has the largest gold repository in the world, larger even than Fort Knox. Its vault is 80 feet (25 m) beneath the street and holds $160 billion worth of gold bullion.
Information technology[edit]
Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high tech enterprises involving the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. In the first half of 2014, Silicon Alley generated over US$2.1 billion in venture capital investment across a broad spectrum of high technology industries,[21] most based in Manhattan, or alternatively, Brooklyn. High technology startup companies and employment are growing in New York City and the region, bolstered by the city's position in North America as the leading Internet hub and telecommunications center, including its vicinity to several transatlantic fiber optic trunk lines,[22] New York's intellectual capital, and its extensive outdoor wireless connectivity.[23]
According to New York’s Economic Development Corporation, telecom carriers, cable companies, Internet service providers and publishers were a $23 billion industry in 2003. This represents over three percent of the city’s economy. The sector employs 43,000 city residents.
In 2007 Google moved into 311,000 square feet (28,900 m2) of office space in the second-largest building in New York City, at 111 Eighth Avenue in Manhattan. The location is one of the most important "telecom hotels" in the world, a giant networking facility adjacent to the Hudson Street/Ninth Avenue fiber highway, one of the most critical Internet arteries in the world. Employing more than 500 people, it is Google's largest engineering complex outside of company headquarters. Google products engineered in the New York offices include Maps, Docs, Checkout, Blog search, and Mobile search. Google's large investment in its New York operations has led to speculation about new multimedia initiatives by the company.[citation needed]
Health care and biomedical[edit]
Research and medical services drive New York's healthcare industry. The city has the most post-graduate life sciences degrees awarded annually in the United States, 60,000 licensed physicians, and 127 Nobel laureates with roots in local institutions. New York receives the second-highest amount of annual funding from the National Institutes of Health among all U.S. cities.
The major publicly traded biopharma companies include Bristol Myers Squibb, ImClone Systems, OSI Pharmaceuticals, Pfizer, Regeneron, CuraGen, and Alexion Pharmaceuticals. Pfizer shifted 1,000 jobs to New York City from New Jersey, Missouri, Michigan and California in 2003. According to the Partnership for New York City, New York institutions create more biotechnology-related patents than any other metropolitan area in the United States. In 2013, a news report observed that New York City had for several years increased commitment to the attraction of private investment in the pharmaceutical and biotech industries, aiming to "finally establish itself as a biotech hub."[24]
Health care industry employs approximately 565,000 people in New York City, according to the U.S. Census, making it the city's 2nd largest employer, after government. In New York, the 565,000 people work at more than 70 hospitals, and the city's 20 public hospitals served 1.5 million people in 1998 alone.
Manufacturing[edit]
Manufacturing accounts for a significant share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products.[25] The food-processing industry is the most stable major manufacturing sector in the city.[26] Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year.[26]
There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses [4], with the highest concentration of industrial employment in Manhattan. This includes manufacturing, warehousing, utilities, and transportation. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. City Planning) and African Americans comprising 78% of the production workforce (2004 American Community Survey).
These are small businesses, with an average size of 21 employees (NYS DOL, 2nd Qtr 2005). Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. These items are labor-intensive and require collaboration between the end-user and the manufacturer. In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. To boot, production methods have become cleaner and more technology-driven.
Despite the adaptability of New York manufacturers, there remain looming challenges to the sector’s survival. A 2003 city-sponsored survey of the industrial sector identified three major local challenges to retaining businesses: 1) high cost of real estate; 2) high costs of doing business; and, 3) uncertainty about land use policy.
A 12,900-square-foot (1,200 m2) biodiesel plant run by Tri-State Biodiesel, LLC will begin construction in the Bronx in 2010. The facility will process used cooking oil collected by TSB from over 2000[27] New York restaurants with methanol and a catalyst to create biodiesel fuel. More than 1 million US gallons (3,800 m3) of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. The fuel produces 78 percent less carbon-dioxide emissions than standard diesel.
Trade[edit]
The Haier Building
City of New York is unique among American cities for its large number of foreign corporations. One out of every ten private sector jobs in the city is with a foreign company. Often this makes the perspective of New York’s business community internationalist and at odds with Washington’s foreign policy, trade policy, and visa policy.[5]
Since 2000, China has been New York's leading growth market for exports. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. These companies represent a broad array of industries including shipping, steel, energy and manufacturing firms, and services. Many have chosen to open headquarters in New York in anticipation of eventual listing on the respective New York stock exchanges and entering U.S. capital markets.[28] New York City currently boasts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. New York area airports provide 12 daily flights to Hong Kong and five to Beijing, the most flights out of the eastern half of the United States.[28]
In one measure of how international New York City's economy is, data compiled by the agents Knight Frank show foreign owners make up 34% of sales in the city's prime residential market. New York ranks ahead of Paris, where such sales account for 27%, Hong Kong (13%), and Sydney (9%). London, however, is the most cosmopolitan world city in terms of property ownership; more than 51% of homes there worth more than Ł2m ($3.8m, EU3m) sold in 2005 have gone to overseas buyers from Russia, the Middle East and elsewhere.[29]
International shipping has always been a major part of the city's economy because of New York's natural harbor, but with the advent of containerization most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal in New Jersey. Some cargo shipping remains; for example, Brooklyn still handles the majority of cocoa bean imports to the United States.[30]
Media[edit]
Main article: Media of New York City
New York is by far the most important center for American mass media, journalism and publishing. The city is the number-one media market in the United States with 7% of the country’s television-viewing households. Three of the Big Four music recording companies have their headquarters in the city. One-third of all independent films are produced in the Big Apple. More than 200 newspapers and 350 consumer magazines have an office in the city. The book publishing industry alone employs 25,000 people. For these reasons, New York is often called "the media capital of the world." It is also home to PBS stations WLIW and WNET. WNET's headquarters are in Manhattan, and WLIW's headquarters are in Plainview, New York, which is located on Long Island.
Film[edit]
The city's television and film industry is the second largest in the country after Hollywood.[31]
Film is a growing sector; according to the Mayor's Office of Film, Theater and Broadcasting New York City attracted over 250 independent and studio films in 2005, an increase from 202 in 2004 and 180 in 2003. More than a third of professional actors in the United States are based in New York.[32] The city's movie industry employs 100,000 New Yorkers, according to the Office, and about $5 billion is brought by the industry to the city's economy every year. The Kaufman-Astoria film studio in Queens, built during the silent film era, was used by the Marx Brothers and W.C. Fields. It has also been the set for The Cosby Show and Sesame Street. The recently constructed Steiner Studios is a 15-acre (61,000 m˛) modern movie studio complex in a former shipyard where The Producers and The Inside Man, a Spike Lee movie, were filmed.
Silvercup Studios revealed plans in February 2006 for a new $1 billion complex with eight soundstages, production and studio support space, offices for media and entertainment companies, stores, 1,000 apartments in high-rise towers, a catering hall and a cultural institution. The is project is envisioned as a "vertical Hollywood" designed by Lord Richard Rogers, the architect of the Pompidou Center in Paris and the Millennium Dome in London. It is to be built at the edge of the East River in Queens and will be the largest production house on the East Coast. Steiner Studios in Brooklyn would still have the largest single soundstage, however. Kaufman Studios plans its own expansion in the future.
Miramax Films, a Big Ten film studio, is the largest motion picture distribution and production company headquartered in the city. Many smaller independent producers and distributors are also in New York. It is the home of HIT Entertainment, headquartered in the Upper East Side area in Manhattan.
Top publicly traded companies in New York City[edit]
See also: List of companies based in New York City
(sort)
NYC
rank
US
rank
World
rank
Company Revenues
(billions)
Employees Verizon Communications (pronounced /v?'ra?z?n/ v?-ry-z?n), is an American broadband and telecommunications company, the largest U.S. wireless communications service provider as of September 2014,[8] and a corporate component of the Dow Jones Industrial Average.[9] The company is based at 1095 Avenue of the Americas in Midtown Manhattan, New York City,[2] but is incorporated in Delaware.
What eventually became Verizon was founded as Bell Atlantic, which was one of the seven Baby Bells that were formed after AT&T Corporation was forced to relinquish its control of the Bell System by order of the Justice Department of the United States.[10] Bell Atlantic came into existence in 1984 with a footprint from New Jersey to Virginia, with each area having a separate operating company (consisting of New Jersey Bell, Bell of Pennsylvania, Diamond State Telephone, and C&P Telephone).
As part of the rebranding that the Baby Bells took in the mid-1990s, all of the operating companies assumed the Bell Atlantic name. In 1997, Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX. In addition, Bell Atlantic moved their headquarters from Philadelphia into the old NYNEX headquarters and rebranded the entire company as Bell Atlantic.
In 2000 Bell Atlantic merged with GTE, which operated telecommunications companies across most of the rest of the country that was not already in Bell Atlantic's footprint. Bell Atlantic, the surviving company, changed its name to "Verizon", a portmanteau of veritas (Latin for "truth") and horizon.[11]
Following several mergers among the Baby Bells, Verizon is one of three surviving Baby Bells, alongside AT&T (which as SBC Corporation bought the original AT&T in 2005) and independent company CenturyLink, which owns the former US West.
Contents [hide]
1 History
1.1 Bell Atlantic (1983-2000)
1.2 Formation (2000–2002)
1.3 2003–2005
1.4 MCI (WorldCom) acquisition
1.5 2006–2010
1.6 Selling wirelines (2005–2010 & 2015)
1.7 2011–present
2 Lines of business
2.1 Wireless
2.2 Residential and small business
2.3 Enterprise
2.4 Verizon Partner Program
3 Marketing campaigns
3.1 Can you hear me now?
3.2 There's a map for that
3.3 That's not cool
3.4 Powerful Answers
3.5 Inspire Her Mind
3.6 Flipside Stories (#NeverSettle)
3.7 Get Out of the Past, Get FiOS
4 Corporate responsibility
5 Sponsorships and venues
5.1 National Hockey League
5.2 IndyCar Series
5.3 National Football League
5.4 Venues
6 References
7 External links
History[edit]
Bell Atlantic logo, 1983–1997
Bell Atlantic logo, 1997–2000
Bell Atlantic (1983-2000)[edit]
Bell Atlantic Corporation was created as one of the original Regional Bell Operating Companies (RBOCs) in 1984, during the breakup of the Bell System. Bell Atlantic's original roster of operating companies included:
The Bell Telephone Company of Pennsylvania
Faiza Al Kharafi
Jassem Al Kharafi
Nasser Al Kharafi
Abdullah III Al Salim Al Sabah
Ahmad Al Jaber Al Sabah
Nasser Al Mohammed Al Ahmed Al Sabah
Bader Al Nashi
Nawaf Al Ahmad Al Jaber Al Sabah
Saad Al Abdullah Al Salim Al Sabah
Sabah Al Ahmad Al Jaber Al Sabah
Abdallah Saleh Ali Al Ajmi
Jamal Mubarak
Ibrahim Al Mudhaf
Bader Al Mutwa
Abu Obeida Tawari al Obeidi
Abdullah Abdul Latif Al Othman
Abdullah Al Refai
Ahmed al Rubei
Sabah III Al Salim Al Sabah
Salem Al Ali A Sabah
Salem Sabah Al Salem Al Sabah
Salim Al Mubarak Al Sabah
Nawaf Al Mutairi
Fahad Al Rashidi
Ahmed Al Sadoun
Fawzi Al Shammari Anouvong
Boua
Bounkhong
Bouasone Bouphavanh
Laasaenthai Bouvanaat
General Cheng
Fa Khai
Fa Ngum
Fay Na
Huy of Champasak
Sisavath Keobounphanh
Kham Nai
Kham Souk of Champasak
Kham Oun I
Khamphoui
Khamtum
Khun Lo
Lan Kham Deng
Somsavat Lengsavad
Manoi
Meunsai
Nang Keo Phimpha
Nark of Champasak
No Muong
Nokasad
Ong Keo
Ong Kommandam
Chamleunesouk Ao Oudomphonh
Boun Oum
Oun Kham
Mam Manivan Phanivong
Phia Sing
Phommathat
Kaysone Phomvihane
Photisarath
Souvanna Phouma
Nouhak Phoumsavanh
Phetsarath Rattanavongsa
Ouane Rattikone
Ratsadanay
Samsenethai
Thayavong Savang
Vong Savang A edit Augusts Vilis Abakuks – – a leader of the British Latvian community in exile
Valerians Abakovskis – – inventor of a propeller powered railcar the aerowagon
Rutanya Alda Rutanya Alda Skrastina born – actress Mommy Dearest Deer Hunter
Viktors Alksnis born – Soviet military officer and Russian communist politician known as "the Black Colonel"
Juris Alunans writer and philologist
Ingrida Andrina – actress
Iveta Apkalna born – organist
Fricis Apšenieks – – chess player
Vija Artmane – – actress
Aspazija pen name of Elza Pliekšane poet and playwright
Gunars Astra – – dissident fighter for human rights
Auseklis see Mikelis Krogzems
B edit Ainars Bagatskis born – basketball player
Helmuts Balderis born – ice hockey player forward
Janis Balodis – – army officer and politician
Janis Balodis born – Latvian Australian playwright
Karlis Balodis – – notable economist financist statistician and demographist
Krišjanis Barons – – "the father of Latvian folk songs" who compiled and edited the first publication of Latvian folk song texts "Latvju Dainas" –
Mihails Barišnikovs born – ballet dancer
Karlis Baumanis – – composer author of the national anthem of the Republic of Latvia "Dievs sveti Latviju " God bless Latvia
Vizma Belševica – – author candidate for Nobel Prize in Literature
Eduards Berklavs – – politician leader of Latvian national communists
Krišjanis Berkis – – general
Dairis Bertans born – basketball player
Isaiah Berlin Jesaja Berlins – – philosopher
Eduards Berzinš – – soldier in the Red Army later Head of Dalstroy the Kolyma forced labour camps in North Eastern Siberia
Kaspars Berzinš born – basketball player
Karlis Betinš – – chess player
Andris Biedrinš born – basketball player
Gunars Birkerts born – architect
Miervaldis Birze – – writer
Ernests Blanks – – Latvian publicist writer historian the first to publicly advocate for Latvia s independence
Rudolfs Blaumanis – – writer and playwright
Himans Blums – – painter
Janis Blums born – basketball player
Arons Bogolubovs born – Olympic medalist judoka
Baiba Broka born – actress
Inguna Butane – fashion model
C edit Valters Caps – – designed first Minox x photocameras
Aleksandrs Cauna born – footballer
Gustavs Celminš – – fascist politician leader of Perkonkrusts movement
Vija Celmins born – American painter born in Latvia
C edit Maris Caklais – poet
Aleksandrs Caks – – poet
Janis Cakste – – first Latvian president
Tanhum Cohen Mintz Latvian born Israeli basketball player
D edit Roberts Dambitis – – general and politician
Janis Dalinš – – athlete race walker
Emils Darzinš – – composer
Kaspars Daugavinš born – ice hockey player
Jacob Davis – – inventor of denim
Johans Aleksandrs Heinrihs Klapje de Kolongs – – naval engineer
Eliass Eliezers Desslers – – Orthodox rabbi Talmudic scholar and Jewish philosopher
Leor Dimant born – the DJ for the rap metal group Limp Bizkit
Anatols Dinbergs – – diplomat
Aleksis Dreimanis born – geologist
Inga Drozdova born – model and actress
Olgerts Dunkers – – actor and film director
E edit Mihails Eizenšteins – – architect
Sergejs Eizenšteins – – film director
Modris Eksteins born – Canadian historian and writer
Andrievs Ezergailis born – historian of the Holocaust
F edit Movša Feigins – – chess player
Gregors Fitelbergs – – conductor composer and violinist
Vesels fon Freitags Loringhofens – – colonel and member of the German resistance against German dictator Adolf Hitler
Laila Freivalds born – former Swedish Minister of Foreign Affairs
G edit Inese Galante born – opera singer soprano
Gints Gabrans born – artist
Elina Garanca born – opera singer mezzo soprano
Karlis Goppers – – general founder of Latvian Boy Scouts
Andrejs Grants born – photographer
Ernests Gulbis born – tennis player
Natalija Gulbis born – Latvian descent LPGA golfer
G edit Uldis Germanis – – historian under the alias of Ulafs Jansons a social commentator
Aivars Gipslis – – chess player
H edit Moriss Halle born – linguist
Filips Halsmans – – Latvian American photographer
Juris Hartmanis born – computer scientist Turing Award winner
Uvis Helmanis – basketball player
I edit Arturs Irbe born – ice hockey player goalkeeper
Karlis Irbitis – – aviation inventor engineer designer
J edit Gatis Jahovics – basketball player
Mariss Jansons born – conductor
Inese Jaunzeme born – athlete
Rashida Jones born Latvian American actress
K edit Aivars Kalejs born organist composer
Sandra Kalniete born – politician diplomat former Latvia s EU commissioner
Bruno Kalninš – – Saeima member Red Army General
Imants Kalninš born – composer politician
Oskars Kalpaks – – colonel first Commander of Latvian National Armed Forces
Kaspars Kambala born – basketball player
Martinš Karsums born – ice hockey player
Reinis Kaudzite writer and journalist
Renars Kaupers – musician
Jekabs Ketlers – – Duke of the Duchy of Courland and Semigallia
Gustavs Klucis – – painter and graphic designer
Aleksandrs Koblencs – – chess player
Abrams Izaks Kuks – – chief rabbi Jewish thinker statesman diplomat mediator and a renowned scholar
Aleksandrs Kovalevskis – – zoologist
Gidons Kremers born – violinist and conductor
Mikelis Krogzems – – poet author and translator of German poets
Juris Kronbergs born – poet writer free lance journalist translator
Atis Kronvalds – – teacher and journalist reformed the Latvian language organized the first Latvian Song and Dance Festival
Dainis Kula born – athlete Olympic gold medal in javelin
Alberts Kviesis – – president of Latvia
L edit Aleksandrs Laime – – explorer
Vilis Lacis – – author and politician
Ginta Lapina born – fashion model
Natalija Lašenova – gymnastics Olympic champion team
Ed Leedskalnin Edvards Liedskalninš – – builder of Coral Castle in Florida claimed to have discovered the ancient magnetic levitation secrets used to construct the Egyptian pyramids
Jekabs Mihaels Reinholds Lencs – – author
Marija Leiko – – actress
Aleksandrs Liepa – – inventor artist
Maris Liepa – – ballet dancer
Maksims Lihacovs born – professional football player
Peggy Lipton born Latvian American actress
Nikolajs Loskis – – philosopher
Janis Lusis born – athlete Olympic champion
L edit Jevgenija Lisicina born – organist
M edit Maris Martinsons born film director producer screenwriter and film editor
Hermanis Matisons – – chess player
Zenta Maurina – – writer literary scholar culture philosopher
Juris Maters – – author lawyer and journalist translated laws to Latvian and created the foundation for Latvian law
Janis Medenis poet
Arnis Mednis singer
Zigfrids Anna Meierovics – – first Latvian Minister of Foreign Affairs
Leo Mihelsons – – artist
Arnolds Mikelsons – – artist
Jevgenijs Millers – – czarist Russian general
Karlis Milenbahs – – linguist
N edit Arkadijs Naidics born – chess player now resident in Germany
Andris Nelsons born – conductor of The Boston Symphony Orchestra
Andrievs Niedra – – pastor writer prime minister of German puppet government
Arons Nimcovics – – influential chess player
Reinis Nitišs born World Rallycross driver
Fred Norris born – Radio personality The Howard Stern Show
O edit Stanislavs Olijars born – athlete European champion in m Hurdles
Vilhelms Ostvalds – – received the Nobel Prize in Chemistry in for his work on catalysis chemical equilibria and reaction velocities
Elvira Ozolina born – athlete Olympic gold medal in javelin
Sandis Ozolinš born – ice hockey player defense
Valdemars Ozolinš – – composer conductor
P edit Artis Pabriks born – Minister of Foreign Affairs –
Karlis Padegs – – Graphic artist painter
Marians Pahars born – soccer player
Raimonds Pauls born – popular composer widely known in Russia
Lucija Peka – – Artist of the Latvian Diaspora
Jekabs Peterss – – revolutionary and Soviet Cheka leader
Brita Petersone – American model
Kaspars Petrovs born – serial killer
Vladimirs Petrovs – – chess player
Oskars Perro – Latvian soldier and writer
Andris Piebalgs born – politician diplomat European Commissioner for Energy
Janis Pliekšans – – distinguished Latvian writer author of a number of poetry collections
Juris Podnieks – – film director producer
Nikolajs Polakovs – – Coco the Clown
Janis Poruks writer
Rosa von Praunheim born – film director author painter and gay rights activist
Sandis Prusis born – athlete bobsleigh
Uldis Pucitis actor director
Janis Pujats born – Roman Catholic cardinal
Andrejs Pumpurs – – poet author of Latvian national epic Lacplesis
R edit Rainis pseudonym of Janis Pliekšans poet and playwright
Dans Rapoports American financier and philanthropist
Lauris Reiniks – singer songwriter actor and TV personality
Einars Repše born – politician
Lolita Ritmanis born – orchestrator composer
Ilja Ripss born inventor of the Bible Code
Fricis Rokpelnis – – author
Marks Rotko – – abstract expressionist painter
Elza Rozenberga – – poet playwright married to Janis Pliekšans
Juris Rubenis born – famous Lutheran pastor
Martinš Rubenis born – athlete bronze medalist at the Winter Olympics in Turin
Brunis Rubess born – businessman
Inta Ruka born – photographer
Tana Rusova born – pornographic actress
S edit Rudolfs Saule born ballet master performer with the Latvian National Ballet
Uljana Semjonova born – basketball player
Haralds Silovs – short track and long track speed skater
Karlis Skalbe – – poet
Karlis Skrastinš – – ice hockey player
Baiba Skride born – violinist
Konstantins Sokolskis – – romance and tango singer
Ksenia Solo born Latvian Canadian actress
Serge Sorokko born art dealer and publisher
Raimonds Staprans born – Latvian American painter
Janis Šteinhauers – – Latvian industrialist entrepreneur and civil rights activist
Gotthard Friedrich Stender – the first Latvian grammarian
Lina Šterna – – biologist and social activist
Roze Stiebra born animator
Henrijs Stolovs – – stamp dealer
Janis Streics born – film director screenwriter actor
Janis Strelnieks born – basketball player
Peteris Stucka – – author translator editor jurist and educator
Janis Sudrabkalns poet and journalist
Jevgenijs Svešnikovs born – prominent chess player
Stanislavs Svjanevics – – economist and historian
Š edit Viktors Šcerbatihs born – athlete weightlifter
Pauls Šimanis – – Baltic German journalist politician activist defending and preserving European minority cultures
Vestards Šimkus born – pianist
Aleksejs Širovs born – chess player
Andris Škele born – politician Prime Minister of Latvia
Armands Škele – basketball player
Ksenia Solo born – actress
Ernests Štalbergs – – architect ensemble of the Freedom Monument
Izaks Nahmans Šteinbergs – – politician lawyer and author
Maris Štrombergs – BMX cyclist gold medal winner at and Olympics
T edit Esther Takeuchi born – materials scientist and chemical engineer
Mihails Tals – – the th World Chess Champion
Janis Roberts Tilbergs – – painter sculptor
U edit Guntis Ulmanis born – president of Latvia
Karlis Ulmanis – – prime minister and president of Latvia
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iveta
ivette-blanche
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nesty
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tiara
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timea-vagvoelgyi
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ultramax
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valentina
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viper
virginie-caprice
vivian-valentine
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whitney-banks
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wonder-tracey
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xanthia-berstein
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yelena-shieffer
yvonne-green
zara-whites
zsanett-egerhazi
zuzie-boobies
New Jersey Bell
Diamond State Telephone
C&P Telephone (itself made of four subsidiaries)
Bell Atlantic originally operated in the states of New Jersey, Pennsylvania, Delaware, Maryland, West Virginia, and Virginia, as well as Washington, DC.
In 1994, Bell Atlantic became the first RBOC to entirely drop the original names of its original operating companies.
In 1996, CEO and Chairman Raymond W. Smith orchestrated Bell Atlantic's merger with NYNEX. When it merged, it moved its corporate headquarters from Philadelphia to New York City. NYNEX was consolidated into this name by 1997.
Formation (2000–2002)[edit]
Verizon Communications formed in June 2000 when the Federal Communications Commission approved a US$64.7 billion merger of telephone companies Bell Atlantic and GTE, nearly two years after the deal was proposed in July 1998.[12] The approval came with 25 stipulations to preserve competition between local phone carriers, including investing in new markets and broadband technologies.[12] The new venture was headed by co-CEOs Charles Lee, formerly the CEO of GTE, and Bell Atlantic CEO Ivan Seidenberg.[12]
Upon its inception, Verizon became the largest local telephone company in the United States, operating 63 million telephone lines in 40 states.[13] The company also inherited 25 million mobile phone customers.[13] Additionally, Verizon offered internet services and long-distance calling in New York, before expanding long-distance operations to other states.[12][14]
The name Verizon derives from the combination of the words veritas, Latin for truth, and horizon.[15] The name was chosen from 8,500 candidates and the company spent $300 million on marketing the new brand.[15][16]
Two months before the FCC gave final approval on the formation of Verizon Communications, Bell Atlantic formed Verizon Wireless in a joint venture with the British telecommunications company Vodafone in April 2000.[16][17][18] The companies established Verizon Wireless as its own business operated by Bell Atlantic, which owned 55% of the venture.[17] Vodafone retained 45% of the company.[17] The deal was valued at approximately $70 billion and created a mobile carrier with 23 million customers.[16][17] Verizon Wireless merged Bell Atlantic's wireless network, Vodafone's AirTouch and PrimeCo holdings, and the wireless division of GTE.[17][19][20] Due to its size, Verizon Wireless was able to offer national coverage at competitive rates, giving it an advantage over regional providers typical of the time.[16]
During its first operational year, Verizon Wireless released Mobile Web, an Internet service that allowed customers to access partner sites such as E*Trade, ABC News, ESPN, Amazon.com, Ticketmaster and MSN,[18] as well as the "New Every Two" program, which gave customers a free phone with every two-year service contract.[21] In another partnership with MSN in 2002, Verizon Wireless launched the mobile content service "VZW with MSN" and a phone that utilized the Microsoft Windows operating system.[22]
In August 2000, approximately 85,000 Verizon workers went on an 18-day labor strike after their union contracts expired.[23][24] The strike affected quarterly revenues,[25] resulting in Verizon Wireless' postponement of the company's IPO[25] (the IPO was ultimately cancelled in 2003, because the company no longer needed to raise revenue for Verizon Wireless due to increased profits[26] ), and created a backlog of repairs.[27] In August 2002, Verizon began offering local, long-distance, and mobile calling, as well as Internet service, in a bundle. It was initially only available to customers in New York and Massachusetts.[14]
2003–2005[edit]
In June 2003, Verizon Wireless backed an FCC-issued portability requirement that permitted consumers to take their phone numbers with them across carriers.[28] The company gained 1.5 million new subscribers the following quarter, partially due to the rule change.[29] The following year, in April 2004, the Dow Jones Industrial Average added Verizon Communications to its stock market index.[30] Verizon replaced telecom competitor AT&T, which had been a part of the index since the Great Depression.[30]
On December 22, 2004, mail servers at Verizon.net were configured not to accept connections from Europe, by default, in an attempt to reduce spam email that was originating from the region. Individual domains would only be unblocked upon request.[31]
Verizon launched its FiOS Internet service, which transmits data over fiber optic cables in Keller, Texas.[32] The company launched FiOS TV in September 2005, also in Keller, Texas. Twenty percent of qualified homes signed up by the end of the year.[33] By January 2006, FiOS offered over 350 channels in eight states, including 20 high-definition television channels as well as video on demand.[33]
MCI (WorldCom) acquisition[edit]
Verizon began negotiations to purchase long distance carrier MCI in 2005. MCI accepted the company's initial $6.75 billion offer in February 2005, but then received a higher offer from Qwest Communications. Verizon increased its bid to $7.6 billion (or $23.50 a share), which MCI accepted on March 29, 2005.[34] The acquisition gave the company access to MCI's one million corporate clients and international holdings, expanding Verizon's presence into global markets.[34][35] As a result, Verizon Business was established as a new division to serve the company's business and government customers.[36] The FCC approved deal on November 5, 2005, valuing it at $8.5 billion.[37] Verizon's 2006 revenues rose by as much as 20% following the purchase.[38]
2006–2010[edit]
In May 2006, USA Today reported that Verizon, as well as AT&T and BellSouth, had given the National Security Agency landline phone records following the September 11 attacks.[39][40] That same month, a $50 billion lawsuit was filed by two lawyers on behalf of all Verizon subscribers for privacy violations and to prevent the company from releasing additional records without consent or warrant.[39][40] Protesters staged the National Day of Out(R)age due in part to the controversy.[41] Verizon stated in 2007 that the company fulfilled only "lawful demands" for information,[42] though also acknowledged surrendering customer information to government agencies without court orders or warrants 720 times between 2005 and 2007.[43]
Verizon won a lawsuit against Vonage in March 2007 for patent infringement. The three patents named were filed by Verizon in 1997 and relate to the conversion of IP addresses into phone numbers, a key technology of Vonage's business.[44] The company was awarded US$58 million in damages and future royalties.[44] Vonage later lost an appeal and was ordered to pay Verizon $120 million.[45]
In May 2007, Verizon acquired Cybertrust, a privately held provider of global information security services.[46] This purchase represented Verizon's intent to offer security solutions to its global enterprise customers.
Verizon Wireless reversed a controversial decision in September 2007 to deny NARAL Pro-Choice America a short code through which the organization could text consumers who had signed up for messaging from the group. They had initially refused the group access to a code by reserving the right to block "controversial or unsavory" messages.[47]
In November 2007, Verizon opened its networks for the first time to third party apps and devices,[48] a decision that allowed it to participate in the FCC's 2008 700 MHz auction of "open access" spectrum.[48][49] During that auction, the company bid $9.4 billion and won the bulk of national and local licenses for airwaves reaching approximately 469 million people.[49][50] Verizon utilized the increased spectrum for its 4G service.[49]
Verizon Wireless purchased wireless carrier Alltel for $28.1 billion in June 2008. The acquisition included 13 million customers, which allowed Verizon Wireless to surpass AT&T in number of customers and reach new markets in rural areas.[51]
In October 2010, Verizon Wireless paid $77.8 million in refunds and FCC penalties for overcharging 15 million customers for data services. The company stated the overcharges were accidental and only amounted to a few dollars per customer.[52][53]
On February 4, 2010, 4chan started receiving reports from Verizon Wireless customers that they were having difficulties accessing the site's image boards. 4chan administrators found that only traffic on port 80 to the boards.4chan.org domain was affected, leading them to believe that the block was intentional. On February 7, 2010, Verizon Wireless confirmed that 4chan.org was "explicitly blocked"[54] after Verizon's security and external experts detected sweep attacks coming from an IP address associated with the 4chan network. Traffic was restored several days later.[55]
In August 2010, the chairmen of Verizon and Google agreed that Network Neutrality should be defined and limited.[56][57]
In December 2010 Verizon continued censoring its network by blocking access to some IRC servers related to Wikileaks "Operation Payback".[58]
Verizon introduced its 4G LTE network in 38 markets in December 2010, as well as in airports in seven additional cities. The company planned on a three-year continuous expansion of the 4G service.[59]
Selling wirelines (2005–2010 & 2015)[edit]
Between 2005–2010, Verizon divested wireline operations in several states in order to focus on its wireless, FiOS internet and FiOS TV businesses.[38] It sold 700,000 lines in Hawaii in 2005,[38][60] and spun off lines in Maine, New Hampshire and Vermont in January 2007 that were then purchased by FairPoint Communications for $2.72 billion.[38] In 2009, the company spun off wirelines in 14 states into a company that then merged with Frontier Communications in a deal valued at $8.6 billion.[61] Verizon also shed its telephone directory business in 2006.[62]
In May 2009, Verizon announced that it was selling off its wireline operations in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia, and Wisconsin. And in 2015, they announced they were selling its wireline operations in Texas, Florida, and California to Frontier. [63]
2011–present[edit]
Verizon logo, 2000–2015
On January 27, 2011, Verizon acquired Terremark, an information technology services company for $1.4 billion.[64]
In February 2011, Verizon Wireless continued to be one of the worst companies with customer abuse and reneging on their contracts. They also began selling the iPhone 4,[36] which eventually became the most successful launch on the network, outselling all previous phones in the company's history.[65]
Ivan Seidenberg stepped down as Verizon's CEO on August 1, 2011. Lowell McAdam succeeded him.[66]
In December 2011, the non-partisan organization Public Campaign criticized Verizon for its tax avoidance procedures after it spent $52.34 million on lobbying while collecting $951 million in tax rebates between 2008 and 2010 and making a profit of $32.5 billion. The same report also criticized Verizon for increasing executive pay by 167% in 2010 for its top five executives while laying off 21,308 workers between 2008 and 2010.[67] However, in its Form 10-K filed with the SEC on February 24, 2012, Verizon reported having paid more than $11.1 billion in taxes (including income, employment and property taxes) from 2009 to 2011. In addition, the company reported in the 10-K that most of the drop in employment since 2008 was due to a voluntary retirement offer.[68]
In June 2012, as part of its strategy to expand into new growth areas in its wireless business, Verizon purchased Hughes Telematics—a company that produces wireless features for automobiles—for $612 million.[69]
Also in June 2012, Verizon's E-911 service failed in the aftermath of the June 2012 derecho storm in several northern Virginia suburbs of Washington, D.C., with some problems lasting several days.[70] The FCC conducted an investigation[70] and in January 2013 released a report detailing the problems that led to the failure. Verizon reported that it had already addressed or was addressing a number of the issues related to the FCC report, including the causes of generator failures, conducting audits of backup systems and making its monitoring systems less centralized,[71] although the FCC indicated that Verizon still needed to make additional improvements.[72]
In July 2012, the FCC required Verizon to stop charging users an added fee for using 4G smartphones and tablets as Wi-fi hotspots (known as "tethering"). Verizon had been charging its customers, even those with "unlimited" plans, $20 per month for tethering. As part of the settlement, Verizon made a voluntary payment of $1.25 million to the U.S. Treasury.[73]
In August 2012, the Department of Justice approved Verizon's purchase of Advanced Wireless Services (AWS) spectrum from a consortium of cable companies, including Comcast, Time Warner Cable and Bright House Networks, for $3.9 billion.[74] Verizon began expanding its LTE network utilizing these extra airwaves in October 2013.[75]
On June 5, 2013, The Guardian reported it had obtained an order by the Federal Bureau of Investigation (FBI) and approved by the United States Foreign Intelligence Surveillance Court that required Verizon to provide the NSA with telephone metadata for all calls originating in the U.S.[76][77] Verizon Wireless was not part of the NSA data collection for wireless accounts due to foreign ownership issues.[78] (see also MAINWAY article)
In September 2013, Verizon purchased the 45% stake in Verizon Wireless owned by Vodafone for $130 billion.[79] The deal closed on February 21, 2014, becoming the third largest corporate deal ever signed, giving Verizon Communications sole ownership of Verizon Wireless.[80]
On January 14, 2014, the DC Circuit Court of Appeals struck down the FCC's net neutrality rules after Verizon filed suit against them in January 2010.[81][82]
On January 22, 2014 the Wall Street Journal reported that Verizon Communications Inc. received more than 1,000 requests for information about its subscribers on national security grounds via National Security Letters. In total, Verizon received 321,545 requests from federal, state and local law enforcement for U.S. customer information.[83]
On January 5, 2015, Verizon was said to have AOL about a possible takeover or venture.[84]
On May 12, 2015, Verizon announced they would purchase AOL at $50 per share, for a deal valued around $4.4 billion.[85]
In May 2015, Verizon has agreed to pay $90 million "to settle federal and state investigations into allegations mobile customers were improperly billed for premium text messages."[86]
In August 2015, Verizon launched its car doctor product named Hum.[87]
Lines of business[edit]
Verizon service van
Verizon Communications' operations are divided into four business units: wireless services, residential and small business services, enterprise services, and partner programs.
Wireless[edit]
Main article: Verizon Wireless
Verizon Wireless outlet at the Bangor Mall in Bangor, Maine
Verizon Wireless provides mobile phone, text message, and data services for phones, tablets, and computers, as well as wireless hotspot devices.
As of September 2013, Verizon's 4G LTE network covered over 303 million people,[88] and as of September 2014, Verizon had 125.3 million wireless subscribers.[8] In a September 2013 survey conducted by J.D. Power and Associates, Verizon Wireless was rated as having the highest network quality amongst national providers across all six geographic regions of the U.S.,[89] marking the first time any provider has come in first in all regions since the study switched to a regional format in 2004.[90]
Also in September 2013, it was announced that Verizon would buy the remaining stake that Vodafone owned in Verizon Wireless, which had been a joint venture between the two companies, for $130 billion.[79] Upon the closing of the deal in the first quarter of 2014, it was the third largest corporate deal ever signed.[91]
As of January 2015, Verizon's 4G LTE network covers 90% of all Americans.[92]
Residential and small business[edit]
Main article: Verizon FiOS
See also: List of Verizon wireline companies
Verizon provides wireline phone service, Internet access, and television to residences and small businesses, via either copper wire or fiber optic cable.[93]
Verizon's FiOS service, launched in 2005, provides Internet, television, and phone service using fiber optic cable instead of copper wire.[93] FiOS cable passes near 18 million homes, of which 14.6 million are completely ready for service; the other 3.4 million homes would require some additional wiring to support FiOS.[93] As of September 2013, Verizon had a total of 5.9 million FiOS Internet subscribers and 5.2 million FiOS TV customers,[88] with FiOS accounting for 75% of Verizon's revenues from fixed-line consumer retail.[93] In September 2013, Verizon announced that FiOS TV subscribers would be able to watch some television channels live on their mobile devices.[94]
In areas where Verizon has installed FiOS service, the copper wires, which are more expensive to maintain, are removed. This prevents a customer who has switched to FiOS from switching back to services provided by copper wires, such as DSL service.[95]
Verizon operates landline services in 9 states in the Northeast Region (Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia) and Washington, D.C.[88] through the following operating companies:
Verizon Delaware LLC
Verizon Maryland, Inc.
Verizon New England, Inc. – Operations in Massachusetts and Rhode Island. no longer in Connecticut due to low demand and sold its lines in Maine, New Hampshire and Vermont to Fairpoint to increase profitability
Verizon New Jersey, Inc.
Verizon New York, Inc. – Also serves a portion of southwestern Connecticut
Verizon North LLC – Operations in Pennsylvania inherited from GTE
Verizon Pennsylvania LLC
Verizon South, Inc. – Operations in Virginia inherited from GTE
Verizon Virginia LLC
Verizon Washington, D.C., Inc.
Enterprise[edit]
Verizon Enterprise Solutions, known as Verizon Business from 2006 to 2011, provides services for wholesale, corporate, and government clients.[96][97] Enterprise Solutions provides a cloud-based platform to deliver IT, security, mobility, and collaboration solutions to customers.[97] It supports service in 75 countries, and has a global IP network that reaches more than 150 countries, with 99 percent of Fortune 500 companies using Verizon Enterprise Solutions.[88]
In October 2013, Verizon announced Verizon Cloud, a platform as a service offering that allows for the fast deployment of virtual machines for customers, as well as control of the configuration of those virtual machines.[98]
Verizon Partner Program[edit]
On February 28, 2013, Verizon launched the Verizon Partner Program (VPP), which offers medium-sized preferred access to its businesses' cloud, mobility, communications, and networking solutions. There are four levels to VPP membership: Platinum, Gold, Silver, and Member.[99] Each offers a different level of benefits and requirements. VPP also offers three business models: Agent, Resale, and Sell With. Each represents a different relationship with Verizon. Some Partner Program companies include General Datatech, SOVA (a Platinum member in the program), and OEM Data Delivery.[100]
Marketing campaigns[edit]
Since its inception, Verizon Communications has run several marketing campaigns, including:
Can you hear me now?[edit]
The "Can you hear me now?" campaign, which was created for the newly formed Verizon Wireless, started running in 2001 and featured actor Paul Marcarelli in the role of "Test Man," a character based on a Verizon network tester who travels the country asking "Can you hear me now?"[101][102][103] The campaign, originally conceived by the agency Bozell in New York, ran from early 2001 to September 2010.[104][105] Data from the technology tracking firm The Yankee Group shows that, in the early years of the campaign, net customers grew 10% to 32.5 million in 2002 and 15% more to 37.5 million in 2003. In addition, customer turnover dropped to 1.8% in 2001, down from 2.5% in 2000.[103]
There's a map for that[edit]
The "There's a map for that" campaign was launched in late 2009. It was designed as a parody of AT&T's "There's an app for that" adverts. The ads depicted a side-by-side comparison of Verizon and AT&T network coverage maps.[106] AT&T filed a lawsuit in Atlanta federal court early in November 2009, claiming that the coverage maps being used in the ads were misleading.[107] The suit was dropped later that month in conjunction with Verizon dropping a similar suit against AT&T.[106]
That's not cool[edit]
In 2009, Verizon joined with the Ad Council, in partnership with the Family Violence Prevention Fund and the Office on Violence Against Women, to create the "That's not cool" campaign. This public service advertising campaign was designed to help teens recognize and prevent digital dating abuse. Verizon ran the ads on its Wireless' Mobile Web service, Verizon FiOS Internet, and Verizon FiOS TV.[108][109]
Powerful Answers[edit]
In January 2013, Verizon launched the "Powerful Answers" campaign designed by agency McGarryBowen.[110] The campaign centered around a contest in which $10 million in prizes was offered to individuals for finding solutions to "the world's biggest challenges" by making use of Verizon's cloud, broadband, and wireless networks.[111][112] Winners of the inaugural competition were announced by Verizon Chairman and CEO Lowell McAdam at the 2014 Consumer Electronics Show.[111] Israel-based TinyTap won the education category, Smart Vision Labs of Newport, Rhode Island won in the healthcare category, and Mosaic Inc. of Oakland, California won in the sustainability category.[111]
Inspire Her Mind[edit]
Verizon launched its "Inspire Her Mind" ad in June 2014, in partnership with MAKERS. The ad, created by the agency AKQA, sought to encourage girls' interest in science, technology, engineering and math.[113] It aimed to address findings from the National Science Foundation, whose research showed that 66 percent of fourth-grade girls said they like science and math, yet only 18 percent of college students in engineering and math are women.[114] The spot was directed by Pam Thomas of Community Films and
Baghdadi Mahmudi
Mahmoud Jibril
Physicians edit Ehtuish Ehtuish
Religious figures edit Abd As Salam Al Asmar
Ahmad Zarruq
Simon of Cyrene
Sharif El Gariani
Resistance leaders edit Sulaiman al Barouni – resistance leader against Italian colonization
Omar al Mukhtar – Libyan hero and resistance leader under against Italian colonization
Sayyid Ahmed Sharif es Senussi Libyan resistance leader and chief of the Senussi order
Royalty edit Idris I of Libya King of Libya to and the Chief of the Senussi Muslim order
Sayyid Ahmed Sharif es Senussi Chief of the Senussi Muslim order
Queen Fatima – Former queen of Libya
Sayyid Hassan ar Rida
Muhammad as Senussi born
Sayyid Muhammad bin Ali as Senussi
Omar Faiek Shennib Head of the Royal Diwan Royal Court
Rulers edit Idris I of Libya – King of Libya –
Muammar Gaddafi – Libyan leader –
Ahmed Karamanli – Pasha ruler of Tripolitania –
Yusuf Karamanli died Pasha ruler of Tripolitania –
Shoshenq I Libyan king of Egypt c – c BCE and founder of the Twenty second Egyptian dynasty
Septimius Severus – Roman Emperor – born in Libya
Battaros legendary Libyan king
Zentani Muhammad az Zentani
Umar Mihayshi died Libyan army officer
Mustafa Abdul Jalil born Anti Gaddafi resistance leader Former Minister of Justice and President of the National Transitional Council Present
Scientists and mathematicians edit Eratosthenes BC – BC Hellenistic mathematician geographer and astronomer born in Libya
Adam Nass Has a Master s degree
Sportspeople edit Basketball edit Suleiman Ali Nashnush died
Footballers edit Samir Aboud
Osama Al Hamady
Muhammed Alsnany
Akram Ayyad
Mansour Al Borki
Ehab Al Bousefi
Omar Daoud
Luis de Agustini
Ahmed Faraj El Masli
Tarik El Taib
Meftah Ghazalla
Khaled Hussein
Abdesalam Kames
Nader Kara
Abdusalam Khames
Mohmoud Maklouf Shafter Princely family edit Franz Joseph II Prince of Liechtenstein longest reigning monarch – in Europe from to
Prince Hans Adam II current Head of State one of the world s richest royals
Prince Alois of Liechtenstein regent since
Sophie Hereditary Princess of Liechtenstein
See also List of Princes of Liechtenstein Princely Family of Liechtenstein
Politicians edit Otmar Hasler is the former Prime Minister
Mario Frick was in the Guinness Book of Records as the world s youngest Prime Minister when he was elected
Ernst Joseph Walch former Secretary of State
Klaus Tschütscher is the current Prime Minister
See also List of Liechtenstein Heads of Government Category Liechtenstein politicians
Sports edit Skiers
Marco Büchel born
Paul Frommelt born
Willi Frommelt born
Ursula Konzett born
Tina Weirather born
Andreas Wenzel born won one bronze and one silver Olympic medal and respectively for Alpine skiing
Hanni Wenzel born won two gold medals and one silver medal in the Winter Olympics and a bronze one for Alpine skiing
Football players
Mario Frick born not to be confused with the politician
Peter Jehle born
Arts edit Josef Rheinberger composer
Other edit Wolfgang Haas born Archbishop of Vaduz former Bishop of Chur
Peter Kaiser October February Historian statesman
John Latenser Sr Architect
Waled Mhadeb
Rabe Al Msellati
Jehad Muntasser
Arafa Nakuaa
Walid Ali Osman
Ali Rahuma
Marei Al Ramly Arts edit Architecture and sculpture edit
Laurynas Gucevicius considered to be the first professional Lithuanian architectMain article List of Lithuanian architects
Robertas Antinis Jr – sculptor and artist
Gediminas Baravykas – one of the best known Soviet architects
Vytautas Bredikis – lt Vytautas Bredikis planner of Antakalnis and Lazdynai microdistricts in Vilnius
Algimantas Bublys lt Algimantas Bublys well known for his modern architecture both in Lithuania and the U S
Vincas Grybas – one of the influential early monumental sculptors
Laurynas Gucevicius – architect of Vilnius Cathedral
Juozas Kalinauskas professional sculptor and medalist
Gintaras Karosas – sculptor founder of Europos Parkas
Vytautas Landsbergis Žemkalnis – lt Vytautas Landsbergis Žemkalnis one of the famous architects in the interwar Lithuania
Juozas Mikenas – lt Juozas Mikenas sculptor
Algimantas Nasvytis – architect Minister of Construction and Urbanism
Kestutis Pempe – lt Kestutis Pempe architect chairman of the Architects Association of Lithuania
Bronius Pundzius – lt Bronius Pundzius sculptor citation needed
Petras Rimša – one of the first professional sculptors in Lithuania
Juozas Zikaras – sculptor and designer the interwar years Lithuanian litas
Literature edit
First Lithuanian book The Simple Words of Catechism published in by Martynas Mažvydas
Portrait of Salomeja Neris one of the best known Lithuanian female writersMain article List of Lithuanian authors
Jurgis Baltrušaitis – poet and diplomat the first Symbolist poet
Antanas Baranauskas – priest and poet author of The Pine Groove of Anykšciai Lithuanian Anykšciu šilelis
Kazys Binkis – poet and playwright leader of Lithuanian Futurism movement
Bernardas Brazdžionis – influential romantic poet
Petras Cvirka – short story writer and active supporter of communism
Kristijonas Donelaitis – Lithuanian Lutheran pastor and poet author of The Seasons Lithuanian Metai
Juozas Glinskis – writer playwright pioneer of Lithuanian "theatre of cruelty"
Leah Goldberg – Israeli poet
Romualdas Granauskas – writer about the identity crisis during the Soviet times
Juozas Grušas – one of the most productive writers and playwrights under the Soviet rule
Jurga Ivanauskaite – the best known modern female writer
Vincas Kudirka – writer and poet author of the national anthem of Lithuania
Vytautas V Landsbergis – lt Vytautas V Landsbergis writer published many children s books
Maironis real name Jonas Maciulis – priest and poet best known patriotic poet
Justinas Marcinkevicius – one of the most prominent poets during the Soviet rule
Marcelijus Martinaitis – lt Marcelijus Martinaitis writer famous for The Ballads of Kukutis a mock epic
Martynas Mažvydas – author of the first book in Lithuanian language
Icchokas Meras – Lithuanian Jewish writer about the Holocaust
Vincas Kreve Mickevicius – writer and playwright author of major interwar plays
Oskaras Milašius – French Lithuanian writer and diplomat
Czeslaw Milosz – recipient of the Nobel Prize for Literature was born in Šeteniai Imperial Russia now Lithuania
Vincas Mykolaitis Putinas – writer and poet one of the best known Symbolist poets author of the novel In the Shadows of the Altars Lithuanian Altoriu šešely
Salomeja Neris real name Salomeja Bacinskaite Buciene – the best known female poet during the interwar period
Alfonsas Nyka Niliunas – lt Alfonsas Nyka Niliunas poet living in the United States
Henrikas Radauskas – poet one of the major figures of Lithuanian literature in exile
Šatrijos Ragana real name Marija Peckauskaite – female writer
Balys Sruoga – writer poet playwright author of the novel The Forest of Gods Lithuanian Dievu miškas about his experience in the Stutthof concentration camp
Antanas Strazdas – priest and poet signed in Polish as Antoni Drozdowski the best known work was Pulkim ant Keliu Let Us Fall On Our Knees and the poem The Thrush
Antanas Škema – writer in exile author of surrealistic novel The White Cloth Lithuanian Balta drobule
Yemima Tchernovitz Avidar – Israeli author
Judita Vaiciunaite – lt Judita Vaiciunaite modern female poet exploring urban settings
Juozas Tumas Vaižgantas real name Juozas Tumas – writer
Indre Valantinaite born poet
Tomas Venclova – poet political activist
Antanas Vienuolis real name Žukauskas – writer a major figure in Lithuanian prose
Vydunas real name Vilius Storostas – Lithuanian writer and philosopher leader of Lithuanian cultural movement in the Lithuania Minor at the beginning of the th century
Žemaite real name Julija Beniuševiciute Žymantiene – one of the best known female writers
Theater and cinema edit See also List of Lithuanian actors
Regimantas Adomaitis – theatre and film actor successful both in Lithuania and Russia
Donatas Banionis – actor and star of Tarkovsky s Solaris
Arturas Barysas – "counter culture" actor singer photographer and filmmaker known as the father of modern Lithuanian avant garde
Šarunas Bartas – modern film director
Ingeborga Dapkunaite – internationally successful actress
Gediminas Girdvainis – lt Gediminas Girdvainis prolific theatre and movie actor
Rolandas Kazlas – well known comedy actor
Oskaras Koršunovas – best known modern theater director
Jurgis Maciunas – initiator of Fluxus movement
Vaiva Mainelyte – lt Vaiva Mainelyte popular actress remembered for the leading role in Bride of the Devil Lithuanian Velnio nuotaka
Arunas Matelis – acclaimed documentary director
Adolfas Mekas film director writer editor actor educator
Jonas Mekas – filmmaker the godfather of American avant garde cinema
Aurelija Mikušauskaite – television and theatre actress
Juozas Miltinis – theater director from Panevežys
Nijole Narmontaite – lt Nijole Narmontaite actress
Eimuntas Nekrošius – theater director
Algimantas Puipa – lt Algimantas Puipa film director
Kostas Smoriginas – lt Kostas Smoriginas popular actor and singer
Jonas Vaitkus – theater director director of Utterly Alone
Adolfas Vecerskis – theatre and film actor director of theatre
Arunas Žebriunas – lt Arunas Žebriunas one of the most prominent film directors during the Soviet rule
Vytautas Šapranauskas – lt Vytautas Šapranauskas theater and film actor television presenter humorist
Žilvinas Tratas actor and model
Džiugas Siaurusaitis lt Džiugas Siaurusaitis actor television presenter humorist
Sakalas Uždavinys lt Sakalas Uždavinys theater and film actor director
Marius Jampolskis actor and TV host
Ballet and Dance edit Egle Špokaite soloist of Lithuanian National Opera and Ballet Theatre – Actress art director
Edita Daniute Professional Ballroom Dancer and World DanceSport Champion
Iveta Lukosiute Professional Ballroom Dancer and World Dance Champion
Music edit
Soprano vocalist Violeta Urmanaviciute Urmana
Pop singer Violeta RiaubiškyteSee also List of Lithuanian singers
Linas Adomaitis – pop singer participant in the Eurovision Song Contest
Ilja Aksionovas lt Ilja Aksionovas pop and opera singer boy soprano
Osvaldas Balakauskas – ambassador and classical composer
Alanas Chošnau – singer member of former music group Naktines Personos
Egidijus Dragunas – lt Egidijus Dragunas leader of Sel one of the first hip hop bands in Lithuania
Justas Dvarionas – lt Justas Dvarionas pianist educator
Mikalojus Konstantinas Ciurlionis – painter and composer
Balys Dvarionas – composer conductor pianist professor
Gintare Jautakaite pop artist signed with EMI and Sony Music Entertainment in
Gintaras Januševicius internationally acclaimed pianist
Algirdas Kaušpedas architect and lead singer of Antis
Nomeda Kazlauskaite Kazlaus opera singer dramatic soprano appearing internationally
Vytautas Kernagis – one of the most popular bards
Algis Kizys – long time bass player of post punk no wave band Swans
Andrius Mamontovas – rock singer co founder of Foje and LT United
Marijonas Mikutavicius – singer author of Trys Milijonai the unofficial sports anthem in Lithuania
Vincas Niekus – lt Vincas Niekus composer
Virgilijus Noreika – one of the most successful opera singers tenor
Mykolas Kleopas Oginskis – one of the best composer of the late th century
Kipras Petrauskas – lt Kipras Petrauskas popular early opera singer tenor
Stasys Povilaitis – one of the popular singers during the Soviet period
Violeta Riaubiškyte – pop singer TV show host
Mindaugas Rojus opera singer tenor baritone
Ceslovas Sasnauskas – composer
Rasa Serra – lt Rasa Serra real name Rasa Veretenceviene singer Traditional folk A cappella jazz POP
Audrone Simonaityte Gaižiuniene – lt Audrone Gaižiuniene Simonaityte one of the more popular female opera singers soprano
Virgis Stakenas – lt Virgis Stakenas singer of country folk music
Antanas Šabaniauskas – lt Antanas Šabaniauskas singer tenor
Jurga Šeduikyte – art rock musician won the Best Female Act and the Best Album of in the Lithuanian Bravo Awards and the Best Baltic Act at the MTV Europe Music Awards
Jonas Švedas – composer
Michael Tchaban composer singer and songwriter
Violeta Urmanaviciute Urmana opera singer soprano mezzosoprano appearing internationally
Painters and graphic artists edit See also List of Lithuanian artists
Robertas Antinis – sculptor
Vytautas Ciplijauskas lt Vytautas Ciplijauskas painter
Jonas Ceponis – lt Jonas Ceponis painter
Mikalojus Konstantinas Ciurlionis – painter and composer Asteroid Ciurlionis is named for him
Kostas Dereškevicius lt Kostas Dereškevicius painter
Vladimiras Dubeneckis painter architect
Stasys Eidrigevicius graphic artist
Pranas Gailius lt Pranas Gailius painter
Paulius Galaune
Petronele Gerlikiene – self taught Lithuanian American artist
Algirdas Griškevicius lt Algirdas Griškevicius
Vincas Grybas – sculptor
Leonardas Gutauskas lt Leonardas Gutauskas painter writer
Vytautas Kairiukštis – lt Vytautas Kairiukštis painter art critic
Vytautas Kasiulis – lt Vytautas Kasiulis painter graphic artist stage designer
Petras Kalpokas painter
Rimtas Kalpokas – lt Rimtas Kalpokas painter graphic artist
Leonas Katinas – lt Leonas Katinas painter
Povilas Kaupas – lt Povilas Kaupas
Algimantas Kezys Lithuanian American photographer
Vincas Kisarauskas – lt Vincas Kisarauskas painter graphic artist stage designer
Saulute Stanislava Kisarauskiene – lt Saulute Stanislava Kisarauskiene graphic artist painter
Stasys Krasauskas – lt Stasys Krasauskas graphic artist
Stanislovas Kuzma – lt Stanislovas Kuzma sculptor
Antanas Martinaitis – lt Antanas Martinaitis painter
Jonas Rimša – lt Jonas Rimša painter
Jan Rustem painter
Antanas Samuolis – lt Antanas Samuolis painter
Šarunas Sauka painter
Boris Schatz – sculptor and founder of the Bezalel Academy
Irena Sibley née Pauliukonis – Children s book author and illustrator
Algis Skackauskas – painter
Antanas Žmuidzinavicius – painter
Franciszek Smuglewicz – painter
Yehezkel Streichman Israeli painter
Kazys Šimonis – painter
Algimantas Švegžda – lt Algimantas Švegžda painter
Otis Tamašauskas Lithographer Print Maker Graphic Artist
Adolfas Valeška – painter and graphic artist
Adomas Varnas – painter
Kazys Varnelis – artist
Vladas Vildžiunas lt Vladas Vildžiunas sculptor
Mikalojus Povilas Vilutis lt Mikalojus Povilas Vilutis graphic artist
Viktoras Vizgirda – painter
William Zorach – Modern artist who died in Bath Maine
Antanas Žmuidzinavicius – painter
Kazimieras Leonardas Žoromskis – painter
Politics edit
President Valdas Adamkus right chatting with Vice President Dick Cheney left See also List of Lithuanian rulers
Mindaugas – the first and only King of Lithuania –
Gediminas – the ruler of Lithuania –
Algirdas – the ruler together with Kestutis of Lithuania –
Kestutis – the ruler together with Algirdas of Lithuania –
Vytautas – the ruler of Lithuania – together with Jogaila
Jogaila – the ruler of Lithuania – from to together with Vytautas the king of Poland –
Jonušas Radvila – the field hetman of Grand Duchy of Lithuania –
Dalia Grybauskaite – current President of Lithuania since
Valdas Adamkus – President of Lithuania till
Jonas Basanavicius – "father" of the Act of Independence of
Algirdas Brazauskas – the former First secretary of Central Committee of Communist Party of Lithuanian SSR the former president of Lithuania after and former Prime Minister of Lithuania
Joe Fine – mayor of Marquette Michigan –
Kazys Grinius – politician third President of Lithuania
Mykolas Krupavicius – priest behind the land reform in interwar Lithuania
Vytautas Landsbergis – politician professor leader of Sajudis the independence movement former speaker of Seimas member of European Parliament
Stasys Lozoraitis – diplomat and leader of Lithuanian government in exile –
Stasys Lozoraitis junior – politician diplomat succeeded his father as leader of Lithuanian government in exile –
Antanas Merkys – the last Prime Minister of interwar Lithuania
Rolandas Paksas – former President removed from the office after impeachment
Justas Paleckis – journalist and politician puppet Prime Minister after Soviet occupation
Kazimiera Prunskiene – the first female Prime Minister
Mykolas Sleževicius – three times Prime Minister organized
voiced by Girls Who Code founder Reshma Saujani.[115] JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, and the world's third largest bank by total assets, with total assets of US$2.6 trillion. It is a major provider of financial services, and according to Forbes magazine is the world's third largest public company based on a composite ranking.[4] The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States.[5] The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.[6]
The J.P. Morgan brand, historically known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. The corporate headquarters is located at 270 Park Avenue in Midtown Manhattan, New York City. The retail and commercial bank is headquartered in Chase Tower, Chicago Loop, Chicago, Illinois, U.S.[6] JPMorgan Chase & Co. is considered to be a universal bank.
JPMorgan Chase is one of the Big Four banks of the United States, along with Bank of America, Citigroup, and Wells Fargo.[7][8][9][10][11][12] According to Bloomberg, as of October 2011, JPMorgan Chase had surpassed Bank of America as the largest U.S. bank by assets.[13]
Contents [hide]
1 History
1.1 Chemical Banking Corporation
1.2 Chase Manhattan Bank
1.3 J.P. Morgan & Company
1.4 Bank One Corporation
1.5 Bear Stearns
1.6 Washington Mutual
1.7 2013 settlement
1.8 Other recent acquisitions
1.9 Acquisition history
1.10 Recent News
2 Structure
2.1 JPMorgan Europe, Ltd.
3 Financial data
4 Operations
4.1 History
5 Lobbying
6 Controversies
6.1 National Mortgage Settlement
6.2 Speculative trading
6.3 Conflicts of interest on investment research
6.4 Enron
6.5 WorldCom
6.6 Jefferson County, Alabama
6.7 Failure to comply with client money rules in the UK
6.8 Mortgage overcharge of active military personnel
6.9 Truth in Lending Act litigation
6.10 Alleged manipulation of energy market
6.11 Criminal investigation into obstruction of justice
6.12 Sanctions violations
6.13 Mortgage-backed securities sales
6.14 "Sons and Daughters" hiring program
6.15 Madoff fraud
6.16 Corruption investigation in Asia
6.17 September 2014 cyber-attack
7 Offices
8 Credit derivatives
8.1 Multibillion-dollar trading loss
9 Art collection
10 Major sponsorships
11 Notable former employees
11.1 Business
11.2 Politics and public service
11.3 Other
12 See also
12.1 Index products
13 References
14 External links
History[edit]
The JPMorgan Chase logo prior to the 2008 rebranding
As of June 2008, the JPMorgan logo used for the company's Investment Banking, Asset Management, and Treasury & Securities Services units.[14]
JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. Its original predecessor, the Bank of the Manhattan Company, was the second oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799 by Aaron Burr.
Chemical Banking Corporation[edit]
Main article: Chemical Bank
The New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities and created the Chemical Bank of New York. After 1851, the bank was separated from its parent and grew organically and through a series of mergers, most notably with Corn Exchange Bank in 1954, Texas Commerce Bank (a large bank in Texas) in 1986, and Manufacturer's Hanover Trust Company in 1991 (the first major bank merger "among equals"). In the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee.[15][16] At many points throughout this history, Chemical Bank was the largest bank in the United States (either in terms of assets or deposit market share).
In 1996, Chemical Bank acquired Chase Manhattan. Although Chemical was the nominal survivor, it took the better-known Chase name. To this day, JPMorgan Chase retains Chemical's pre-1996 stock price history, as well as Chemical's former headquarters at 270 Park Avenue.
Chase Manhattan Bank[edit]
Main article: Chase Manhattan Bank
The logo used by Chase following the merger with the Manhattan Bank in 1954
The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank (established in 1877) by the Bank of the Manhattan Company (established in 1799),[17] the company's oldest predecessor institution. The Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank.
According to page 115 of An Empire of Wealth by John Steele Gordon, the origin of this strand of JPMorgan Chase's history runs as follows:
At the turn of the nineteenth century, obtaining a bank charter required an act of the state legislature. This of course injected a powerful element of politics into the process and invited what today would be called corruption but then was regarded as business as usual. Hamilton's political enemy—and eventual murderer—Aaron Burr was able to create a bank by sneaking a clause into a charter for a company, called the Manhattan Company, to provide clean water to New York City. The innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the company's creation, and long before it had laid a single section of water pipe, the company opened a bank, the Bank of the Manhattan Company. Still in existence, it is today J. P. Morgan Chase, the largest bank in the United States.
Led by David Rockefeller during the 1970s and 1980s, Chase Manhattan emerged as one of the largest and most prestigious banking concerns, with leadership positions in syndicated lending, treasury and securities services, credit cards, mortgages, and retail financial services. Weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name. Before its merger with J.P. Morgan & Co., the new Chase expanded the investment and asset management groups through two acquisitions. In 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion.
J.P. Morgan & Company[edit]
Main article: J.P. Morgan & Co.
The J.P. Morgan & Co. logo before its merger with Chase Manhattan Bank in 2000
Influence of J.P. Morgan in Large Corporations, 1914
The J.P. Morgan headquarters in New York City following the September 16, 1920 bomb explosion that took the lives of 38 and injured over 400
The heritage of the House of Morgan traces its roots to the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. (see also: J. Pierpont Morgan). Arguably the most influential financial institution of its era, J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion dollar corporation. In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.
Built in 1914, 23 Wall Street was known as the "House of Morgan", and for decades the bank's headquarters was the most important address in American finance. At noon, on September 16, 1920, a terrorist bomb exploded in front of the bank, injuring 400 and killing 38. Shortly before the bomb went off, a warning note was placed in a mailbox at the corner of Cedar Street and Broadway. The warning read: "Remember we will not tolerate any longer. Free the political prisoners or it will be sure death for all of you. American Anarchists Fighters." While there are many hypotheses regarding who was behind the bombing and why they did it, after 20 years of investigation the FBI rendered the case inactive without ever finding the perpetrators.
In August 1914, Henry P. Davison, a Morgan partner, traveled to the UK and made a deal with the Bank of England to make J.P. Morgan & Co. the monopoly underwriter of war bonds for the UK and France. The Bank of England became a "fiscal agent" of J.P. Morgan & Co., and vice versa. The company also invested in the suppliers of war equipment to Britain and France. Thus, the company profited from the financing and purchasing activities of the two European governments.
In the 1930s, all of J.P. Morgan & Co. along with all integrated banking businesses in the United States, was required by the provisions of the Glass–Steagall Act to separate its investment banking from its commercial banking operations. J.P. Morgan & Co. chose to operate as a commercial bank, because at the time commercial lending was perceived as more profitable and prestigious. Additionally, many within J.P. Morgan believed that a change in political climate would eventually allow the company to resume its securities businesses but it would be nearly impossible to reconstitute the bank if it were disassembled.
In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.
Bank One Corporation[edit]
Main article: Bank One Corporation
Bank One logo.png
In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board current chairman and CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy, and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.
Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies had themselves been created through the merger of many banks. This merger was largely considered a failure until Dimon—recently ousted as President of Citigroup—took over and reformed the new firm's practices—especially its disastrous technology mishmash inherited from the many mergers prior to this one. Dimon effected changes more than sufficient to make Bank One Corporation a viable merger partner for JPMorgan Chase.
The First Chicago Bank logo
Bank One Corporation traced its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One", though for a long time they resisted combining them into one bank. After the First Chicago NBD merger, adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Dimon was brought in to head the company. JPMorgan Chase completed the acquisition of Bank One in the third quarter of 2004. The former Bank One and First Chicago headquarters in Chicago serve as the headquarters of Chase, JPMorgan Chase's commercial and retail banking subsidiary.
Bear Stearns[edit]
Main article: Bear Stearns
The Bear Stearns logo
At the end of 2007, Bear Stearns & Co. Inc. was the fifth largest investment bank in the United States but its market capitalization had deteriorated through the second half of 2007. On Friday, March 14, 2008, Bear Stearns lost 47% of its equity market value to close at $30.00 per share as rumors emerged that clients were withdrawing capital from the bank. Over the following weekend it emerged that Bear Stearns might prove insolvent, and on or around March 15, 2008, the Federal Reserve engineered a deal to prevent a wider systemic crisis from the collapse of Bear Stearns.[18]
On March 16, 2008, after a weekend of intense negotiations between JPMorgan, Bear, and the federal government, JPMorgan Chase announced that it had plans to acquire Bear Stearns in a stock swap worth $2.00 per share or $240 million pending shareholder approval scheduled within 90 days. In the interim, JPMorgan Chase agreed to guarantee all Bear Stearns trades and business process flows.[19] Two days later on March 18, 2008, JPMorgan Chase formally announced the acquisition of Bear Stearns for $236 million. The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each.[20]
On March 24, 2008, after considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board (representing another 10% of the share capital) that its members would vote in favor of the new deal. With sufficient commitments to ensure a successful shareholder vote, the merger was completed on June 2, 2008.[citation needed]
Washington Mutual[edit]
Main article: Washington Mutual
The Washington Mutual logo prior to its 2008 acquisition by JPMorgan Chase
On September 25, 2008, JPMorgan Chase bought most of the banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation. That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, had seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[21]
JPMorgan Chase raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual.[22] Through the acquisition, JPMorgan now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009.
Chief executive Alan H. Fishman received a $7.5 million sign-on bonus and cash severance of $11.6 million after being CEO for 17 days.[23]
2013 settlement[edit]
On November 19, 2013, the Justice Department announced that JPMorgan Chase agreed to pay $13 billion to settle investigations into its business practices pertaining to mortgage-backed securities.[24] Of that, $9 billion was penalties and fines and the remaining $4 billion was consumer relief. This was the largest corporate settlement to date. Much of the alleged wrongdoing stemmed from its 2008 acquisitions of Bear Sterns and Washington Mutual. The agreement did not settle criminal charges.[25]
Other recent acquisitions[edit]
In 2006, JPMorgan Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[26]
In April 2006, JPMorgan Chase acquired The Bank of New York Co.'s retail and small business banking network. The acquisition gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Connecticut.[citation needed]
In March 2008, JPMorgan acquired the UK-based carbon offsetting company ClimateCare.[27]
In November 2009, JPMorgan announced it would acquire the balance of JPMorgan Cazenove, an advisory and underwriting joint venture established in 2004 with the Cazenove Group, for GBP1 billion.[28]
Acquisition history[edit]
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
JPMorgan Chase & Co.
JPMorgan Chase
(merged 2000)
Chase Manhattan Bank
(merged 1996)[29]
Chemical Bank
(merged 1991)
Chemical Bank
(reorganized 1988)
The Chemical Bank
of New York
(est. 1823)
Citizens National Bank
(est. 1851, acq. 1920)
Corn Exchange Bank
(est. 1852, acq. 1954)
New York Trust Company
(acq. 1959)
Texas Commerce Bank
(est. 1866, acq. 1986)[30]
Manufacturers Hanover
(merged 1961)
Manufacturers
Trust Company
(est. 1905)[31]
Hanover Bank
(est. 1873)
Chase Manhattan Bank
(merged 1955)
Bank of the
Manhattan Company
(est. 1799)
Chase National Bank
of the City of New York
(est. 1877)[32]
J.P. Morgan & Co.
(formerly Morgan Guaranty Trust)
(merged 1959)
Guaranty Trust Company
of New York
(est. 1866)
J.P. Morgan & Co.
("The House of Morgan")[33]
(est. 1895)[34]
Bank One
(acq. 2004)
Banc One Corp.[35]
(merged 1968)
City National Bank
& Trust Company
Farmers Saving
& Trust Company
First Chicago NBD
(merged 1995)
First Chicago Corp.
(est. 1863)
NBD Bancorp.
(formerly
National Bank of Detroit)
(est. 1933)
Louisiana’s First
Commerce Corp.
Bear Stearns
(est. 1923;
acq. 2008)[36]
Washington Mutual
(acq. 2008)[37]
Washington Mutual
(founded 1889)
Great Western Bank
(acq. 1997)
H. F. Ahmanson & Co.
(acq. 1998)
Bank United of Texas
(acq. 2001)
Dime Bancorp, Inc.
(acq. 2002)
Providian Financial
(acq. 2005)
Recent News[edit]
In October 2014, JP Morgan sold its commodities trader unit to Mercuria for $800 million - a quarter of the initial valuation of $3.5 billion, as the transaction excluded some oil and metal stockpiles and other assets.[38]
Structure[edit]
JPMorgan Chase & Co. owns five bank subsidiaries in the United States:[39] JPMorgan Chase Bank, National Association; Chase Bank USA, National Association; Custodial Trust Company; JPMorgan Chase Bank, Dearborn; and J.P. Morgan Bank and Trust Company, National Association.
For management reporting purposes, JPMorgan Chase's activities are organized into a corporate/private equity segment and four business segments; consumer and community banking, corporate and investment bank, commercial banking, and asset management.[40] The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry teams include consumer and retail, healthcare, diversified industries and transportation, natural resources, financial institutions, metals and mining, real estate and technology, media and telecommunications.
JPMorgan Europe, Ltd.[edit]
Main article: J.P. Morgan in the United Kingdom
The company, known previously as Chase Manhattan International Limited, was founded on September 18, 1968.[41][42]
In August 2008, the bank announced plans to construct a new European headquarters, based at Canary Wharf, London.[43] These plans were subsequently suspended in December 2010, when the bank announced the purchase of a nearby existing office tower at 25 Bank Street for use as the European headquarters of its investment bank.[44] 25 Bank Street had originally been designated as the European headquarters of Enron and was subsequently used as the headquarters of Lehman Brothers International (Europe).
The regional office is in London with offices in Bournemouth, Glasgow, and Edinburgh for asset management, private banking, and investment.[45]
Financial data[edit]
Financial data in $ millions [46]
Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Revenue 43,097 53,748 61,437 71,372 67,252 100,434 102,694 97,234 97,031 96 606 94,205
Net Income 4,466 8,483 14,444 15,365 5,605 11,728 17,37 21,284 21,284 17,923 21,762
Assets 1 157 1 199 1 352 1 562 2 175 2 032 2 118 2 359 2 359 2 416 2 573
Employees 160 968 168 847 174 360 180 667 224 961 222 316 239 831 260 157 258 965 251 196 241 359
Asset & Liability
Asset/Liability Ratio
Net Income
JPMorgan Chase[47] was the biggest bank at the end of 2008 as an individual bank. (not including subsidiaries)
Operations[edit]
Earlier in 2011 the company announced that by the use of supercomputers, the time taken to assess risk had been greatly reduced, from arriving at a conclusion within hours to what is now minutes. The banking corporation uses for this calculation Field-Programmable Gate Array technology.[48]
History[edit]
The Bank began operations in Japan in 1924,[49] in Australia during the later part of the nineteenth century,[50] and in Indonesia during the early 1920s.[51] An office of the Equitable Eastern Banking Corporation (one of J.P. Morgan's predecessors) opened a branch in China in 1921 and Chase National Bank was established there in 1923.[52] The bank has operated in Saudi Arabia[53] and India[54] since the 1930s. Chase Manhattan Bank opened an office in Korea in 1967.[55] The firm's presence in Greece dates to 1968.[56] An office of JPMorgan was opened in Taiwan in 1970,[57] in Russia (Soviet Union) in 1973,[58] and Nordic operations began during the same year.[59] Operations in Poland began in 1995.[56]
Lobbying[edit]
JP Morgan Chase's PAC and its employees contributed $2.6 million to federal campaigns in 2014 and financed its lobbying team with $4.7 million in the first three quarters of 2014. JP Morgan’s giving has been focused on Republicans, with 62 percent of its donations going to GOP recipients in 2014. Still, 78 House Democrats received campaign cash from JPMorgan’s PAC in the 2014 cycle at an average of $5,200 and a total of 38 of the Democrats who voted for the 2015 spending bill took money from JPMorgan’s PAC in 2014. JP Morgan Chase's PAC made maximum donations to the Democratic Congressional Campaign Committee and the leadership PACs of Steny Hoyer and Jim Himes in 2014.[60]
Controversies[edit]
National Mortgage Settlement[edit]
Main article: Tobacco Master Settlement Agreement
On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.[61] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the states and federal government. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[62] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.
Speculative trading[edit]
Main article: 2012 JPMorgan Chase trading loss
In 2012, JPMorgan Chase & Co was charged for misrepresenting and failing to disclose that the CIO had engaged in extremely risky and speculative trades that exposed JPMorgan to significant losses.[63]
Conflicts of interest on investment research[edit]
In December 2002, Chase paid fines totaling $80 million, with the amount split between the states and the federal government. The fines were part of a settlement involving charges that ten banks, including Chase, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.[64]
Enron[edit]
Main article: Enron scandal
Chase paid out over $2 billion in fines and legal settlements for their role in financing Enron Corporation with aiding and abetting Enron Corp.'s securities fraud, which collapsed amid a financial scandal in 2001.[65] In 2003, Chase paid $160 million in fines and penalties to settle claims by the Securities and Exchange Commission and the Manhattan district attorney’s office. In 2005, Chase paid $2.2 billion to settle a lawsuit filed by investors in Enron.[66]
WorldCom[edit]
JPMorgan Chase, which helped underwrite $15.4 billion of WorldCom's bonds, agreed in March 2005 to pay $2 billion; that was 46 percent, or $630 million, more than it would have paid had it accepted an investor offer in May 2004 of $1.37 billion. J.P. Morgan was the last big lender to settle. Its payment is the second largest in the case, exceeded only by the $2.6 billion accord reached in 2004 by Citigroup.[67] In March 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors.[68][69]
Jefferson County, Alabama[edit]
In November 2009, JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama’s most populous county to the brink of bankruptcy. The settlement came a week after Birmingham, Alabama Mayor Larry Langford was convicted on 60 counts of bribery, money laundering, and tax evasion related to bond swaps for Jefferson County, Alabama. The SEC alleged that J.P. Morgan, which had been chosen by the county commissioners to underwrite the floating-rate sewer bond deals and provide interest-rate swaps, had made undisclosed payments to close friends of the commissioners in exchange for the deal. J.P. Morgan then allegedly made up for the costs by charging higher interest rates on the swaps.[70]
Failure to comply with client money rules in the UK[edit]
In June 2010, J.P. Morgan Securities was fined a record Ł33.32 million ($49.12 million) by the UK Financial Services Authority (FSA) for failing to protect an average of Ł5.5 billion of clients' money from 2002 to 2009.[71][72] FSA requires financial firms to keep clients' funds in separate accounts to protect the clients in case such firm becomes insolvent. The firm
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Vlado Jovanovski ????? ??????????
?or?i Kolozov ????? ???????
Toni Mihajlovski ???? ???????????
Editors edit Filmmakers edit Petar Gligorovski ????? ???????????
Milco Mancevski ????? ?????????
Apostol Trpeski ??????? ???????
Stole Popov ????? ?????
Showbiz edit Ziya Tong television producer TV host
Academia edit Scientists edit Georgi Efremov ?????? ???????
Ratko Janev ????? ?????
Zoran T Popovski ????? ? ????????
Social academics edit Dimitrija Cupovski ????????? ????????
Gjorgji Pulevski ????? ????????
Mihail Petruševski ?????? ???????????
State edit Politicians edit Metodija Andonov Cento ???????? ??????? ?????
Stojan Andov ?????? ?????
Strašo Angelovski ?????? ??????????
Ljupco Arsov ????? ?????
Ljube Boškoski ???? ????????
Vlado Buckovski ????? ?????????
Branko Crvenkovski ?????? ???????????
Ljubco Georgievski ????? ???????????
Kiro Gligorov ???? ????????
Nikola Gruevski ?????? ????????
Gjorge Ivanov ????? ??????
Gordana Jankuloska ??????? ??????????
Zoran Jolevski ????? ????????
Srgjan Kerim ????? ?????
Lazar Koliševski ????? ??????????
Hari Kostov ???? ??????
Trifun Kostovski ?????? ?????????
Ilinka Mitreva ?????? ???????
Lazar Mojsov ????? ??????
Tito Petkovski ???? ?????????
Lui Temelkovski ??? ???????????
Boris Trajkovski ????? ??????????
Vasil Tupurkovski ????? ???????????
Zoran Zaev ????? ????
Partisans World War II freedom fighters edit Mirce Acev ????? ????
Mihajlo Apostolski ????j?? ??????????
Cede Filipovski Dame ???? ?????????? ????
Blagoj Jankov Muceto ?????? ?????? ??????
Orce Nikolov ???? ???????
Strašo Pindžur ?????? ??????
Hristijan Todorovski Karpoš ????????? ?????????? ??????
Revolutionaries edit Yordan Piperkata ?????? ???????? ?????????
Goce Delcev ???? ?????
Petar Pop Arsov ????? ??? ?????
Dame Gruev ???? ?????
Jane Sandanski ???? ?????????
Dimitar Pop Georgiev Berovski ??????? ??? ???????? ????????
Ilyo Voyvoda ???? ??? ??????????
Pere Tošev ???? ?????
Pitu Guli ???? ????
Dimo Hadži Dimov ???? ???? ?????
Hristo Uzunov ?????? ??????
Literature edit Gjorgji Abadžiev ????? ???????
Petre M Andreevski ????? ? ??????????
Maja Apostoloska ???? ???????????
Dimitrija Cupovski ????????? ????????
Jordan Hadži Konstantinov Džinot ?????? ???? ???????????? ?????
Vasil Iljoski ????? ??????
Slavko Janevski ?????? ????????
Blaže Koneski ????? ???????
Risto Krle ????? ????
Vlado Maleski ????? ???????
Mateja Matevski ?????? ????????
Krste Misirkov ????? ?????????
Kole Nedelkovski ???? ???????????
Olivera Nikolova
Anton Panov ????? ?????
Gjorche Petrov ????? ??????
Vidoe Podgorec ????? ????????
Aleksandar Prokopiev ?????????? ?????????
Koco Racin ???? ?????
Jovica Tasevski Eternijan ?????? ???????? ?????????
Gane Todorovski ???? ??????????
Stevan Ognenovski ?????? ??????????
Music edit Classical music edit Composers edit Atanas Badev ?????? ?????
Dimitrije Bužarovski ????????? ??????????
Kiril Makedonski ????? ??????????
Toma Prošev ???? ??????
Todor Skalovski ????? ?????????
Stojan Stojkov ?????? ???????
Aleksandar Džambazov ?????????? ????????
Conductors edit Borjan Canev ?????? ?????
Instrumentalists edit Pianists
Simon Trpceski ????? ????????
Opera singers edit Blagoj Nacoski ?????? ???????
Boris Trajanov ????? ????????
Popular and folk music edit Composers edit Darko Dimitrov ????? ????????
Slave Dimitrov ????? ????????
Jovan Jovanov ????? ???????
Ilija Pejovski ????? ????????
Musicians edit Bodan Arsovski ????? ????????
Goran Trajkoski ????? ?????????
Ratko Dautovski ????? ?????????
Kiril Džajkovski ????? ?????????
Tale Ognenovski ???? ??????????
Vlatko Stefanovski ?????? ???????????
Stevo Teodosievski ????? ????????????
Aleksandra Popovska ?????????? ????????
Singers and Bands edit Lambe Alabakoski ????? ??????????
Anastasia ?????????
Arhangel ????????
Kristina Arnaudova ???????? ?????????
Kaliopi Bukle ???????
Dani Dimitrovska ???? ???????????
Riste Tevdoski ????? ????????
Karolina Goceva ???????? ??????
Vaska Ilieva ????? ??????
Andrijana Janevska ????????? ????????
Vlado Janevski ????? ????????
Jovan Jovanov ????? ???????
Leb i sol ??? ? ???
Aleksandar Makedonski ?????????? ??????????
Elvir Mekic ????? ?????
Mizar ?????
Jasmina Mukaetova ??????? ????e???? The Malagasy French Malgache are the ethnic group that forms nearly the entire population of Madagascar They are divided into two subgroups the "Highlander" Merina Sihanaka and Betsileo of the central plateau around Antananarivo Alaotra Ambatondrazaka and Fianarantsoa and the "coastal dwellers" elsewhere in the country This division has its roots in historical patterns of settlement The original Austronesian settlers from Borneo arrived between the third and tenth centuries and established a network of principalities in the Central Highlands region conducive to growing the rice they had carried with them on their outrigger canoes Sometime later a large number of settlers arrived from East Africa and established kingdoms along the relatively unpopulated coastlines
The difference in ethnic origins remains somewhat evident between the highland and coastal regions In addition to the ethnic distinction between highland and coastal Malagasy one may speak of a political distinction as well Merina monarchs in the late th and early th century united the Merina principalities and brought the neighboring Betsileo people under their administration first They later extended Merina control over the majority of the coastal areas as well The military resistance and eventual defeat of most of the coastal communities assured their subordinate position vis ŕ vis the Merina Betsileo alliance During the th and th centuries the French colonial administration capitalized on and further exacerbated these political inequities by appropriating existing Merina governmental infrastructure to run their colony This legacy of political inequity dogged the people of Madagascar after gaining independence in candidates ethnic and regional identities have often served to help or hinder their success in democratic elections
Within these two broad ethnic and political groupings the Malagasy were historically subdivided into specifically named ethnic groups who were primarily distinguished from one another on the basis of cultural practices These were namely agricultural hunting or fishing practices construction style of dwellings music hair and clothing styles and local customs or taboos the latter known in the Malagasy language as fady citation needed The number of such ethnic groups in Madagascar has been debated The practices that distinguished many of these groups are less prevalent in the st century than they were in the past But many Malagasy are proud to proclaim their association with one or several of these groups as part of their own cultural identity
"Highlander" ethnic groups
Merina
Sihanaka
Betsileo
Zafimaniry
Coastal ethnic groups
Antaifasy or Antefasy
Antaimoro or Temoro or Antemoro
Antaisaka or Antesaka
Antambahoaka
Antandroy or Tandroy
Antankarana
Antanosy or Tanosy Academia edit Afifi al Akiti
Khasnor Johan historian
Khoo Kay Kim
Jomo Kwame Sundaram
Danny Quah
Harith Ahmad
Architects edit Main article List of Malaysian architects
Artists edit Main article List of Malaysian artists
Business edit Tan Sri Syed Mokhtar Al Bukhary born
Tan Sri Dato Loh Boon Siew –
Tan Sri Jeffrey Cheah
Tan Sri William Cheng
Dato Choong Chin Liang born
Tan Sri Dato Tony Fernandes born
Lim Goh Tong –
Tan Sri Tiong Hiew King
Tan Sri Teh Hong Piow born
Chung Keng Quee –
Tan Sri Ananda Krishnan born
Robert Kuok born
Tan Sri Quek Leng Chan born
Shoba Purushothaman
Shah Hakim Zain
Halim Saad
Tan Sri Mohd Saleh Sulong
Tan Sri Vincent Tan born
Lillian Too born
Tan Sri Dr Francis Yeoh
Tun Daim Zainuddin born
Tan Sri Kong Hon Kong
Designers edit Bernard Chandran fashion designer
Jimmy Choo born shoe designer
Poesy Liang born artist writer philanthropist jewellery designer industrial designer interior architect music composer
Inventors edit Yi Ren Ng inventor of the Lytro
Entertainers edit Yasmin Ahmad – film director
Stacy Angie
Francissca Peter born
Jamal Abdillah born
Sudirman Arshad –
Loganathan Arumugam died
Datuk David Arumugam Alleycats
Awal Ashaari
Alvin Anthons born
Asmawi bin Ani born
Ahmad Azhar born
Ning Baizura born
Kasma Booty died
Marion Caunter host of One In A Million and the TV Quickie
Ella born
Erra Fazira born
Sean Ghazi born
Fauziah Latiff born
Angelica Lee born
Daniel Lee Chee Hun born
Fish Leong born
Sheila Majid born
Amy Mastura born
Mohamad Nasir Mohamad born
Shathiyah Kristian born
Meor Aziddin Yusof born
Ah Niu born
Dayang Nurfaizah born
Shanon Shah born
Siti Nurhaliza born
Misha Omar born
Hani Mohsin –
Aziz M Osman born
Azmyl Yunor born
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Fasha Sandha born
Ku Nazhatul Shima Ku Kamarazzaman born
Nicholas Teo born
Pete Teo
Penny Tai born
Hannah Tan born
Jaclyn Victor born
Chef Wan
Adira Suhaimi
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Victor Wong born
Dato Michelle Yeoh Hollywood actress born
James Wan director of Hollywood films like several Saw films Insidious The Conjuring Fast and Furious born
Ziana Zain born
Zee Avi
Shila Amzah
Yunalis Zarai
Zamil Idris born
Military edit Leftenan Adnan – Warrior from mainland Malaya
Antanum Warrior from Sabah Borneo
Rentap Warrior from Sarawak
Syarif Masahor Warrior from Sarawak
Monsopiad Warrior from Sabah Borneo
Haji Abdul Rahman Limbong Warrior from Telemong Terengganu
Mat Salleh Warrior from Sabah Borneo
Rosli Dhobi Warrior from Sarawak
Politicians edit Parameswara founder of Sultanate of Malacca
Tunku Abdul Rahman Putra Al Haj st Prime Minister of independent Malaya
Tun Abdul Razak nd Prime Minister
V T Sambanthan Founding Fathers of Malaysia along with Tunku Abdul Rahman and Tan Cheng Lock
Tun Dato Sir Tan Cheng Lock Founder of MCA
Tun Hussein Onn rd Prime Minister
Mahathir Mohammad th Prime Minister Father of Modernisation
Abdullah Ahmad Badawi th Prime Minister since
Najib Tun Razak Current Prime Minister since
Dato Seri Ong Ka Ting
Dato Seri Anwar Ibrahim
Dato Wan Hisham Wan Salleh
Nik Aziz Nik Mat
Raja Nong Chik Zainal Abidin Federal Territory and Urban Wellbeing Minister
Wan Azizah Wan Ismail
Karpal Singh
Lim Kit Siang
Lim Guan Eng
Tengku Razaleigh Hamzah
Religious edit Antony Selvanayagam Roman Catholic Bishop of the Diocese of Penang
Anthony Soter Fernandez Archbishop Emeritus of the Roman Catholic Archdiocese of Kuala Lumpur and Bishop Emeritus of the Diocese of Penang
Gregory Yong – Second Roman Catholic Archbishop of Singapore
Tan Sri Datuk Murphy Nicholas Xavier Pakiam Metropolitan archbishop of the Roman Catholic Archdiocese of Kuala Lumpur president of the Catholic Bishops Conference of Malaysia Singapore and Brunei and publisher of the Catholic weekly newspaper The Herald
Datuk Ng Moon Hing the fourth and current Anglican Bishop of West Malaysia
Sportspeople edit Squash edit Datuk Nicol Ann David
Ong Beng Hee
Azlan Iskandar
Low Wee Wern
Badminton edit Chan Chong Ming men s doubles
Dato Lee Chong Wei
Chew Choon Eng men s doubles
Wong Choong Hann
Chin Eei Hui women s doubles
Hafiz Hashim
Roslin Hashim
Wong Pei Tty women s doubles
Choong Tan Fook men s doubles
Lee Wan Wah men s doubles
Koo Kien Keat men s doubles
Tan Boon Heong men s doubles
Retired edit Tan Aik Huang
Eddy Choong
Punch Gunalan
Yap Kim Hock
Foo Kok Keong
Jalani Sidek
Misbun Sidek
Rashid Sidek
Razif Sidek
Cheah Soon Kit
Lee Wan Wah
Football soccer edit Brendan Gan Sydney FC
Shaun Maloney Wigan Athletic
Akmal Rizal Perak FA Kedah FA RC Strasbourg FCSR Haguenau
Norshahrul Idlan Talaha Kelantan FA
Khairul Fahmi Che Mat Kelantan FA
Mohd Safiq Rahim Selangor FA
Mohd Fadzli Saari Selangor FA PBDKT T Team FC SV Wehen
Rudie Ramli Selangor FA PKNS F C SV Wehen
Mohd Safee Mohd Sali Selangor FA Pelita Jaya
Baddrol Bakhtiar Kedah FA
Mohd Khyril Muhymeen Zambri Kedah FA
Mohd Azmi Muslim Kedah FA
Mohd Fadhli Mohd Shas Harimau Muda A FC ViOn Zlaté Moravce
Mohd Irfan Fazail Harimau Muda A FC ViOn Zlaté Moravce
Wan Zack Haikal Wan Noor Harimau Muda A FC ViOn Zlaté Moravce F C Ryukyu
Nazirul Naim Che Hashim Harimau Muda A F C Ryukyu
Khairul Izuan Abdullah Sarawak FA Persibo Bojonegoro PDRM FA
Stanley Bernard Stephen Samuel Sabah FA Sporting Clube de Goa
Nazmi Faiz Harimau Muda A SC Beira Mar
Ahmad Fakri Saarani Perlis FA Atlético S C
Chun Keng Hong Penang FA Chanthaburi F C
Retired edit Serbegeth Singh owner founder of MyTeam Blackburn Rovers F C Global dvisor
Mokhtar Dahari former Selangor FA and Malaysian player
Lim Teong Kim former Hertha BSC player