1.
Chase Tower (Chicago)
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Chase Tower, located in the Chicago Loop area of Chicago at 10 South Dearborn Street, is a 60 story skyscraper completed in 1969. At 850 feet tall, it is the eleventh tallest building in Chicago, the tallest building inside the Chicago L Loop elevated tracks, Chase Bank has its U. S. and Canada commercial and retail banking headquarters here. The building is also the headquarters of Exelon, the building and its plaza occupy the entire block bounded by Clark, Dearborn, Madison, and Monroe streets. Before the building was constructed, the Morrison Hotel, on its site, was demolished in 1965. The building first opened in 1969 as First National Plaza, when constructed, it was the headquarters of First Chicago Corporation. In 1998, it became the headquarters for Bank One Corporation, chases retail bank division is based in the tower. Since May 2005 the National Public Radio show Wait Wait, dont Tell Me. is taped on Thursday nights before a live audience at the Chase Auditorium under the plaza. Design architects for the construction were C. F, murphy Associates, Stanislaw Z. Gladych and Perkins and Will. The ground floor is home to the largest Chase Bank branch in Chicago with 22 ATMs
2.
270 Park Avenue
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It is currently the world headquarters for JPMorgan Chase. The building is 707 feet tall and contains 52 floors, the building is currently undergoing a full renovation in order to achieve a LEED Platinum certification. It was used in exterior shots as the headquarters for the World Wide Wicket Company in the movie How to Succeed in Business Without Really Trying, List of tallest buildings in New York City List of tallest buildings in the United States Thecityreview
3.
Manhattan
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Manhattan is the most densely populated borough of New York City, its economic and administrative center, and the citys historical birthplace. The borough is coextensive with New York County, founded on November 1,1683, Manhattan is often described as the cultural and financial capital of the world and hosts the United Nations Headquarters. Many multinational media conglomerates are based in the borough and it is historically documented to have been purchased by Dutch colonists from Native Americans in 1626 for 60 guilders which equals US$1062 today. New York County is the United States second-smallest county by land area, on business days, the influx of commuters increases that number to over 3.9 million, or more than 170,000 people per square mile. Manhattan has the third-largest population of New York Citys five boroughs, after Brooklyn and Queens, the City of New York was founded at the southern tip of Manhattan, and the borough houses New York City Hall, the seat of the citys government. The name Manhattan derives from the word Manna-hata, as written in the 1609 logbook of Robert Juet, a 1610 map depicts the name as Manna-hata, twice, on both the west and east sides of the Mauritius River. The word Manhattan has been translated as island of hills from the Lenape language. The United States Postal Service prefers that mail addressed to Manhattan use New York, NY rather than Manhattan, the area that is now Manhattan was long inhabited by the Lenape Native Americans. In 1524, Florentine explorer Giovanni da Verrazzano – sailing in service of King Francis I of France – was the first European to visit the area that would become New York City. It was not until the voyage of Henry Hudson, an Englishman who worked for the Dutch East India Company, a permanent European presence in New Netherland began in 1624 with the founding of a Dutch fur trading settlement on Governors Island. In 1625, construction was started on the citadel of Fort Amsterdam on Manhattan Island, later called New Amsterdam, the 1625 establishment of Fort Amsterdam at the southern tip of Manhattan Island is recognized as the birth of New York City. In 1846, New York historian John Romeyn Brodhead converted the figure of Fl 60 to US$23, variable-rate myth being a contradiction in terms, the purchase price remains forever frozen at twenty-four dollars, as Edwin G. Burrows and Mike Wallace remarked in their history of New York. Sixty guilders in 1626 was valued at approximately $1,000 in 2006, based on the price of silver, Straight Dope author Cecil Adams calculated an equivalent of $72 in 1992. In 1647, Peter Stuyvesant was appointed as the last Dutch Director General of the colony, New Amsterdam was formally incorporated as a city on February 2,1653. In 1664, the English conquered New Netherland and renamed it New York after the English Duke of York and Albany, the Dutch Republic regained it in August 1673 with a fleet of 21 ships, renaming the city New Orange. Manhattan was at the heart of the New York Campaign, a series of battles in the early American Revolutionary War. The Continental Army was forced to abandon Manhattan after the Battle of Fort Washington on November 16,1776. The city, greatly damaged by the Great Fire of New York during the campaign, became the British political, British occupation lasted until November 25,1783, when George Washington returned to Manhattan, as the last British forces left the city
4.
Jamie Dimon
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James Jamie Dimon is a Greek American business executive. Dimon was named to Time magazines 2006,2008,2009 and he was also named to Institutional Investors Best CEOs list in the All-America Executive Team Survey from 2008 through 2011. Dimon is one of the few bank chief executives to become a billionaire and he received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the United States. Dimon received $20 million in compensation for his work in fiscal year 2013, Dimon was born in New York City, to Theodore and Themis Dimon, one of three sons. He is of Greek descent and attended The Browning School and his paternal grandfather was a Greek immigrant who changed the family name from Papademetriou to Dimon to make it sound more French, and worked as a banker in Smyrna and Athens. He has a brother, Peter, and a fraternal twin brother. Dimons father and grandfather were both stockbrokers at Shearson and he majored in psychology and economics at Tufts University. During one summers break from Tufts, he worked at Shearson, after graduating, he worked in management consulting for two years before enrolling at Harvard Business School, along with classmates Jeffrey Immelt, Steve Burke, Stephen Mandel and Seth Klarman. During the summer at Harvard, he worked at Goldman Sachs and he graduated in 1982, earning a Master of Business Administration degree as a Baker Scholar. After graduation, Sandy Weill convinced him to turn down offers from Goldman Sachs, Morgan Stanley, although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have fun. Dimons father, Theodore Dimon, was a vice president at American Express. The younger Dimon came to Weills attention when Theodore passed along an essay that Jamie had written, Weill left American Express in 1985 and Dimon followed him. The two then took over Commercial Credit, a finance company, from Control Data. Dimon served as the financial officer, helping to turn the company around. Dimon left Citigroup in November 1998, after being asked to resign by Weill during a weekend executive retreat. It was rumored at the time that he and Weill argued in 1997 over Dimons not promoting Weills daughter, Jessica M. Bibliowicz, at least one other account cites a request by Dimon to be treated as an equal as the real reason. In his 2005 University of Chicago Graduate School of Business Fireside Chat and 2006 Kellogg School of Management interviews, in March 2000, Dimon became CEO of Bank One, the nations fifth largest bank. When JPMorgan Chase purchased Bank One in July 2004, Dimon became president, on December 31,2005, he was named chief executive officer of JPMorgan Chase and on December 31,2006, he was named chairman of the board
5.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
6.
Net income
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In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
7.
Asset
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In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
8.
JPMorgan Chase
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JPMorgan Chase & Co. is a U. S. multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, the third largest bank by total assets, with total assets of roughly US$2.5 trillion. It is a provider of financial services, and according to Forbes magazine is the worlds sixth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States, the company was formed in 2000, when Chase Manhattan Corporation merged with J. P. Morgan & Co. 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, the Chase brand is used for credit card services in the United States and Canada, the banks retail banking activities in the United States, and commercial banking. The corporate headquarters is located at 270 Park Avenue in Midtown Manhattan, the retail and commercial bank is headquartered in 270 Park Avenue, Midtown Manhattan, New York City, New York, U. S. JPMorgan Chase & Co. is considered to be a universal bank. As of 2016, JPMorgan Chase is one of the Big Four banks of the United States, followed by Bank of America, Citigroup, and Wells Fargo. 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, Bank One, Bear Stearns and Washington Mutual. The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank by the Bank of the Manhattan Company, the Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank. This of course injected a powerful element of politics into the process and invited what today would be called corruption, the innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the creation, and long before it had laid a single section of water pipe, the company opened a bank. Still in existence, it is today J. P. Morgan Chase, 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, 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, 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, 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 equity transactions alongside various financial sponsors. At many points throughout history, Chemical Bank was the largest bank in the United States
9.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
10.
Retail banking
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Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, the term is generally used to distinguish these banking services from investment banking, commercial banking or wholesale banking. It may also be used to refer to a division or department of a bank dealing with retail customers, in the U. S. the term commercial bank is used for a normal bank to distinguish it from an investment bank. This separation was repealed in the 1990s, commercial bank can also refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public. S. Private banks manage the assets of high-net-worth individuals, offshore banks are banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks, postal savings banks are savings banks associated with national postal systems
11.
J.P. Morgan & Co.
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J. P. Morgan & Co. is a commercial and investment banking institution based in the United States founded by John Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. The firm is a predecessor of three of the largest banking institutions in the United States and globally, JPMorgan Chase, Morgan Stanley, and Deutsche Bank. In 2000, J. P. Morgan & Co. merged with Chase Manhattan Bank to form JPMorgan Chase & Co. one of the largest global banking institutions. Today, the J. P. Morgan brand is used to market certain JPMorgan Chase wholesale businesses, including investment banking, commercial banking and asset management. The J. P. Morgan branding was revamped in 2008 to return to its traditional appearance after several years of depicting the Chase symbol to the right of a condensed and modernized JPMorgan. Between 1959 and 1989, J. P. Morgan operated as the Morgan Guaranty Trust, the origins of the firm date back to 1854 when Junius S. Morgan joined George Peabody & Co. a London-based banking business headed by George Peabody. Junius took control of the firm, changing its name to J. S, Morgan & Co. in 1864 on Peabodys retirement. Juniuss son, J. Pierpont Morgan, first apprenticed at Duncan, Sherman and Company in the New York City, then founded his own firm with a cousin, J. Pierpont Morgan & Company, J. Pierpont Morgan & Company traded in government bonds and foreign exchange. It also acted as an agent for Peabody’s, Junius, however, considered some of Pierpont’s ventures to be highly speculative. So, Pierpont took on a senior partner and the firm was known first as Dabney, Morgan and Company, then Drexel. In these firms, Pierpont used his Peabody connection to bring British financial capital together with rapidly growing U. S. industrial firms, such as railroads, who needed financial capital. The Drexel of Drexel, Morgan & Co. was Philadelphia banker Anthony J. Drexel, on Junius’ death in 1890, Pierpont Morgan took his place at J. S. After Drexel’s death, Drexel, Morgan reorganized in 1895 and became J. P and it financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the worlds first billion-dollar corporation. In 1895, it 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, built in 1914,23 Wall Street was known as The Corner and The House of Morgan, and for decades the banks headquarters was the most important address in American finance. At noon, on September 16,1920, an anarchist bomb exploded in front of the bank, killing 38, shortly before the bomb went off, an unknown person placed a warning note 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. The Bank of England became an agent of J. P. Morgan & Co
12.
Columbus, Ohio
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Columbus is the capital and largest city of the U. S. state of Ohio. It is the 15th-largest city in the United States, with a population of 850,106 as of 2015 estimates and this makes Columbus the fourth-most populous state capital in the United States, and the third-largest city in the Midwestern United States. It is the city of the Columbus, Ohio, Metropolitan Statistical Area. With a population of 2,021,632, it is Ohios third-largest metropolitan area, Columbus is the county seat of Franklin County. The city proper has also expanded and annexed portions of adjoining Delaware County, named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. As of 2013, the city has the headquarters of five corporations in the U. S, fortune 500, Nationwide Mutual Insurance Company, American Electric Power, L Brands, Big Lots, and Cardinal Health. In 2012, Columbus was ranked in BusinessWeeks 50 best cities in America. In 2013, Forbes gave Columbus an A rating as one of the top cities for business in the U. S. and later that included the city on its list of Best Places for Business. Columbus was also ranked as the No.1 up-and-coming tech city in the nation by Forbes in 2008, and the city was ranked a top-ten city by Relocate America in 2010. In 2007, fDi Magazine ranked the city no.3 in the U. S. for cities of the future, and the Columbus Zoo and Aquarium was rated no.1 in 2009 by USA Travel Guide. The area including modern-day Columbus once comprised the Ohio Country, under the control of the French colonial empire through the Viceroyalty of New France from 1663 until 1763. In the 18th century, European traders flocked to the area, the area found itself frequently caught between warring factions, including American Indian and European interests. In the 1740s, Pennsylvania traders overran the territory until the French forcibly evicted them, in the early 1750s, the Ohio Company sent George Washington to the Ohio Country to survey. Fighting for control of the territory in the French and Indian War became part of the international Seven Years War, during this period, the region routinely suffered turmoil, massacres, and battles. The 1763 Treaty of Paris ceded the Ohio Country to the British Empire, after the American Revolution, the Ohio Country became part of the Virginia Military District, under the control of the United States. Colonists from the East Coast moved in, but rather finding a empty frontier, they encountered people of the Miami, Delaware, Wyandot, Shawnee. The tribes resisted expansion by the fledgling United States, leading to years of bitter conflict, the decisive Battle of Fallen Timbers resulted in the Treaty of Greenville, which finally opened the way for new settlements. By 1797, a surveyor from Virginia named Lucas Sullivant had founded a permanent settlement on the west bank of the forks of the Scioto River
13.
Bank One Corporation
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Bank One Corporation was the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE, the company merged with JPMorgan Chase & Co. on July 1,2004. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, the bank traces its roots to the Ohio-based First Banc Group, that was formed in 1968 as a holding company for the City National Bank in Columbus, Ohio. The First Banc Group, Inc. was formed in 1968 as a company for City National Bank and was used as a vehicle to acquire other banks. The first acquisition by the new holding company was the 1968 acquisition of the Farmers Saving & Trust Company in Mansfield. With each acquisition, new member banks kept their name, employees and this is very important when the bank holding company was expanding into primarily rural and extremely conservative markets. In 1971, First Banc acquired Security Central National in Portsmouth, initially Ohio law did not permit bank mergers across county lines, but allowed bank holding companies to own multiple banks across the state. The newly acquired banks had to maintain their existing banking charters while each bank had to operate separately, holding companies also were not allowed to have the word bank in their names so the word banc was used in its place. In October 1979, First Banc Group, Inc. became Banc One Corporation, for example, City National Bank was renamed Bank One Columbus, Security Central National Bank became Bank One Portsmouth, and Farmers Saving & Trust Company became Bank One Mansfield. In 1980, Banc One acquired banks in Painesville, Ohio, Akron, Ohio, winters National Bank in Dayton, Ohio was acquired in 1982 and renamed Bank One Dayton. Also added were 21 Euclid National Bank branch offices in the Cleveland area which were renamed Bank One Cleveland, with the change in federal and state banking laws in 1985, Banc One began to rapidly expand outside of Ohio. Its first out-of-state acquisition was of Purdue National Bank in Lafayette and this bank was rename Bank One Lafayette. This merger was followed by the purchase of other small banks in Indiana and Kentucky. The bank entered Kentucky by acquiring Citizens Union National Bank & Trust Co. of Lexington and this bank was renamed Bank One Lexington. Banc One acquired the Merrillville, Indiana based Bank of Indiana and this was quickly followed by acquisitions in Marion, Indiana, Crawfordsville, Indiana, Rensselaer, Indiana and Richmond, Indiana. McKinney, Jr. the head of American Fletcher, replaced John B. McCoy as president of Banc One Corp. the merger resulted in a $597.3 million swap of stock. The merger with American Fletcher Corp. also brought four small banks that American Fletcher had just recently acquired or was in the process of acquiring. These banks included Citizens Northern Bank of Elkhart, Carmel Bank & Trust Co, First American National Bank of Plainfield, and Union Bank & Trust Co. of Franklin
14.
Washington Mutual
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The OTS took the action due to the withdrawal of $16.7 billion in deposits during a 9-day bank run. The FDIC sold the subsidiaries to JPMorgan Chase for $1.9 billion. All WaMu branches were rebranded as Chase branches by the end of 2009, the holding company, Washington Mutual, Inc. was left with $33 billion in assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC. The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, with respect to total assets under management, Washington Mutual Banks closure and receivership is the largest bank failure in American financial history. Before the receivership action, it was the sixth-largest bank in the United States, according to Washington Mutual Inc. s 2007 SEC filing, the holding company held assets valued at $327.9 billion. On March 20,2009, Washington Mutual Inc, despite its name, Washington Mutual ceased being a mutual company in 1983 when it demutualized and became a public company on March 11. On June 30,2008, Washington Mutual Bank had total assets of US$307 billion, with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, and 43,198 employees. It held liabilities in the form of deposits of $188.3 billion, and owed $82.9 billion to the Federal Home Loan Bank and it was servicing for itself and other banks loans totaling $689.7 billion, of which $442.7 were for other banks. It had non-performing assets of $11.6 billion, including $3.23 billion in payment option ARMs, on September 15,2008, the holding company received a credit rating agency downgrade. The FDIC then sold most of the assets to JPMorgan Chase for $1.9 billion in cash plus assumption of all secured debt. Claims of the banks equity holders, senior and subordinated debt were not assumed by JPMorgan Chase. The newly formed company made its first home mortgage loan on the West Coast on February 10,1890 and it changed its name to Washington Savings and Loan Association on June 25,1908. By September 12,1917 it was operating under the name Washington Mutual Savings Bank, the company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25,1930. Its marketing slogan for much of its history was The Friend of the Family, in April 1982, Washington Mutual purchased the brokerage firm Murphey Favre for undisclosed amount in cash and demutualized the following year, converting into a capital stock savings bank. Stock in the capital stock savings bank was first offered for sale on March 11,1983, by 1989, its assets had doubled. The companys stock continued to trade on Nasdaq under WAMU, in October 2005, Washington Mutual purchased the formerly subprime credit card issuer Providian for approximately $6. In March 2006, Washington Mutual began the move into its new headquarters, WaMu Center, the companys previous headquarters, Washington Mutual Tower, stands about a block away from the new building on Second Avenue. In August 2006, Washington Mutual began using the abbreviation of WaMu in all
15.
Orders of magnitude (numbers)
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This list contains selected positive numbers in increasing order, including counts of things, dimensionless quantity and probabilities. Mathematics – Writing, Approximately 10−183,800 is a rough first estimate of the probability that a monkey, however, taking punctuation, capitalization, and spacing into account, the actual probability is far lower, around 10−360,783. Computing, The number 1×10−6176 is equal to the smallest positive non-zero value that can be represented by a quadruple-precision IEEE decimal floating-point value, Computing, The number 6. 5×10−4966 is approximately equal to the smallest positive non-zero value that can be represented by a quadruple-precision IEEE floating-point value. Computing, The number 3. 6×10−4951 is approximately equal to the smallest positive non-zero value that can be represented by a 80-bit x86 double-extended IEEE floating-point value. Computing, The number 1×10−398 is equal to the smallest positive non-zero value that can be represented by a double-precision IEEE decimal floating-point value, Computing, The number 4. 9×10−324 is approximately equal to the smallest positive non-zero value that can be represented by a double-precision IEEE floating-point value. Computing, The number 1×10−101 is equal to the smallest positive non-zero value that can be represented by a single-precision IEEE decimal floating-point value, Mathematics, The probability in a game of bridge of all four players getting a complete suit is approximately 4. 47×10−28. ISO, yocto- ISO, zepto- Mathematics, The probability of matching 20 numbers for 20 in a game of keno is approximately 2.83 × 10−19. ISO, atto- Mathematics, The probability of rolling snake eyes 10 times in a row on a pair of dice is about 2. 74×10−16. ISO, micro- Mathematics – Poker, The odds of being dealt a flush in poker are 649,739 to 1 against. Mathematics – Poker, The odds of being dealt a flush in poker are 72,192 to 1 against. Mathematics – Poker, The odds of being dealt a four of a kind in poker are 4,164 to 1 against, for a probability of 2.4 × 10−4. ISO, milli- Mathematics – Poker, The odds of being dealt a full house in poker are 693 to 1 against, for a probability of 1.4 × 10−3. Mathematics – Poker, The odds of being dealt a flush in poker are 507.8 to 1 against, Mathematics – Poker, The odds of being dealt a straight in poker are 253.8 to 1 against, for a probability of 4 × 10−3. Physics, α =0.007297352570, the fine-structure constant, ISO, deci- Mathematics – Poker, The odds of being dealt only one pair in poker are about 5 to 2 against, for a probability of 0.42. Demography, The population of Monowi, a village in Nebraska. Mathematics, √2 ≈1.414213562373095489, the ratio of the diagonal of a square to its side length. Mathematics, φ ≈1.618033988749895848, the golden ratio Mathematics, the number system understood by most computers, human scale, There are 10 digits on a pair of human hands, and 10 toes on a pair of human feet. Mathematics, The number system used in life, the decimal system, has 10 digits,0,1,2,3,4,5,6,7,8,9
16.
Aaron Burr
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Aaron Burr Jr. was an American politician. He was the vice president of the United States, serving during President Thomas Jeffersons first term. Burr served as a Continental Army officer in the Revolutionary War, after which he became a successful lawyer, the highlight of Burrs tenure as president of the senate was the Senates first impeachment trial, that of Supreme Court justice Samuel Chase. In 1804, the last full year of his term as vice president. Burr was never tried for the duel, and all charges against him were eventually dropped. After leaving Washington, Burr traveled west seeking new opportunities, both economic and political and his activities eventually led to his arrest on charges of treason in 1807. The subsequent trial resulted in acquittal, but Burrs western schemes left him with large debts, in a final quest for grand opportunities, he left the United States for Europe. He remained overseas until 1812, when he returned to the United States to practice law in New York City, there he spent the rest of his life in relative obscurity. Aaron Burr Jr. was born in Newark, New Jersey, in 1756 as the child of the Reverend Aaron Burr Sr. a Presbyterian minister. His mother Esther Burr was the daughter of Jonathan Edwards, the noted Calvinist theologian, Burr had an older sister Sarah, named for her maternal grandmother. She later married Tapping Reeve, founder of the Litchfield Law School in Litchfield, Burrs father died in 1757, and his mother the following year, leaving him and his sister orphans when he was two years old. He and his sister first lived with their grandparents, but Sarah Edwards also died in 1757. Young Aaron and Sally were placed with the William Shippen family in Philadelphia, in 1759, the childrens guardianship was assumed by their 21-year-old maternal uncle Timothy Edwards. The next year, Edwards married Rhoda Ogden and moved with the children to Elizabeth, New Jersey, rhodas younger brothers Aaron Ogden and Matthias Ogden became the boys playmates. The three boys, along with their neighbor Jonathan Dayton, formed a group of friends that lasted their lifetimes, Aaron Burr was admitted to the sophomore class of the College of New Jersey at the age of 13, after being rejected once at age 11. Aside from being occupied with studies, he was a part of the American Whig Society and Cliosophic Society. He received his Bachelor of Arts degree in 1772 at age 16 and he studied theology for an additional year, before rigorous theological training with Joseph Bellamy, a Presbyterian. He changed his career two years later, at age 19, when he moved to Connecticut to study law with his brother-in-law Tapping Reeve
17.
John D. Rockefeller Jr.
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John Davison Rockefeller Jr. was an American financier and philanthropist who was a prominent member of the Rockefeller family. He was the only son among the five children of Standard Oil co-founder John D. Rockefeller, in biographies, he is commonly referred to as Junior to distinguish him from his father, Senior. Rockefeller was the fifth and last child of Standard Oil co-founder John Davison Rockefeller Sr. and his four older sisters were Elizabeth, Alice, Alta, and Edith. His father John Sr. and uncle William Avery Rockefeller Jr. co-founded Standard Oil together, nicknamed Johnny Rock by his roommates, he joined both the Glee and the Mandolin Clubs, taught a Bible class and was elected junior class president. Scrupulously careful with money, he stood out as different from other rich mens sons, in 1897 he graduated with the degree of Bachelor of Arts, after taking nearly a dozen courses in the social sciences, including a study of Karl Marxs Das Kapital. He joined the Alpha Delta Phi fraternity, and was elected to Phi Beta Kappa and he later also became a director at J. P. Morgans U. S. Steel company, which had been formed in 1901. In April 1914, after a period of industrial unrest. Junior owned a controlling interest in the company and sat on the board as an absentee director, at least 20 men, women, and children died in the incident, and in January 1915 Junior was called to testify before the Commission on Industrial Relations. Many critics blamed Rockefeller for ordering the massacre, Margaret Sanger wrote an attack piece in her magazine The Woman Rebel declaring, But remember Ludlow. Remember the men and women and children who were sacrificed in order that John D. Rockefeller Jr. might continue his career of charity. He was at the time being advised by William Lyon Mackenzie King, Lee warned that the Rockefellers were losing public support and developed a strategy that Junior followed to repair it. This was novel advice, and attracted media attention, which opened the way to resolve the conflict. The family office, of which he was in charge, shifted from 26 Broadway to the 56th floor of the landmark 30 Rockefeller Plaza upon its completion in 1933, the office formally became Rockefeller Family and Associates. In 1921, Junior received about 10% of the shares of the Equitable Trust Company from his father, subsequently, in 1930, Equitable merged with Chase National Bank, making Chase the largest bank in the world at the time. Although his stockholding was reduced to about 4% following this merger, as late as the 1960s, the family still retained about 1% of the banks shares, by which time his son David had become the banks president. In the late 1920s, Rockefeller founded the Dunbar National Bank in Harlem, the financial institution was located within the Paul Laurence Dunbar Apartments at 2824 Eighth Avenue near 150th Street, servicing a primarily African-American clientele. It was unique among New York City financial institutions in that it employed African Americans as tellers, clerks, however, the bank folded after only a few years of operation. This letter became an important event in pushing the nation to repeal Prohibition, Rockefeller was known for his philanthropy, giving over $537 million to myriad causes over his lifetime compared to $240 million to his own family
18.
Rockefeller family
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The family is also known for its long association with and control of Chase Manhattan Bank. They are considered to be one of the most powerful families, if not the most powerful family, one of the founding members of the Rockefeller family was businessman William Rockefeller Sr. born in Granger, New York, to a Protestant family. He had six children with his first wife Eliza Davison, the most prominent of which were oil tycoons John Davison Rockefeller and William Rockefeller, Oil baron John D. Rockefeller was a devout Northern Baptist, and he supported many church-based institutions. The family was involved in numerous real estate construction projects in the U. S. during the 20th century. In Manhattan by fourteen major institutions that were based in the area, the result, in 1951, was the six-building apartment complex known as Morningside Gardens. Seniors donations led to the formation of the University of Chicago in 1889, the Central Philippine University in the Philippines and this was one instance of a long family and Rockefeller Foundation tradition of financially supporting Ivy League and other major colleges and universities over the generations—seventy-five in total. John D Jr. established International House at Berkeley, beginning with John Sr. the family has been a major force in land conservation. John Jr. and his son Laurance were particularly prominent in this area, at the event, the societys president, John Flicker, notably stated, Cumulatively, no other family in America has made the contribution to conservation that the Rockefeller family has made. Nelson, John D. III, John D. IV, Peggy Dulany, Rockefeller Foundation, the Trilateral Commission -David, Rockefeller Brothers Fund. The Bilderberg Group - David, John D. IV, the Asia Society - John D. III, John D. IV, Charles, David. The Population Council - John D. III, the Council of the Americas - David. The Group of Thirty - The Rockefeller Foundation, the World Economic Forum - David. The Peterson Institute - David, Monica, the International Executive Service Corps - David. The Institute for Pacific Relations - Junior, the League of Nations - Junior. The United Nations - Junior, John D. III, Nelson, David, Peggy Dulany, the United Nations Association - David. These include, the Commonwealth Fund, Charles E. Culpeper Foundation, Lucille P. Markey Charitable Trust, in total, it holds over 70 million pages of documents and contains the collections of forty-two scientific, cultural, educational and philanthropic organizations. Only the expurgated records of deceased family members are available to scholars and researchers. He reports that it will be years before all the papers will be open to the public
19.
Bronx River
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The Bronx River, approximately 24 miles long, flows through southeast New York in the United States and drains an area of 38.4 square miles. It is named after colonial settler Jonas Bronck, the Bronx River is the only fresh water river in New York City. It originally rose in what is now the Kensico Reservoir, in Westchester County north of New York City, with the construction of the Kensico Dam in 1885, however, the river was cut off from its natural headwaters and today a small tributary stream serves as its source. The Bronx River flows south past White Plains, then south-southwest through the suburbs, passing through Edgemont, Tuckahoe, Eastchester. It empties into the East River, a tidal strait connected to Long Island Sound, the same line would be retained when manors were granted to the Dutch and the English. The tract purchased by Jonas Bronck in 1639 lay between the Harlem River and the river came to be called Broncks river. During the 19th and 20th centuries, the became a natural sewer into which industrial waste was poured every day. An early mill on the river was the Lorillard Snuff Mill. With the decline of manufacturing in the area, the continued to receive water pollution from the communities that lined its banks. In December 1948, flow of the Bronx River was changed to eliminate a curve in its course in Bronxville, during the excavations a large sand bar was uncovered where sand had accumulated at the bend over hundreds of years and made a sandy beach. In the 21st century, environmental groups including the Bronx River Alliance proposed to return the river to its state as a clean waterway. The river became a project of U. S. Representative José Serrano, who secured US$14, under a November 28,2006 agreement, the municipalities of Scarsdale, White Plains, Mount Vernon and Greenburgh agreed to stop dumping sewage in the Bronx River by May 1,2007. Urban runoff pollution continues to be a problem for the river. Local alewife, taken from a tributary in nearby Connecticut, were released in the river in March 2006. The alewife were expected to spawn in the rivers headwaters and their offspring would spend the summer in the river, migrate out to sea in the fall, and in three to five years return, like all anadromous fishes, to their spawning grounds. Stocking was intended to be repeated annually for the five years. The fishes, among a group called river herring, feed low on the food-chain, and in fact, several adult alewife were found below the first dam on the river on April 7,2009
20.
Alexander Hamilton
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Alexander Hamilton was an American statesman and one of the Founding Fathers of the United States. As the first Secretary of the Treasury, Hamilton was the author of the economic policies of the George Washington administration. He took the lead in the funding of the debts by the Federal government, as well as the establishment of a national bank, a system of tariffs. His vision included a central government led by a vigorous executive branch. This was challenged by Virginia agrarians Thomas Jefferson and James Madison who formed a rival party and they favored strong states based in rural America and protected by state militias as opposed to a strong national army and navy. They denounced Hamilton as too friendly toward Britain and toward monarchy in general, Hamilton was born out of wedlock in Charlestown, to a married mother of British and French Huguenot ancestry and a Scottish father. His father, James A. Hamilton, was the son of laird Alexander Hamilton of Grange. Orphaned as a child by his mothers death and his fathers abandonment, Hamilton was taken in by an older cousin and he was recognized for his intelligence and talent, and sponsored by a group of wealthy local men to travel to New York City to pursue his education. Hamilton attended Kings College, choosing to stay in the Thirteen Colonies to seek his fortune, discontinuing his studies before graduating when the college closed its doors during British occupation of the city, Hamilton played a major role in the American Revolutionary War. At the start of the war in 1775, he joined a militia company, in early 1776, he raised a provincial artillery company, to which he was appointed captain. He soon became the aide to General Washington, the American forces commander-in-chief. Hamilton was dispatched by Washington on numerous missions to convey plans to his generals, after the war, Hamilton was elected as a representative to the Congress of the Confederation from New York. He resigned to practice law, and founded the Bank of New York, Hamilton was among those dissatisfied with the weak national government. He led the Annapolis Convention, which successfully influenced Congress to issue a call for the Philadelphia Convention in order to create a new constitution, Hamilton became the leading cabinet member in the new government under President Washington. These programs were funded primarily by a tariff on imports, to overcome localism, Hamilton mobilized a nationwide network of friends of the government, especially bankers and businessmen, which became the Federalist Party. A major issue in the emergence of the American two-party system was the Jay Treaty and it established friendly trade relations with Britain, to the chagrin of France and the supporters of the French Revolution. Hamilton played a role in the Federalist party, which dominated national. In 1795, he returned to the practice of law in New York and he tried to control the policies of President Adams
21.
The Bank of New York Mellon
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The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2,2007, the company now continues under the new name of The Bank of New York Mellon or BNY Mellon. The Bank of New York was founded on June 9,1784, Alexander Hamilton wrote the new banks constitution, and became the individual most actively involved in the organization of The Bank of New York, guiding it through its early stages. The bank opened for business at the Walton House in Lower Manhattan only a few months after the departure of British troops from American soil and it opened with a capitalization of $500,000. William Seton, future father-in-law of Saint Elizabeth Seton, was named director in 1786,1792, The Bank of New York was the first corporate stock to be traded on the New York Stock Exchange. 1922, The Bank merged with the New York Life Insurance & Trust Company,1948, The Bank acquired The Fifth Avenue Bank. 1966, The Bank acquired the Empire Trust Company,1968, The Bank formed its holding company, The Bank of New York Company, Inc. 1990s, The Bank acquired the National Community Banks in New Jersey,2003, The Bank of New York acquired Pershing LLC, a provider of correspondent clearing and outsourcing services for broker dealers, asset managers. That same year, the Bank integrated Lockwood Financial Services, Inc. into Pershing, creating one of the largest providers of managed account programs with client assets totaling nearly US$18 billion. Late 2005, The Bank of New York settled with federal regulators for US$38 million regarding a money laundering scandal that began in 1996. The illegal operation involved two Russian emigres—one who was a Vice President of the bank—moving over US$7 billion via hundreds of wires, and ended in the prosecution of at least nine individuals. April 7,2006, J. P. Morgan Chase & Co. announced they would swap their corporate trust unit for Bank of New York Co. s retail, may 2007, Russia filed a US$22.5 billion lawsuit against the bank for money laundering. The suit was settled for $14 million. Talks of a merger began when Tom Renyi approached Robert Kelly about an amalgamation between the Bank of New York and Mellon Financial Corporation. The US$16.5 billion deal was finalized on July 1,2007, with Kelly as the Chief Executive Officer of the new company, and Renyi as Executive Chairman. Per the deal, the new Board of Directors is composed of ten directors appointed by the Bank of New York, the Bank of New York Mellon launched its new brand identity as on October 1,2007. In October,2011, the Justice Department and New Yorks attorney general filed civil lawsuits against the Bank of New York, the suits hold that the bank deceived pension-fund clients by manipulating the prices assigned to them for foreign currency transactions. Allegedly, the selected the days lowest rates for currency sales and highest rates for purchases
22.
The Economist
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The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London. Continuous publication began under its founder, James Wilson, in September 1843, in 2015 its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States. The publication belongs to the Economist Group and it is 50% owned by the English branch of the Rothschild family and by the Agnelli family through its holding company Exor. The remaining 50% is held by investors including the editors. The Rothschilds and the Agnellis are represented on the board of directors, a board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has an emphasis and scope, about two-thirds of the 75 staff journalists are based in the London borough of Westminster. For the year to March 2016 the Economist Group declared operating profit of £61m, previous major shareholders include Pearson PLC. The Economist takes a stance of classical and economic liberalism which is supportive of free trade, globalisation, free immigration. The publication has described itself as a product of the Caledonian liberalism of Adam Smith and it targets highly educated readers and claims an audience containing many influential executives and policy-makers. The publications CEO described this recent global change, which was first noticed in the 1990s and accelerated in the beginning of the 21st century, on the contents page of each issue, The Economists mission statement is written in italics. The Economist was founded by the British businessman and banker James Wilson in 1843, to advance the repeal of the Corn Laws, articles relating to some practical, commercial, agricultural, or foreign topic of passing interest, such as foreign treaties. An article on the principles of political economy, applied to practical experience, covering the laws related to prices, wages, rent, exchange, revenue. Parliamentary reports, with focus on commerce, agriculture and free trade. Reports and accounts of popular movements advocating free trade, general news from the Court of St. Jamess, the Metropolis, the Provinces, Scotland, and Ireland. Law reports, confined chiefly to areas important to commerce, manufacturing, books, confined chiefly, but not so exclusively, to commerce, manufacturing, and agriculture, and including all treatises on political economy, finance, or taxation. A commercial gazette, with prices and statistics of the week, correspondence and inquiries from the news magazines readers. It has long respected as one of the most competent. Its logo was designed in 1959 by Reynolds Stone, in January 2012 The Economist launched a new weekly section devoted exclusively to China, the first new country section since the introduction of a section about the United States in 1942
23.
Pittsburgh
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Pittsburgh is a city in the Commonwealth of Pennsylvania in the United States, and is the county seat of Allegheny County. The city proper has a population of 304,391. The metropolitan population of 2,353,045 is the largest in both the Ohio Valley and Appalachia, the second-largest in Pennsylvania, and the 26th-largest in the U. S. The city features 30 skyscrapers, two inclines, a fortification and the Point State Park at the confluence of the rivers. Aside from steel, Pittsburgh has led in manufacturing of aluminum, glass, shipbuilding, petroleum, foods, sports, transportation, computing, autos, and electronics. For part of the 20th century, Pittsburgh was behind only New York and Chicago in corporate headquarters employment, Americas 1980s deindustrialization laid off area blue-collar workers and thousands of downtown white-collar workers when the longtime Pittsburgh-based world headquarters moved out. The area has served also as the federal agency headquarters for cyber defense, software engineering, robotics, energy research. The area is home to 68 colleges and universities, including research and development leaders Carnegie Mellon University, the region is a hub for Leadership in Energy and Environmental Design, sustainable energy, and energy extraction. Pittsburgh was named in 1758 by General John Forbes, in honor of British statesman William Pitt, 1st Earl of Chatham. The current pronunciation, which is unusual in English speaking countries, is almost certainly a result of a printing error in some copies of the City Charter of March 18,1816. The error was repeated commonly enough throughout the rest of the 19th century that the pronunciation was lost. After a public campaign the original spelling was restored by the United States Board on Geographic Names in 1911. The area of the Ohio headwaters was long inhabited by the Shawnee, the first known European to enter the region was the French explorer/trader Robert de La Salle from Quebec during his 1669 expedition down the Ohio River. European pioneers, primarily Dutch, followed in the early 18th century, Michael Bezallion was the first to describe the forks of the Ohio in a 1717 manuscript, and later that year European fur traders established area posts and settlements. In 1749, French soldiers from Quebec launched an expedition to the forks to unite Canada with French Louisiana via the rivers, during 1753–54, the British hastily built Fort Prince George before a larger French force drove them off. The French built Fort Duquesne based on LaSalles 1669 claims, the French and Indian War, the North American front of the Seven Years War, began with the future Pittsburgh as its center. British General Edward Braddock was dispatched with Major George Washington as his aide to take Fort Duquesne, the British and colonial force were defeated at Braddocks Field. General John Forbes finally took the forks in 1758, Forbes began construction on Fort Pitt, named after William Pitt the Elder while the settlement was named Pittsborough
24.
Mellon Financial
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Mellon Financial Corporation was one of the worlds largest money management firms. On December 4,2006 it announced an agreement with Bank of New York. After regulatory and shareholder approval, the completed the merger on July 2,2007. Mellon was founded in 1869 by Thomas Mellon and his sons Andrew W. Mellon, in 1902, the institution became Mellon National Bank. Mellon Bank was an important force in the mass production revolution in the United States, the Mellon family using the bank as a proxy had direct involvement with founding the modern aluminium, oil, consumer electronics and financial industries. Alcoa, Gulf Oil, Westinghouse and Rockwell, all were founded and managed by the bank. U. S. Steel, Heinz, General Motors, Koppers and ExxonMobil were born, in 1920 Andrew left his leadership post of the bank to become the longest serving U. S. Treasury Secretary in history. In 1929, Richard founded Mellbank Corporation, in 1946, Mellon National, Mellbank, and the Union Trust Company merged to form Mellon National Bank and Trust Company. A reorganization in 1972 brought about a change to Mellon Bank, N. A. In 1983, Mellon bought Girard Bank of Philadelphia and Central Counties Bank of State College, the next year, Mellon National Corporation became Mellon Bank Corporation, and purchased Northwest Pennsylvania Corporation of Oil City, Pennsylvania. In 1986, Mellon bought Commonwealth National Financial of Harrisburg, Pennsylvania and it is also reported that Mellon operates the 2nd largest financial computing system in the world. In 1991, Mellon bought United Penn Bank of Wilkes-Barre, Pennsylvania, the next year, Mellon bought 54 branch offices of Philadelphia-based Philadelphia Savings Fund Society, whose parent company had become insolvent. Philadelphia Savings Fund Society, was the first savings bank in the United States, in 1993, Mellon bought The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation. The next year, Mellon merged with the Dreyfus Corporation, bringing its mutual funds under its umbrella,1998 saw Mellons purchase of United Bankshares, Inc. of Miami, 1st Business Bank of Los Angeles, and Founders Asset Management. In 1999, Martin G. McGuinn became chairman and chief officer of Mellon Bank Corporation. Mellon Bank Corporation then became Mellon Financial Corporation, two years later, it sold its retail banking operations to Citizens Financial Group. In 2004, Mellon announced it would purchase Safeco Trust Company from Seattle-based Safeco Corporation, the same year, it purchased outstanding shares in London-based Pareto Partners and offered them floor space in Mellon Financial Centre. In 2006, Mellon announced its plans to merge with Bank of New York, talks began when Tom Renyi approached Robert Kelly about a possible amalgamation between the Bank of New York and Mellon Financial Corporation
25.
John Thompson (banker)
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John Thompson was a United States banker, financial publisher, and dealer in bank notes. The son of a Revolutionary War soldier, he was born near Pittsfield and he worked as a teacher and lottery-ticket dealer in Poughkeepsie, NY before moving to New York City in 1832 to become a dealer in bank notes. He founded Thompsons Bank Note Reporter, the predecessor to the American Banker newspaper, the publication was devoted to sorting out the good banks and their notes from bad banks and their notes. Together with his sons, Samuel C. Thompson and Frederick Ferris Thompson, he founded First National Bank of the City of New York in 1863 and he also founded Chase National Bank in 1877, a predecessor of the Chase Manhattan Bank. He was married to Electa Ferris and summered at The Anchorage in Highland, NY Frederick Ferris Thompson
26.
United States Secretary of the Treasury
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This position in the Federal Government of the United States is analogous to the Minister of Finance in many other countries. The Secretary of the Treasury is a member of the Presidents Cabinet, nominees for The Secretary of the Treasury undergo a confirmation hearing before the United States Senate Committee on Finance before being confirmed by the United States Senate. The Secretary of the Treasury is a member of the U. S. National Security Council. The Secretary along with the Treasurer must sign Federal Reserve notes before they can become legal tender, the Secretary also manages the United States Emergency Economic Stabilization fund. Most of the Departments law enforcement agencies such as the U. S. Customs Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, secret Service were reassigned to other Departments in 2003 in conjunction with the creation of the Department of Homeland Security. The Secretary of the Treasury salary is $205,700 annually,2 Deputy Secretary of the Treasury M. Peter McPherson served as Acting Secretary of the Treasury from August 17,1988, to September 15,1988. 4 Deputy Secretary of the Treasury Kenneth W. Dam served as Acting Secretary of the Treasury from December 31,2002,5 Deputy Secretary of the Treasury Robert M. Kimmitt served as Acting Secretary of the Treasury from June 30,2006, to July 9,2006. 7 Deputy Secretary of the Treasury Neal Wolin served as Acting Secretary of the Treasury from January 25,2013, as of April 2017, there are eleven living former Secretaries of the Treasury, the oldest being George P. Shultz. The most recent Secretary of the Treasury to die was Lloyd M. Bentsen, United States Department of the Treasury
27.
Salmon P. Chase
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Salmon Portland Chase was an American politician and jurist who served as the sixth Chief Justice of the United States from 1864 to his death in 1873. Earlier in his career, Chase was the 23rd Governor of Ohio, senator from Ohio prior to service under Abraham Lincoln as the 25th Secretary of the Treasury. As Secretary of the Treasury, Chase strengthened the government, introducing its first paper currency as well as a national bank. He coined the slogan of the Free Soil Party, Free Soil, Free Labor, Chief Justice Chase presided over the Senate trial of Andrew Johnson during the Presidents impeachment proceedings in 1868. Chase was born in Cornish, New Hampshire, on January 13,1808, to Janet Ralston and Ithamar Chase, senator Dudley Chase of Vermont was another uncle. He studied in the schools of Windsor, Vermont, and Worthington, Ohio. He was a member of the Alpha Delta Phi Fraternity and Phi Beta Kappa, while at Dartmouth, he taught at the Royalton Academy in Royalton, Vermont. Chase then moved to the District of Columbia, where he opened a school while studying law under U. S. Attorney General William Wirt. He was admitted to the bar in 1829, Chase moved to a country home near Loveland, Ohio, and practiced law in Cincinnati from 1830. He rose to prominence for his compilation of the states statutes. From the beginning, despite the risk to his livelihood, he defended runaway slaves and he worked initially with the American Sunday School Union. Chase was also a member of the literary Semi-Colon Club, its members included Harriet Beecher Stowe, Chase became the leader of the political reformers, as opposed to the Garrisonian abolitionist movement. For his defense of escaped slaves seized in Ohio under the Fugitive Slave Law of 1793 and his argument in the case of Jones v. Van Zandt on the constitutionality of fugitive slave laws before the U. S. Supreme Court attracted particular attention. In this and similar cases, the court ruled against him, Chase contended that slavery was local, not national, and that it could exist only by virtue of positive state law. Elected as a Whig to the Cincinnati City Council in 1840, for seven years he was the leader of the Liberty Party in Ohio. He helped balance its idealism with his approach and political thought. He was skillful in drafting platforms and addresses, and he prepared the national Liberty platform of 1843, building the Liberty Party was slow going. By 1848 Chase was leader in the effort to combine the Liberty Party with the Barnburners or Van Buren Democrats of New York to form the Free Soil Party
28.
General Electric
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General Electric, often abbreviated as GE, is an American multinational conglomerate corporation incorporated in New York and headquartered in Boston, Massachusetts. In 2011, GE ranked among the Fortune 500 as the 68th-largest firm in the U. S. by gross revenue, as of 2012, the company was listed the fourth-largest in the world among the Forbes Global 2000, further metrics being taken into account. The Nobel Prize has twice been awarded to employees of General Electric, Irving Langmuir in 1932, on January 13,2016, it was announced that GE will be moving its corporate headquarters from Fairfield, Connecticut to the South Boston Waterfront neighborhood of Boston, Massachusetts. The first group of workers arrived in the summer of 2016, morgan and the Vanderbilt family for Edisons lighting experiments. The new company also acquired Sprague Electric Railway & Motor Company in the same year, both plants continue to operate under the GE banner to this day. The company was incorporated in New York, with the Schenectady plant used as headquarters for years thereafter. Around the same time, General Electrics Canadian counterpart, Canadian General Electric, was formed, in 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average. After 120 years, it is the one of the original companies still listed on the Dow index. In 1911, General Electric absorbed the National Electric Lamp Association into its lighting business, GE established its lighting division headquarters at Nela Park in East Cleveland, Ohio. Nela Park is still the headquarters for GEs lighting business, owen D. Young, through GE, founded the Radio Corporation of America in 1919 to further international radio. GE used RCA as its retail arm for radio sales from 1919, in 1927, Ernst Alexanderson of GE made the first demonstration of his television broadcasts at his General Electric Realty Plot home at 1132 Adams Rd, Schenectady, NY. The sound was broadcast on GEs WGY, experimental television station W2XAD evolved into station WRGB which—along with WGY and WGFM —was owned and operated by General Electric until 1983. GEs history of working with turbines in the field gave them the engineering know-how to move into the new field of aircraft turbosuperchargers. Led by Sanford Alexander Moss, GE introduced the first superchargers during World War I, superchargers became indispensable in the years immediately prior to World War II, and GE was the world leader in exhaust-driven supercharging when the war started. This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine that was demonstrated in the United States in 1941, GE ranked ninth among United States corporations in the value of wartime production contracts. In 2002, GE acquired the assets of Enron during its bankruptcy proceedings. Some consumers boycotted GE light bulbs, refrigerators and other products in the 1980s and 1990s to protest GEs role in weapons production. With IBM, Burroughs, NCR, Control Data Corporation, Honeywell, RCA and UNIVAC, GE had a line of general purpose and special purpose computers
29.
RCA
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RCA Corporation, founded as the Radio Corporation of America, was an American electronics company in existence from 1919 to 1986. General Electric took over the company in late 1985 and split it up the following year, after World War I began in August 1914, radio traffic across the Atlantic Ocean increased dramatically after the western Allies cut the German transatlantic telegraph cables. In 1917 the government of the United States took charge of the owned by the major companies involved in radio manufacture in the United States to devote radio technology to the war effort. All production of equipment was allocated to the U. S. Army, U. S. Navy, U. S. Marine Corps. The War Department and the Navy Department sought to maintain a monopoly of all uses of radio technology. The wartime takeover of all radio systems ended late in 1918, the war ended in November of that year. The ending of the governments monopoly in radio communications did not prevent the War. On 8 April 1919, naval Admiral W. H. G. Bullard, the proposal presented by the government was that if GE created an American-owned radio company, then the Army and Navy would effect a monopoly of long-distance radio communications via this company. This marked the beginning of a series of negotiations through which GE would buy the American Marconi company, the Army and the Navy granted RCA the former American Marconi radio terminals that had been confiscated during the War. Admiral Bullard received a seat on the Board of Directors of RCA for his efforts in establishing RCA, the result was federally-created monopolies in radio for GE and the Westinghouse Corporation and in telephone systems for the American Telephone & Telegraph Company. The first chief officer of RCA was Owen D. Young. RCAs incorporation papers required that a majority of its stock be held by American citizens, as the years went on, RCA either took over, or produced for itself, a large number of patents, including that of the superheterodyne receiver invented by Edwin Armstrong. Over the years, RCA continued to operate international services, under its subsidiary RCA Communications, Inc. GE used RCA as its retail arm for radio sales from 1919, Westinghouse also marketed home radios through RCA until 1930. In 1929, RCA purchased the Victor Talking Machine Company, then the worlds largest manufacturer of phonographs and this included a majority ownership of the Victor Company of Japan. The new subsidiary then became RCA Victor, with Victor, RCA acquired New World rights to the Nipper His Masters Voice trademark. This trademark is used by the British music & entertainment company HMV. RCA began selling the first electronic turntable in 1930, in 1931, RCA Victor began selling 33⅓ rpm records
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Rockefeller Center
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Rockefeller Center is a large complex consisting of 19 high-rise commercial buildings covering 22 acres between 48th and 51st Streets in New York City. Commissioned by the Rockefeller family, it is located in the center of Midtown Manhattan and it was declared a National Historic Landmark in 1987. It is famous for its annual Christmas tree lighting, Rockefeller Center was named after John D. Rockefeller, Jr. who leased the space from Columbia University in 1928 and developed it beginning in 1930. Rockefeller stated, It was clear there were only two courses open to me. One was to abandon the entire development, the other to go forward with it in the definite knowledge that I myself would have to build it and finance it alone. The initial cost of acquiring the space, razing some of the existing buildings and it was the largest private building project ever undertaken in modern times. Construction of the 14 buildings in the Art Deco style began on May 17,1930, principal builder and managing agent for the massive project was John R. Todd. The construction of the project employed over 40,000 people and it was the public relations pioneer Ivy Lee, the prominent adviser to the family, who first suggested the name Rockefeller Center for the complex, in 1931. Rockefeller, Jr. initially did not want the Rockefeller family name associated with the commercial project, what could have become a major controversy in the mid-1930s concerned the last of the four European buildings that remained unnamed. Ivy Lee and others attempts to rent the space to German commercial concerns. Rockefeller ruled this out after being advised of Hitlers Nazi march toward World War II and this subsequently became the primary location of the U. S. In 1985, Columbia University sold the land beneath Rockefeller Center to the Rockefeller Group for $400 million, in 1989, Mitsubishi Estate, a real estate company of the Mitsubishi Group, purchased the entire Rockefeller Center complex, and its owner, Rockefeller Group. In 1996, the complex was purchased by a consortium of owners that included Goldman Sachs, Gianni Agnelli, Stavros Niarchos, and David Rockefeller. Tishman Speyer, led by Jerry Speyer, a friend of David Rockefeller. The landmark buildings comprise over 8,000,000 square feet on 22 acres in Midtown, bounded by Fifth and Sixth avenues and these are co-owned by Tishman-Speyer, and open to the public. 1 Rockefeller Plaza – The original Time–Life Building, a tenant was General Dynamics. 10 Rockefeller Plaza – Originally the Holland House, then the Eastern Air Lines Building, currently home of Today Show studios. 30 Rockefeller Plaza – Originally the RCA Building, in 1988 it was renamed the GE Building, headquarters of NBC, the Rainbow Room restaurant is located on the 65th floor
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Petroleum industry
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The petroleum industry includes the global processes of exploration, extraction, refining, transporting, and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline, Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is divided into three major components, upstream, midstream and downstream. Midstream operations are included in the downstream category. Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization in its current configuration, and thus is a critical concern for many nations. Oil accounts for a percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia. Other geographic regions consumption patterns are as follows, South and Central America, Africa, the world consumes 30 billion barrels of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007, the production, distribution, refining, and retailing of petroleum taken as a whole represents the worlds largest industry in terms of dollar value. Petroleum is a naturally occurring liquid found in rock formations and it consists of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds. It is generally accepted that oil is formed mostly from the carbon rich remains of ancient plankton after exposure to heat, Petroleum in an unrefined state has been utilized by humans for over 5000 years. Oil in general has been used since early history to keep fires ablaze. Its importance to the world economy evolved slowly, with oil used for lighting in the 19th century and wood. The Industrial Revolution generated an increasing need for energy which was met mainly by coal, Imperial Russia produced 3,500 tons of oil in 1825 and doubled its output by mid-century. Batum is renamed to Batumi in 1936, at the turn of the 20th century, Imperial Russias output of oil, almost entirely from the Apsheron Peninsula, accounted for half of the worlds production and dominated international markets. Nearly 200 small refineries operated in the suburbs of Baku by 1884, as a side effect of these early developments, the Apsheron Peninsula emerged as the worlds oldest legacy of oil pollution and environmental negligence. In 1846, Baku the first ever well drilled with percussion tools to a depth of 21 meters for oil exploration, in 1878, Ludvig Nobel and his Branobel company revolutionized oil transport by commissioning the first oil tanker and launching it on the Caspian Sea. Samuel Kier established Americas first oil refinery in Pittsburgh on Seventh avenue near Grant Street, one of the first modern oil refineries were built by Ignacy Łukasiewicz near Jasło, Poland in 1854–56. These were initially small as demand for refined fuel was limited, the refined products were used in artificial asphalt, machine oil and lubricants, in addition to Łukasiewiczs kerosene lamp
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Standard Oil
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Standard Oil Co. Inc. was an American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller as a corporation in Ohio and its controversial history as one of the worlds first and largest multinational corporations ended in 1911, when the United States Supreme Court ruled that Standard Oil was an illegal monopoly. The Standard Oil trust streamlined production and logistics, lowered costs, trust-busting critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses. John D. Rockefeller was a founder, chairman and major shareholder and its successors such as ExxonMobil, BP, and Chevron are still counted among the companies with the largest income worldwide. By 1882, his top aide was John Dustin Archbold, after 1896, Rockefeller disengaged from business to concentrate on his philanthropy, leaving Archbold in control. Other notable Standard Oil principals include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers, Standard Oils name came from the companys manufacturing standards, which preceded todays ASTM standards. In 1870 Rockefeller incorporated Standard Oil in Ohio, of the initial 10,000 shares, John D. In the early years, John D. Rockefeller dominated the combine and he quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder. Authority was centralized in the main office in Cleveland. In response to state trying to limit the scale of companies, Rockefeller and his associates developed innovative ways of organizing. On January 2,1882, they combined their disparate companies, spread across dozens of states and this organization proved so successful that other giant enterprises adopted this trust form. The company grew by increasing sales and also through acquisitions, after purchasing competing firms, Rockefeller shut down those he believed to be inefficient and kept the others. Smaller companies decried such deals as unfair because they were not producing enough oil to qualify for discounts, in 1872, Rockefeller joined the South Improvement Co. which would have allowed him to receive rebates for shipping and receive drawbacks on oil his competitors shipped. But when this became known, competitors convinced the Pennsylvania Legislature to revoke South Improvements charter. No oil was shipped under this arrangement. Standards actions and secret transport deals helped its kerosene price to drop from 58 to 26 cents from 1865 to 1870, competitors disliked the companys business practices, but consumers liked the lower prices. Standard Oil, being formed well before the discovery of the Spindletop oil field, the company was perceived to own and control all aspects of the trade. In 1885, Standard Oil of Ohio moved its headquarters from Cleveland to its permanent headquarters at 26 Broadway in New York City
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ExxonMobil
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Exxon Mobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefellers Standard Oil Company, the worlds seventh largest company by revenue, ExxonMobil is also the seventh largest publicly traded company by market capitalization. The company was ranked ninth globally in the Forbes Global 2000 list in 2016, ExxonMobil was the second most profitable company in the Fortune 500 in 2014. ExxonMobil is the largest of the worlds Big Oil companies, or supermajors, with production of 3.921 million BOE. In 2008, this was approximately 3 percent of world production, when ranked by oil and gas reserves, it is 14th in the world—with less than 1 percent of the total. ExxonMobils reserves were 25.2 billion BOE at the end of 2013, ExxonMobil has a history of lobbying for climate change denial and against the scientific consensus that global warming is caused by the burning of fossil fuels. The company has also been the target of accusations of improperly dealing with rights issues, influence on American foreign policy. ExxonMobil was formed in 1999 by the merger of two oil companies, Exxon and Mobil. Both Exxon and Mobil were descendants of Standard Oil, established by John D. Rockefeller, in 1882, it together with its affiliated companies was incorporated as the Standard Oil Trust with Standard Oil Company of New Jersey and Standard Oil Company of New York as its largest companies. The Anglo-American Oil Company was established in the United Kingdom in 1888, in 1890, Standard Oil, together with local ship merchants in Bremen established Deutsch-Amerikanische Petroleum Gesellschaft. In 1891, a branch for the Netherlands and Belgium. At the same year, a branch for Italy, Società Italo Americana pel Petrolio, was established in Venice. The Standard Oil Trust was dissolved under the Sherman Antitrust Act in 1892, however, in 1893, the Chinese and the whole Asian kerosene market was assigned to Standard Oil Company of New York in order to improve trade with the Asian counterparts. In 1898, Standard Oil of New Jersey acquired controlling stake in Imperial Oil of Canada, in 1899, Standard Oil Company of New Jersey became the holding company for the Standard Oil Interests. The anti-monopoly proceedings against the Standard Oil were launched in 1898, by 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. Two of these companies were Jersey Standard, which eventually became Exxon, and Socony, over the next few decades, Jersey Standard and Socony grew significantly. John Duston Archbold was the first president of Jersey Standard, Archbold was followed by Walter C. Teagle in 1917, who made it the largest oil company in the world, in 1919, Jersey Standard acquired a 50% share in Humble Oil & Refining Co. a Texas oil producer
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