Asia is Earth's largest and most populous continent, located in the Eastern and Northern Hemispheres. It shares the continental landmass of Eurasia with the continent of Europe and the continental landmass of Afro-Eurasia with both Europe and Africa. Asia covers an area of 44,579,000 square kilometres, about 30% of Earth's total land area and 8.7% of the Earth's total surface area. The continent, which has long been home to the majority of the human population, was the site of many of the first civilizations. Asia is notable for not only its overall large size and population, but dense and large settlements, as well as vast populated regions, its 4.5 billion people constitute 60% of the world's population. In general terms, Asia is bounded on the east by the Pacific Ocean, on the south by the Indian Ocean, on the north by the Arctic Ocean; the border of Asia with Europe is a historical and cultural construct, as there is no clear physical and geographical separation between them. It has moved since its first conception in classical antiquity.
The division of Eurasia into two continents reflects East–West cultural and ethnic differences, some of which vary on a spectrum rather than with a sharp dividing line. The most accepted boundaries place Asia to the east of the Suez Canal separating it from Africa. China and India alternated in being the largest economies in the world from 1 to 1800 CE. China was a major economic power and attracted many to the east, for many the legendary wealth and prosperity of the ancient culture of India personified Asia, attracting European commerce and colonialism; the accidental discovery of a trans-Atlantic route from Europe to America by Columbus while in search for a route to India demonstrates this deep fascination. The Silk Road became the main east–west trading route in the Asian hinterlands while the Straits of Malacca stood as a major sea route. Asia has exhibited economic dynamism as well as robust population growth during the 20th century, but overall population growth has since fallen. Asia was the birthplace of most of the world's mainstream religions including Hinduism, Judaism, Buddhism, Taoism, Islam, Sikhism, as well as many other religions.
Given its size and diversity, the concept of Asia—a name dating back to classical antiquity—may have more to do with human geography than physical geography. Asia varies across and within its regions with regard to ethnic groups, environments, historical ties and government systems, it has a mix of many different climates ranging from the equatorial south via the hot desert in the Middle East, temperate areas in the east and the continental centre to vast subarctic and polar areas in Siberia. The boundary between Asia and Africa is the Red Sea, the Gulf of Suez, the Suez Canal; this makes Egypt a transcontinental country, with the Sinai peninsula in Asia and the remainder of the country in Africa. The border between Asia and Europe was defined by European academics; the Don River became unsatisfactory to northern Europeans when Peter the Great, king of the Tsardom of Russia, defeating rival claims of Sweden and the Ottoman Empire to the eastern lands, armed resistance by the tribes of Siberia, synthesized a new Russian Empire extending to the Ural Mountains and beyond, founded in 1721.
The major geographical theorist of the empire was a former Swedish prisoner-of-war, taken at the Battle of Poltava in 1709 and assigned to Tobolsk, where he associated with Peter's Siberian official, Vasily Tatishchev, was allowed freedom to conduct geographical and anthropological studies in preparation for a future book. In Sweden, five years after Peter's death, in 1730 Philip Johan von Strahlenberg published a new atlas proposing the Urals as the border of Asia. Tatishchev announced; the latter had suggested the Emba River as the lower boundary. Over the next century various proposals were made until the Ural River prevailed in the mid-19th century; the border had been moved perforce from the Black Sea to the Caspian Sea into which the Ural River projects. The border between the Black Sea and the Caspian is placed along the crest of the Caucasus Mountains, although it is sometimes placed further north; the border between Asia and the region of Oceania is placed somewhere in the Malay Archipelago.
The Maluku Islands in Indonesia are considered to lie on the border of southeast Asia, with New Guinea, to the east of the islands, being wholly part of Oceania. The terms Southeast Asia and Oceania, devised in the 19th century, have had several vastly different geographic meanings since their inception; the chief factor in determining which islands of the Malay Archipelago are Asian has been the location of the colonial possessions of the various empires there. Lewis and Wigen assert, "The narrowing of'Southeast Asia' to its present boundaries was thus a gradual process." Geographical Asia is a cultural artifact of European conceptions of the world, beginning with the Ancient Greeks, being imposed onto other cultures, an imprecise concept causing endemic contention about what it means. Asia does not correspond to the cultural borders of its various types of constituents. From the time of Herodotus a minority of geographers have rejected the three-continent system on the grounds that there is no substantial physical separation between
Jones Lang LaSalle Incorporated or JLL is an American professional services and investment management company specializing in real estate. Since March 2014 it has marketed itself under the abbreviation "JLL". Global headquarters are located in Chicago, with an operational remit covering the Americas regional market. Sub-headquarters operate in London and Moscow; the company’s real estate services include agency leasing, capital markets, tenant representation, real estate investment banking / merchant banking, property management, corporate finance, facilities management / outsourcing, hotel advisory and development management / construction and sustainability services, value recovery and receivership services and investment management. After CBRE Group, the company is the largest publicly traded commercial real estate brokerage firm in the world. Jones Lang LaSalle is the result of a series of company mergers and acquisitions, the most recent of, the merger of Jones Lang Wootton with LaSalle Partners.
The oldest predecessor entity dates back to 1783, when Richard Winstanley set up an auctioneer firm in Great Britain. Frederick Jones formed a partnership with CA Lang and by 1872, the firm was known as Jones Lang & Company. JL & Co. merged with Son in 1939 to form Jones Lang Wooton & Sons. Jones Lang Wootton opened its first US office in New York in 1975. In the United States, in 1968, a small group of investors launched IDC Real Estate in El Paso, Texas. Not long afterwards, William D. Sanders founded, in Chicago, Illinois, LaSalle Partners, which included the IDC assets. In 1997, the initial public offering was completed by LaSalle Partners for the company's common stock in the market. JLW and LaSalle Partners formed Jones Lang LaSalle in 1999, the largest international merger in the real estate industry at the time. Through a combination of organic growth and mergers and acquisitions the company has grown in recent years. Notable among over 35 M&As in the last decade are the 2007 transaction that created Jones Lang LaSalle Meghraj, the largest real estate firm in India, the 2008 acquisition of The Staubach Company, which added about 1,000 employees in the U.
S. In May 2011, Jones Lang LaSalle purchased King Sturge LLP for £197 million, making it the largest UK property adviser in the UK. In 2014 the organization shortened its name to JLL for marketing purposes, while the legal name remained Jones Lang LaSalle. In November 2015, the company announced that they're moving into the residential property market with the acquisition of Guardian Property Asset Management. In June 2016, the company announced they are moving into workplace technology and management with the acquisition of BRG. Jones Lang Lasalle is an Investment management and professional services company specializing in real estate. JLL is headquartered in the Aon Center in Illinois. A Fortune 500 company, JLL has about 80,000 employees including support staff, it has over 300 offices worldwide in 80 countries. Global revenue in 2017 was $7.9 billion and the firm has a portfolio of 4.6 billion square feet under management. After CBRE Group, the company is the largest publicly traded commercial real estate brokerage firm in the world.
Other competitors include Cushman & Wakefield, Colliers International and Newmark Grubb Knight Frank. In 2017 JLL was named one of the World’s Most Ethical Companies by the Ethisphere Institute for the tenth consecutive year. Aon Center, company headquarters DeAnne Julius, Independent Non-Executive Director Roger Staubach, Executive Chairman and Director
TPG Capital is an American investment company. It is one of the largest private equity investment firms in the world, focused on leveraged buyouts, growth capital TPG manages investment funds specializing in growth capital, venture capital, public equity, debt investments; the firm invests in a broad range of industries including consumer/retail and telecommunications, technology, travel/leisure and health care. The firm was founded in 1992 by David Bonderman, James Coulter, William S. Price III. Since inception, the firm has raised more than $50 billion of investor commitments across more than 18 private equity funds. TPG is headquartered in Fort Worth and San Francisco, California; the company has additional offices in Europe, Asia and other parts of North America. TPG has relied on private equity funds, pools of committed capital from pension funds, insurance companies, fund of funds, high-net-worth individuals, sovereign wealth funds, from other institutional investors; as of the end of 2008, TPG had completed fundraising for over 20 funds with total investor commitments of over $50 billion.
The firm manages investment funds in a number of distinct strategies including: TPG's flagship leveraged buyout funds Venture capital funds focused on biotechnology investments Distressed debt and other credit strategies invested through a series of funds raised in 2007 Asian and Latin American funds, including the firm's Newbridge and TPG Asia fund family Other private equity funds. This includes TPG's T3 Partners funds, which invest in technology focused deals alongside the firm's main buyout funds. TPG Star has a broad investment mandate including buyouts, venture capital and growth capital, however all of its investments are at the smaller end of the range, compared to TPG's traditional investments; the Texas Pacific Group, as it was known, was founded in 1992 by David Bonderman, James Coulter and William S. Price III. Prior to founding TPG, Bonderman and Coulter had worked for Robert M. Bass making leveraged buyout investments during the 1980s. In 1993, Coulter and Bonderman partnered with William S. Price III, Vice President of Strategic Planning and Business Development for GE Capital, to complete the buyout of Continental Airlines.
At the time, TPG was alone in its conviction that there was an investment opportunity with the airline. The plan included bringing in a new management team, improving aircraft utilization and focusing on lucrative routes. By 1998, TPG had generated an annual internal rate of return of 55% on its investment. In 1997, TPG completed fundraising for its second private equity fund, securing over $2.5 billion of investor commitments. In June 1996, TPG acquired the AT&T Paradyne unit, a multimedia communications business, from Lucent Technologies for $175 million. In 1996, TPG invested in Beringer Wine, Ducati Motorcycles and Del Monte Foods. TPG's most notable 1997 investment was its takeover of the retailer J. Crew, acquiring an 88% stake for $500 million. However, the investment struggled due to the high purchase price paid relative to the company's earnings; the company was able to complete a turnaround beginning in 2002 and complete an initial public offering in 2006. The following year, in 1998, TPG led an investor group in a minority investment in Oxford Health Plans.
TPG and its co-investors invested $350 million in a convertible preferred stock that can be converted into 22.1% of Oxford. The company completed a buyback of the TPG's PIPE convertible in 2000 and would be acquired by UnitedHealth Group in 2004; as the decade came to a close, TPG was once again fundraising, for its third private equity fund. This time, however TPG was raising not only a new buyout fund, but a new fund, T3 Partners that would invest alongside the main fund in technology oriented investments. In 1999, TPG invested in Piaggio S.p. A, Bally International, ON Semiconductor. TPG has become recognized for its dedicated operations group that has become a major part of the process from investment to sale in many of their portfolio companies; the group is led by Dick Boyce and involves itself in tricky turnaround situations, operations improvement and other tasks that help create value in the company. Other major private equity firms have begun to develop operations group as well, attempting to recreate the model at TPG but most have had trouble creating as expansive a program.
In 2000 TPG and Leonard Green & Partners invested $200 million to acquire Petco, the pet supplies retailer as part of a $600 million buyout. Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco’s market value more than doubled by the end of 2004 and the firms would realize a gain of $1.2 billion. In 2006, the private equity firms took Petco private again for $1.68 billion. That same year, in 2000, TPG completed the controversial acquisition of Gemplus SA, one of the leading smart card manufacturers. TPG won a struggle with Marc Lassus, for control of the company. In 2000, TPG completed an investment in Seagate Technology. In 2001, TPG acquired Telenor Media, a Norwegian phone-directory company, for $660 million, shortly thereafter acquired a controlling interest in the third largest silicon-wafer maker MEMC Electronic Materials. In July 2002, TPG, together with Bain Capital and Goldman Sachs Capital Partners, announced the high-profile $2.3 billion leveraged buyout of Burger King from Diageo.
However, in November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002, TPG and its co-investors agreed on a reduced
The RCA Corporation was a major American electronics company, founded as the Radio Corporation of America in 1919. It was a wholly owned subsidiary of General Electric. An innovative and progressive company, RCA was the dominant electronics and communications firm in the United States for over five decades. RCA was at the forefront of the mushrooming radio industry in the early 1920s, as a major manufacturer of radio receivers, the exclusive manufacturer of the first superheterodyne models. RCA created the first American radio network, the National Broadcasting Company; the company was a pioneer in the introduction and development of television, both black-and-white and color. During this period, RCA was identified with the leadership of David Sarnoff, he was general manager at the company's founding, became president in 1930, remained active, as chairman of the board, until the end of 1969. RCA's impregnable stature began to weaken in the mid-1970s, as it attempted to diversify and expand into a multifaceted conglomerate.
The company suffered enormous financial losses in the mainframe computer industry and other failed projects such as the CED videodisc. In 1986, RCA was reacquired by General Electric, which over the next few years liquidated most of the corporation's assets. Today, RCA exists as a brand name only. RCA originated as a reorganization of the Marconi Wireless Telegraph Company of America. In 1897, the Wireless Telegraph and Signal Company, was founded in London to promote the radio inventions of Guglielmo Marconi; as part of worldwide expansion, in 1899 American Marconi was organized as a subsidiary company, holding the rights to use the Marconi patents in the United States and Cuba. In 1912 it took over the assets of the bankrupt United Wireless Telegraph Company, from that point forward it had been the dominant radio communications company in the United States. With the entry of the United States into World War One in April 1917, the government took over most civilian radio stations, to use them for the war effort.
Although the overall U. S. government plan was to restore civilian ownership of the seized radio stations once the war ended, many Navy officials hoped to retain a monopoly on radio communication after the war. Defying instructions to the contrary, the Navy began purchasing large numbers of stations outright. With the conclusion of the conflict, Congress turned down the Navy's efforts to have peacetime control of the radio industry, instructed the Navy to make plans to return the commercial stations it controlled, including the ones it had improperly purchased, to the original owners. Due to national security considerations, the Navy was concerned about returning the high-powered international stations to American Marconi, since a majority of its stock was in foreign hands, the British largely controlled the international undersea cables; this concern was increased by the announcement in late 1918 of the formation of the Pan-American Wireless Telegraph and Telephone Company, a joint venture between American Marconi and the Federal Telegraph Company, with plans to set up service between the United States and South America.
The Navy had installed a high-powered Alexanderson alternator, built by General Electric, at the American Marconi transmitter site in New Brunswick, New Jersey. It proved to be superior for transatlantic transmissions to the spark transmitters, traditionally used by the Marconi companies. Marconi officials were so impressed by the capabilities of the Alexanderson alternators that they began making preparations to adopt them as their standard transmitters for international communication. A tentative plan made with General Electric proposed that over a two-year period the Marconi companies would purchase most of GE's alternator production. However, this proposal was met with disapproval, on national security grounds, by the U. S. Navy, concerned that this would guarantee British domination of international radio communication; the Navy, claiming it was acting with the support of President Wilson, looked for an alternative that would result in an "all-American" company taking over the American Marconi assets.
In April 1919 two naval officers, Admiral H. G. Bullard and Commander S. C. Hooper, met with GE's president, Owen D. Young, asking that he suspend the pending alternator sales to the Marconi companies; this move would leave General Electric without a buyer for its transmitters, so the officers proposed that GE purchase American Marconi, use the assets to form its own radio communications subsidiary. Young consented to this proposal, effective November 20, 1919, transformed American Marconi into the Radio Corporation of America; the new company was promoted as being a patriotic gesture. RCA's incorporation papers required that its officers needed to be U. S. citizens, with a majority of its stock held by Americans. RCA retained most of the American Marconi staff, although Owen Young became the new company's head as the chairman of the board. Former American Marconi vice president and general manager E. J. Nally become RCA's first president. Nally's term ended on December 31, 1922, he was succeeded the next day by Major General James G. Harbord.
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New York City. With offices in more than 42 countries and more than 55,000 employees, the firm's clients include corporations, governments and individuals. Morgan Stanley ranked No. 67 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. The original Morgan Stanley, formed by J. P. Morgan & Co. partners Henry Sturgis Morgan, Harold Stanley and others, came into existence on September 16, 1935, in response to the Glass–Steagall Act that required the splitting of commercial and investment banking businesses. In its first year the company operated with a 24% market share in public offerings and private placements; the current Morgan Stanley is the result of merger of the original Morgan Stanley with Dean Witter Discover & Co. in 1997. Dean Witter's Chairman and CEO, Philip J. Purcell, became the Chairman and CEO of the newly merged "Morgan Stanley Dean Witter Discover & Co."
The new firm changed its name back to "Morgan Stanley" in 2001. The main areas of business for the firm today are institutional securities, wealth management and investment management. Morgan Stanley is a financial services corporation that, through its subsidiaries and affiliates and originates, trades and distributes capital for governments and individuals; the company operates in three business segments: Institutional Securities, Wealth Management, Investment Management. Morgan Stanley traces its roots in the history of J. P. Morgan & Co. Following the Glass–Steagall Act, it was no longer possible for a corporation to have investment banking and commercial banking businesses under a single holding entity. J. P. Morgan & Co. chose the commercial banking business over the investment banking business. As a result, some of the employees of J. P. Morgan & Co. most notably Henry S. Morgan and Harold Stanley, left J. P. Morgan & Co. and joined some others from the Drexel partners to form Morgan Stanley.
The firm formally opened the doors for business on September 16, 1935, at Floor 19, 2 Wall Street, New York City. Within its first year, it achieved 24% market share among public offerings; the firm was involved with the distribution of 1938 US$100 million of debentures for the United States Steel Corporation as the lead underwriter. The firm obtained the distinction of being the lead syndicate in the 1939 U. S. rail financing. The firm went through a major reorganization in 1941 to allow for more activity in its securities business; the firm was led by Perry Hall, the last founder to lead Morgan Stanley, from 1951 until 1961. During this period the firm co-managed the World Bank's US$50 million triple-A-rated bonds offering of 1952, as well as coming up with General Motors' US$300 million debt issue, US$231 million IBM stock offering, the US$250 million AT&T's debt offering. Morgan Stanley credits itself with having created the first viable computer model for financial analysis in 1962, thereby starting a new trend in the field of financial analysis.
Future president and chairman Dick Fisher contributed to the computer model as a young employee, learning the FORTRAN and COBOL programming languages at IBM. In 1967 it established the Morgan & Cie, International in Paris in an attempt to enter the European securities market, it acquired Brooks, Harvey & Co. Inc. in 1967 and established a presence in the real estate business. By 1971 the firm had established its Acquisitions business along with Sales & Trading; the sales and trading business is believed to be the brainchild of Bob Baldwin. In 1996 Morgan Stanley acquired Van Kampen American Capital. On February 5, 1997 the company merged with Dean Witter Discover & Co. the spun-off financial services business of Sears Roebuck. Dean Witter's Chairman and CEO, Philip J. Purcell, continued to hold the same roles in the newly merged "Morgan Stanley Dean Witter Discover & Co.". The name of this new firm was chosen to be the combination of the names of the two predecessor companies in order to avoid tension between executives from the two firms.
In 1998, the name of the firm was changed to "Morgan Stanley Dean Witter & Co.". In 2001 "Dean Witter" was further dropped and the name became "Morgan Stanley" for unrevealed reasons though in the 1990s the new company had made efforts to keep alive the image of its founder Dean G. Witter. Morgan Stanley had offices located on 24 floors across buildings 2 and 5 of the World Trade Center in New York City; these offices had been inherited from Dean Witter. The firm lost thirteen employees during the September 11 attacks in 2001 in the towers, while 2,687 were evacuated by Rick Rescorla; the surviving employees moved to temporary headquarters in the vicinity. In 2005 Morgan Stanley moved 2,300 of its employees back to lower Manhattan, at that time the largest such move. Morgan Stanley has long had a dominant role in technology investment banking and, in addition to Apple and Facebook, served as lead underwriter for many of the largest global tech IPOs, including: Netscape, Compaq, Broadcast.com, Broadcom Corp, VeriSign, Inc.
Cogent, Inc. Dolby Laboratories, Salesforce, Brocade and Groupon. In 2004, the firm led the Google IPO, the largest Internet IPO in U. S. history. In the same year Morgan Stanley acquired the Canary Wharf Group. In 2003 NewYork–Pres
U.S. Securities and Exchange Commission
The U. S. Securities and Exchange Commission is an independent agency of the United States federal government; the SEC holds primary responsibility for enforcing the federal securities laws, proposing securities rules, regulating the securities industry, the nation's stock and options exchanges, other activities and organizations, including the electronic securities markets in the United States. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, other statutes; the SEC was created by Section 4 of the Securities Exchange Act of 1933. The SEC has a three-part mission: to protect investors. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis", that outlines the previous year of operations and explains how the company fared in that time period.
MD&A will also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR online from which investors can access this and other information filed with the agency. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government; the potential for big gains needs to be weighed against that of sizable losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud; the SEC makes reports available to the public through the EDGAR system. The SEC offers publications on investment-related topics for public education.
The same online system takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation. Prior to the enactment of the federal securities laws and the creation of the SEC, there existed so-called blue sky laws, they were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U. S. stockbroker and brokerage firm. However, these blue sky laws were found to be ineffective. For example, the Investment Bankers Association told its members as early as 1915 that they could "ignore" blue sky laws by making securities offerings across state lines through the mail. After holding hearings on abuses on interstate frauds, Congress passed the Securities Act of 1933, which regulates interstate sales of securities at the federal level.
The subsequent Securities Exchange Act of 1934 regulates sales of securities in the secondary market. Section 4 of the 1934 act created the U. S. Securities and Exchange Commission to enforce the federal securities laws; the Securities Act of 1933 is known as the "Truth in Securities Act" and the "Federal Securities Act", or just the "1933 Act". Its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings; the primary drafters of 1933 Act were Huston Thompson, a former Federal Trade Commission chairman, Walter Miller and Ollie Butler, two attorneys in the Commerce Department's Foreign Service Division, with input from Supreme Court Justice Louis Brandeis. For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission, but this power was transferred to the SEC following its creation in 1934. In 1934, Roosevelt named his friend Joseph P. Kennedy, a self-made multimillionaire financier and a leader among the Irish-American community, as the insider-as-chairman who knew Wall Street well enough to clean it up.
Two of the other five commissioners were Ferdinand Pecora. Kennedy added a number of intelligent young lawyers, including William O. Douglas and Abe Fortas, both of whom became Supreme Court justices. Kennedy's team defined the mission and operating mode for the SEC, making full use of its wide range of legal powers; the SEC had four missions. First and most important was to restore investor confidence in the securities market, which had collapsed because of doubts about its internal integrity, fears of the external threats posed by anti-business elements in the Roosevelt administration. Second, in terms of integrity, the SEC had to get rid of the penny-ante swindles based on fake i
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, asset management, prime brokerage, securities underwriting; the bank is one of the largest investment banking enterprises in the world, is a primary dealer in the United States Treasury security market and more a prominent market maker. The bank owns Goldman Sachs Bank USA, a direct bank. Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in Lower Manhattan with additional offices in other international financial centers; as a result of its involvement in securitization during the subprime mortgage crisis, Goldman Sachs suffered during the 2007-2008 financial crisis, received a $10 billion investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program, a financial bailout created by the Emergency Economic Stabilization Act of 2008. The investment was made in November 2008 and was repaid in June 2009.
Former employees of Goldman Sachs have moved on to government positions. Notable examples includes former U. S. Secretaries of the Treasury Robert Rubin and Henry Paulson. In addition, former Goldman employees have headed the New York Stock Exchange, the World Bank, competing banks such as Citigroup and Merrill Lynch; the company is ranked 70th on the Fortune 500 list of the largest United States corporations by total revenue. Goldman Sachs was founded in New York in 1869 by Marcus Goldman. In 1882, Goldman's son-in-law Samuel Sachs joined the firm. In 1885, Goldman took his son Henry and his son-in-law Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs & Co; the company made a name for itself pioneering the use of commercial paper for entrepreneurs and joined the New York Stock Exchange in 1896. By 1898, the firm's capital stood at $1.6 million, was growing rapidly. Goldman entered the initial public offering market in 1906 when it took Sears and Company public.
The deal occurred due to Henry Goldman's personal friendship with an owner of Sears, Julius Rosenwald. Other IPOs followed, including Continental Can. In 1912, Henry S. Bowers became the first non-member of the founding family to become partner of the company and share in its profits. In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned. Control of the firm was now in the hands of the Sachs family. Waddill Catchings joined the company in 1918. In 1920, the firm moved from 60 Wall Street to $1.5 million 12-storey premises on 30-32 Pine Street. By 1928, Catchings was the Goldman partner with the single largest stake in the firm. On December 4, 1928, the firm launched a closed-end fund; the fund failed during the Stock Market Crash of 1929, amid accusations that Goldman had engaged in share price manipulation and insider trading. In 1930, the firm ousted Catchings, Sidney Weinberg assumed the role of senior partner and shifted Goldman's focus away from trading and toward investment banking.
It was Weinberg's actions. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the firm started an investment research division and a municipal bond department, it was at this time that the firm became an early innovator in risk arbitrage. Gus Levy joined the firm in the 1950s as a securities trader, which started a trend at Goldman where there would be two powers vying for supremacy, one from investment banking and one from securities trading. For most of the 1950s and 1960s, this would be Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence at the firm, it formed an investment banking division in 1956 in an attempt to spread around influence and not focus it all on Weinberg. In 1969, Levy took over as Senior Partner from Weinberg, built Goldman's trading franchise once again, it is Levy, credited with Goldman's famous philosophy of being "long-term greedy", which implied that as long as money is made over the long term, trading losses in the short term were not to be worried about.
At the same time, partners reinvested all of their earnings in the firm, so the focus was always on the future. That same year, Weinberg retired from the firm. Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued through Goldman Sachs; the bankruptcy was large, the resulting lawsuits, notably by the SEC, threatened the partnership capital and reputation of the firm. It was this bankruptcy that resulted in credit ratings being created for every issuer of commercial paper today by several credit rating services. During the 1970s, the firm expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970 and created a private wealth division along with a fixed income division in 1972, it pioneered the "white knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival M