Fortune is an American multinational business magazine headquartered in New York City, United States. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon; the publication was founded by Henry Luce in 1929. The magazine competes with Forbes and Bloomberg Businessweek in the national business magazine category and distinguishes itself with long, in-depth feature articles; the magazine publishes ranked lists, including the Fortune 500, a ranking of companies by revenue that it has published annually since 1955. Fortune was founded by Time co-founder Henry Luce in 1929 as "the Ideal Super-Class Magazine", a "distinguished and de luxe" publication "vividly portraying and recording the Industrial Civilization". Briton Hadden, Luce's business partner, was not enthusiastic about the idea – which Luce thought to title Power – but Luce went forward with it after Hadden's sudden death on February 27, 1929. In late October 1929, the Wall Street Crash of 1929 occurred, marking the onset of the Great Depression.
In a memo to the Time Inc. board in November 1929, Luce wrote: "We will not be over-optimistic. We will recognize that this business slump may last as long as an entire year." The publication made its official debut in February 1930. Its editor was Luce, managing editor Parker Lloyd-Smith, art director Thomas Maitland Cleland. Single copies of the first issue cost US$1. An urban legend says that Cleland mocked up the cover of the first issue with the $1 price because no one had yet decided how much to charge. In fact, there were 30,000 subscribers who had signed up to receive that initial 184-page issue. By 1937, the number of subscribers had grown to 460,000, the magazine had turned half million dollars in annual profit. At a time when business publications were little more than numbers and statistics printed in black and white, Fortune was an oversized 11"×14", using creamy heavy paper, art on a cover printed by a special process. Fortune was noted for its photography, featuring the work of Margaret Bourke-White, Ansel Adams, others.
Walker Evans served as its photography editor from 1945 to 1965. During the Great Depression, the magazine developed a reputation for its social conscience, for Walker Evans and Margaret Bourke-White's color photographs, for a team of writers including James Agee, Archibald MacLeish, John Kenneth Galbraith, Alfred Kazin, hired for their writing abilities; the magazine became an important leg of Luce's media empire. From its launch in 1930 to 1978, Fortune was published monthly. In January 1978, it began publishing biweekly. In October 2009, citing declining advertising revenue and circulation, Fortune began publishing every three weeks. Fortune is published 14 times a year. Marshall Loeb was named managing editor in 1986. During his tenure at Fortune, Loeb was credited with expanding the traditional focus on business and the economy with added graphs and tables, as well as the addition of articles on topics such as executive life and social issues connected to the world of business, including the effectiveness of public schools and on homelessness.
During the years when Time Warner owned Time Inc. Fortune articles were hosted at CNNMoney.com. In June 2014, after Time Inc. spun off from its corporate parent, Fortune launched its own website at Fortune.com. On November 26, 2017, it was announced that Meredith Corporation would acquire Time Inc. in a $2.8 billion deal. The acquisition was completed on January 31, 2018. On November 9, 2018, it was announced that Meredith Corporation was selling Fortune to Thai billionaire Chatchaval Jiaravanon for $150 million. Jiaravanon is affiliated with the Thailand-based conglomerate Charoen Pokphand Group, which has holdings in agriculture, telecommunications, retail and finance. Fortune publishes ranked lists. In the human resources field, for example, it publishes a list of the Best Companies to Work For. Lists include companies ranked in order of gross revenue and business profile, as well as business leaders: There have been 17 top editors since Fortune was conceived in 1929. Following the elimination of the editor-in-chief role at Time Inc. in October 2013, the top editor's title was changed from "managing editor" to "editor" in 2014.
Fortune Battle of the Corporate Bands, an annual music competition for amateur company-sponsored bands List of United States magazines James S. Miller, "White-Collar Excavations: Fortune Magazine and the Invention of the Industrial Folk," American Periodicals, vol. 13, pp. 84–104. In JSTOR Official website Fortune Latinamerica Fortune India Fortune China Fortune Turkey List of 100 Best Companies to Work For "Fortune Data Store". Fortune. Time.. Complete downloadable list of Fortune 500/1000 Companies – 1955–2008
Time is an American weekly news magazine and news website published in New York City. It was founded in 1923 and run by Henry Luce. A European edition is published in London and covers the Middle East, and, since 2003, Latin America. An Asian edition is based in Hong Kong; the South Pacific edition, which covers Australia, New Zealand, the Pacific Islands, is based in Sydney. In December 2008, Time discontinued publishing a Canadian advertiser edition. Time has the world's largest circulation for a weekly news magazine; the print edition has a readership of 26 million. In mid-2012, its circulation was over three million, which had lowered to two million by late 2017. Richard Stengel was the managing editor from May 2006 to October 2013, when he joined the U. S. State Department. Nancy Gibbs was the managing editor from September 2013 until September 2017, she was succeeded by Edward Felsenthal, Time's digital editor. Time magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news magazine in the United States.
The two had worked together as chairman and managing editor of the Yale Daily News. They first called the proposed magazine Facts, they wanted to emphasize brevity. They changed the name to Time and used the slogan "Take Time–It's Brief". Hadden was liked to tease Luce, he saw Time as important, but fun, which accounted for its heavy coverage of celebrities, the entertainment industry, pop culture—criticized as too light for serious news. It set out to tell the news through people, for many decades, the magazine's cover depicted a single person. More Time has incorporated "People of the Year" issues which grew in popularity over the years. Notable mentions of them were Steve Jobs, etc.. The first issue of Time was published on March 3, 1923, featuring Joseph G. Cannon, the retired Speaker of the House of Representatives, on its cover. 1, including all of the articles and advertisements contained in the original, was included with copies of the February 28, 1938 issue as a commemoration of the magazine's 15th anniversary.
The cover price was 15¢ On Hadden's death in 1929, Luce became the dominant man at Time and a major figure in the history of 20th-century media. According to Time Inc.: The Intimate History of a Publishing Enterprise 1972–2004 by Robert Elson, "Roy Edward Larsen was to play a role second only to Luce's in the development of Time Inc". In his book, The March of Time, 1935–1951, Raymond Fielding noted that Larsen was "originally circulation manager and general manager of Time publisher of Life, for many years president of Time Inc. and in the long history of the corporation the most influential and important figure after Luce". Around the time they were raising $100,000 from wealthy Yale alumni such as Henry P. Davison, partner of J. P. Morgan & Co. publicity man Martin Egan and J. P. Morgan & Co. banker Dwight Morrow, Henry Luce, Briton Hadden hired Larsen in 1922 – although Larsen was a Harvard graduate and Luce and Hadden were Yale graduates. After Hadden died in 1929, Larsen purchased 550 shares of Time Inc. using money he obtained from selling RKO stock which he had inherited from his father, the head of the Benjamin Franklin Keith theatre chain in New England.
However, after Briton Hadden's death, the largest Time, Inc. stockholder was Henry Luce, who ruled the media conglomerate in an autocratic fashion, "at his right hand was Larsen", Time's second-largest stockholder, according to Time Inc.: The Intimate History of a Publishing Enterprise 1923–1941. In 1929, Roy Larsen was named a Time Inc. director and vice president. J. P. Morgan retained a certain control through two directorates and a share of stocks, both over Time and Fortune. Other shareholders were the New York Trust Company; the Time Inc. stock owned by Luce at the time of his death was worth about $109 million, it had been yielding him a yearly dividend of more than $2.4 million, according to Curtis Prendergast's The World of Time Inc.: The Intimate History of a Changing Enterprise 1957–1983. The Larsen family's Time stock was worth around $80 million during the 1960s, Roy Larsen was both a Time Inc. director and the chairman of its executive committee serving as Time's vice chairman of the board until the middle of 1979.
According to the September 10, 1979, issue of The New York Times, "Mr. Larsen was the only employee in the company's history given an exemption from its policy of mandatory retirement at age 65." After Time magazine began publishing its weekly issues in March 1923, Roy Larsen was able to increase its circulation by using U. S. radio and movie theaters around the world. It promoted both Time magazine and U. S. political and corporate interests. According to The March of Time, as early as 1924, Larsen had brought Time into the infant radio business with the broadcast of a 15-minute sustaining quiz show entitled Pop Question which survived until 1925". In 1928, Larsen "undertook the weekly broadcast of a 10-minute programme series of brief news summaries, drawn from current issues of Time magazine, broadcast over 33 stations throughout the United States". Larsen next arranged for a 30-minute radio program, The March of Time, to be broadcast over CBS, beginning on March 6, 1931; each week, the program presented a dramatisation of the week's news for its listeners, thus Time magazine itself was brought "to the attention of millions unaware
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts. The school offers a large full-time MBA program, doctoral programs, HBS Online and many executive education programs, it owns Harvard Business Publishing, which publishes business books, leadership articles, online management tools for corporate learning, case studies and the monthly Harvard Business Review. It is home to the Baker Library/Bloomberg Center; the school was established in 1908. Established by the humanities faculty, it received independent status in 1910, became a separate administrative unit in 1913; the first dean was historian Edwin Francis Gay. Yogev explains the original concept: This school of business and public administration was conceived as a school for diplomacy and government service on the model of the French Ecole des Sciences Politiques; the goal was an institution of higher learning that would offer a master of arts degree in the humanities field, with a major in business.
In discussions about the curriculum, the suggestion was made to concentrate on specific business topics such as banking, so on... Professor Lowell said the school would train qualified public administrators whom the government would have no choice but to employ, thereby building a better public administration... Harvard was blazing a new trail by educating young people for a career in business, just as its medical school trained doctors and its law faculty trained lawyers; the business school pioneered the development of the case method of teaching, drawing inspiration from this approach to legal education at Harvard. Cases are descriptions of real events in organizations. Students are positioned as managers and are presented with problems which they need to analyse and provide recommendations on. From the start the school enjoyed a close relationship with the corporate world. Within a few years of its founding many business leaders were its alumni and were hiring other alumni for starting positions in their firms.
At its founding, the school accepted only male students. The Training Course in Personnel Administration, founded at Radcliffe College in 1937, was the beginning of business training for women at Harvard. HBS took over administration of that program from Radcliffe in 1954. In 1959, alumnae of the one-year program were permitted to apply to join the HBS MBA program as second-years. In December 1962, the faculty voted to allow women to enter the MBA program directly; the first women to apply directly to the MBA program matriculated in September 1963. In 2012–2013, HBS administration implemented new programs and practices to improve the experience of female students and recruit more female professors. HBS established nine global research centers and four regional offices and functions through offices in Asia Pacific, United States, South Asia, Middle East and North Africa and Latin America. In 2018, HBS was tied for 1st with Chicago Booth by U. S. News & World ranked 5th in the world by the Financial Times.
HBS students can join more than 80 different clubs and student organizations on campus. The Student Association is the main interface between the MBA student body and the faculty/administration. In addition, HBS student body is represented at the university-level by the Harvard Graduate Council. In 2015, executive education contributed $168 million to HBS's total revenue of $707 million; the Advanced Management Program is a seven-week $82,000 residential course with the stated aim of "transforming proven leaders into global executives". It was first run in 1945, has had 20,000 attendees. There are "no formal educational requirements", on completion, "you will become a lifetime member of the HBS alumni community". In 2016, the BBC noted that attendees "can have an experience that more mimics the MBA degree, with the opportunity to develop closer friendships and full access to university alumni minus the rigorous admissions process." The Owner/President Management Program consists of three three-week $44,000 "units" spread over two years, aimed at "business owners and entrepreneurs".
There are "no formal educational requirements" Notable attendees include model-turned-businesswoman Tyra Banks, criticised for using phrases such as "I went to business school", from which people might infer that she earned a Harvard MBA. HBS Online HBX, is an online learning initiative announced by the Harvard Business School in March 2014 to host online university-level courses. Initial programs are the Credential of Readiness and Disruptive Strategy with Clayton Christensen. Leading with Finance, taught by Mihir A. Desai, was added to the catalog in August 2016. HBS Online created HBX Live, a virtual classroom based at WGBH in Boston; the duration of HBS Standard Online CORe course is 10 to 12 weeks and costs $2,250. The Summer Venture in Management Program is a one-week management training program for rising college seniors designed to increase diversity and opportunity in business education. Participants must be employed in a summer internship and be nominated by and have sponsorship from their organization to attend.
The school's faculty are divided into 10 academic units: Management. In the fall of 2010, Tata related companies and charities donated $50
University of Vermont
The University of Vermont The University of Vermont and State Agricultural College, is a public research university and, since 1862, the sole land-grant university in the U. S. state of Vermont. Founded in 1791, UVM is among the oldest universities in the United States and is the fifth institution of higher education established in the New England region of the U. S. northeast. It is listed as one of the original eight "Public Ivy" institutions in the United States; the university is incorporated in the city of Burlington–Vermont's most populous municipality. The campus's Dudley H. Davis Center was the first student center in the United States to receive a Leadership in Energy and Environmental Design Gold certification; the largest hospital complex in Vermont, the University of Vermont Medical Center, has its primary facility on the UVM campus and is affiliated with the Robert Larner College of Medicine. The University of Vermont was founded as a private university in 1791, the same year Vermont became the 14th U.
S. state. The university enrolled its first students 10 years later, its first president, The Rev. Daniel C. Sanders, was hired in 1800, served as the sole faculty member for seven years. Instruction began in 1801, the first class graduated in 1804. In 1865, the university merged with Vermont Agricultural College, emerging as the University of Vermont and State Agricultural College; the University of Vermont draws 6.8 percent of its annual budget of about $600 million from the State of Vermont and Vermont residents make up 35 percent of enrollment, while 65 percent of students come from elsewhere. Much of the initial funding and planning for the university was undertaken by Ira Allen, honored as UVM's founder. Allen donated a 50-acre parcel of land for establishment of the university. Most of this land has been maintained as the university's main green, where stands a statue of Allen; the citizens of Burlington helped fund the university's first edifice, when it was destroyed by fire in 1824 paid for its replacement.
This building came to be known as "Old Mill" for its resemblance to New England mills of the time. The Marquis de Lafayette, a French general who became a commander in the American Revolution, toured all 24 U. S. states in 1824-1825 and while in Vermont laid the cornerstone of Old Mill, which stands on University Row, along with Ira Allen Chapel, Billings Library, Williams Hall, Royall Tyler Theatre and Morrill Hall. A statue of Lafayette stands at the north end of the main green; the University of Vermont was the first American college or university with a charter declaring that the "rules, by-laws shall not tend to give preference to any religious sect or denomination whatsoever."In 1871, UVM defied custom and admitted two women as students. Four years it was the first American university to admit women to full membership into the Phi Beta Kappa Society, the country's oldest collegiate academic honor society. In 1877, it initiated the first African American into the society. Justin Smith Morrill, a U.
S. Representative and Senator from Vermont, author of the Morrill Land-Grant Colleges Act that created federal funding for establishing the U. S. Land-Grant colleges and universities, served as a trustee of the university from 1865 to 1898. In 1924, the first radio broadcast in Vermont occurred from the college station, WCAX, run by students now the call sign of a commercial television station. For 73 years, until 1969, UVM held an annual "Kake Walk"; the University of Vermont comprises seven undergraduate schools, an honors college, a graduate college, a college of medicine. The Honors College does not offer its own degrees. Bachelors and doctoral programs are offered through the College of Agriculture and Life Sciences, the College of Arts and Sciences, the College of Education and Social Services, the College of Engineering and Mathematical Sciences, the College of Medicine, the College of Nursing and Health Sciences, the Graduate College, the School of Business Administration, the Rubenstein School of Environment and Natural Resources.
UVM is ranked tied for 97th in U. S. News & World Report's 2018 national university rankings, is ranked tied for 41st among public universities. In 2016, Forbes "America's Top Colleges" list ranks UVM 138th overall out of 660 private and public colleges and universities in America, ranks it 28th in the "Public Colleges" category and 64th among "Research Universities."The University of Vermont is ranked 40th on a list published by BusinessWeek.com of the top 50 U. S. colleges and universities whose bachelor's degree graduates earn the highest salaries. In 2014, an analysis of federal data found The University of Vermont to be among the top ten schools in the United States with the highest total rape reports. There were 27 total rape reports on their main campus; the College of Arts and Sciences is the largest of UVM's schools and colleges and has the largest number of students and staff. The college offers the bulk of the foundational courses to help ensure that students all over campus have the tools to succeed in all academic endeavors.
It offers 45 areas of study in the humanities, fine arts, social sciences, natural sciences, physical sciences. UVM's Grossman School of Business Administration is accredited by the AACSB International and offers concentrations in accounting, finance, human resource management, international management and the environment, management information systems, marke
Barack Hussein Obama II is an American attorney and politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, he was the first African American, he served as a U. S. senator from Illinois from 2005 to 2008. Obama was born in Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black president of the Harvard Law Review. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004, he represented the 13th district for three terms in the Illinois Senate from 1997 until 2004 when he ran for the U. S. Senate, he received national attention in 2004 with his March primary win, his well-received July Democratic National Convention keynote address, his landslide November election to the Senate. In 2008, he was nominated for president a year after his campaign began and after a close primary campaign against Hillary Clinton.
He was elected over Republican John McCain and was inaugurated on January 20, 2009. Nine months he was named the 2009 Nobel Peace Prize laureate. Regarded as a centrist New Democrat, Obama signed many landmark bills into law during his first two years in office; the main reforms that were passed include the Patient Protection and Affordable Care Act, the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Don't Ask, Don't Tell Repeal Act of 2010. The American Recovery and Reinvestment Act of 2009 and Tax Relief, Unemployment Insurance Reauthorization, Job Creation Act of 2010 served as economic stimulus amidst the Great Recession. After a lengthy debate over the national debt limit, he signed the Budget Control and the American Taxpayer Relief Acts. In foreign policy, he increased U. S. troop levels in Afghanistan, reduced nuclear weapons with the United States–Russia New START treaty, ended military involvement in the Iraq War. He ordered military involvement in Libya in opposition to Muammar Gaddafi.
He ordered the military operations that resulted in the deaths of Osama bin Laden and suspected Yemeni Al-Qaeda operative Anwar al-Awlaki. After winning re-election by defeating Republican opponent Mitt Romney, Obama was sworn in for a second term in 2013. During this term, he promoted inclusiveness for LGBT Americans, his administration filed briefs that urged the Supreme Court to strike down same-sex marriage bans as unconstitutional. He advocated for gun control in response to the Sandy Hook Elementary School shooting, indicating support for a ban on assault weapons, issued wide-ranging executive actions concerning climate change and immigration. In foreign policy, he ordered military intervention in Iraq in response to gains made by ISIL after the 2011 withdrawal from Iraq, continued the process of ending U. S. combat operations in Afghanistan in 2016, promoted discussions that led to the 2015 Paris Agreement on global climate change, initiated sanctions against Russia following the invasion in Ukraine and again after Russian interference in the 2016 United States elections, brokered a nuclear deal with Iran, normalized U.
S. relations with Cuba. During his term in office, America's reputation in global polling improved. Evaluations of his presidency among historians, political scientists, the general public place him among the upper tier of American presidents. Obama left office and retired in January 2017 and resides in Washington, D. C. A December 2018 Gallup poll found Obama to be the most admired man in America for an unprecedented 11th consecutive year, although Dwight D. Eisenhower was selected most admired in twelve non-consecutive years. Obama was born on August 4, 1961, at Kapiolani Medical Center for Women and Children in Honolulu, Hawaii, he is the only president, born outside of the contiguous 48 states. He was born to a black father, his mother, Ann Dunham, was born in Kansas. His father, Barack Obama Sr. was a Luo Kenyan from Nyang'oma Kogelo. Obama's parents met in 1960 in a Russian language class at the University of Hawaii at Manoa, where his father was a foreign student on a scholarship; the couple married in Hawaii, on February 2, 1961, six months before Obama was born.
In late August 1961, Barack and his mother moved to the University of Washington in Seattle, where they lived for a year. During that time, the elder Obama completed his undergraduate degree in economics in Hawaii, graduating in June 1962, he left to attend graduate school on a scholarship at Harvard University, where he earned an M. A. in economics. Obama's parents divorced in March 1964. Obama Sr. returned to Kenya in 1964, where he married for a third time and worked for the Kenyan government as the Senior Economic Analyst in the Ministry of Finance. He visited his son in Hawaii only once, at Christmas time in 1971, before he was killed in an automobile accident in 1982, when Obama was 21 years old. Recalling his early childhood, Obama said, "That my father looked nothing like the people around me – that he was black as pitch, my mother white as milk – registered in my mind." He described his struggles as a young adult to reconcile social perceptions of his multira
Robert Kenneth Kraft is an American businessman. He is the chairman and chief executive officer of the Kraft Group, a diversified holding company with assets in paper and packaging and entertainment, real estate development and a private equity portfolio, he is the owner of the National Football League's New England Patriots, Major League Soccer's New England Revolution, Gillette Stadium, where both teams play. He owns the Boston Uprising, the first eSports team in New England. Kraft was born in Brookline, the son of Sarah Bryna and Harry Kraft, a dress manufacturer in Boston's Chinatown, his mother was born in Halifax, Nova Scotia, Canada. His father was a lay leader at Congregation Kehillath Israel in Brookline and wanted his son to become a rabbi; the Krafts were a Conservative Jewish family. Robert grew up in Brookline, where he attended the Edward Devotion School and in 1959, he graduated from Brookline High School, where he was senior class president. During high school, Kraft was unable to participate in most sports because it interfered with his after-school Hebrew studies and observance of the Sabbath.
Kraft attended Columbia University, where he served as class president. While at Columbia, Kraft joined Zeta Beta Tau Fraternity and played running back and safety on the school's freshman and lightweight football teams. On February 2, 1962, Kraft met Myra Hiatt at a delicatessen in Boston's Back Bay, they married in June 1963. That same year, Kraft graduated from Columbia, in 1965, he received an MBA from Harvard Business School. At the age of 27, Kraft was elected chairman of the Newton Democratic City Committee, he considered running against Massachusetts's 3rd congressional district Representative Philip J. Philbin in 1970, but chose not to, citing the loss of privacy and strain on his family entering politics would have caused, he was further discouraged from entering politics by the suicide of his friend, State Representative H. James Shea, Jr. Kraft began his professional career with the Rand-Whitney Group, a Worcester-based packaging company run by his father-in-law Jacob Hiatt. In 1968, he gained control of the company through a leveraged buyout.
He still serves as this company's chairman. In 1972, he founded International Forest Products, a trader of physical paper commodities; the two combined companies make up the largest held paper and packaging companies in the United States. Kraft has stated that he started the company out of a hunch that the increase in international communications and transportation would lead to an expansion of global trade in the late twentieth century. International Forest Products became a top 100 US exporters/importer in 1997 and in 2013 was ranked No. 20 on the Journal of Commerce's list in that category. Kraft said of the business in 1991 that, "We do things for a number of companies, including Avon, cosmetics companies, toys." The company produced both corrugated and folding cartons, which he stated, "are used to package everything from the Patriot missile, to mints, to Estee Lauder, Indiana Glass and Polaroid." Kraft acquired interests in other areas, formed the Kraft Group as an umbrella for them in 1998.
Kraft was an investor in New England Television Corp. which gained control of WNAC-TV in 1982, Kraft became a director of the board in 1983. The station became WNEV-TV. In 1986, he was named president of the corporation. In 1991, Kraft exercised his option to unload his shares for an estimated $25 million. In 1974, Kraft and five others purchased the Boston Lobsters of World Team Tennis; the group spent to lure a number of top players, including Martina Navratilova, the Lobsters became one of the best teams in WTT. Following the 1978 season, Kraft announced that the franchise would fold; the league itself folded soon thereafter. After the Lobsters folded, Kraft was mentioned as a bidder for the Boston Red Sox and the Boston Celtics. A Patriots fan since their American Football League days, Kraft has been a season ticket holder since 1971, when the team moved to the then-Schaefer Stadium. In 1985, Kraft bought a 10-year option on Foxboro Raceway, a horse track adjacent to the stadium; the purchase prevented Patriots owner Billy Sullivan from holding non-Patriot events at Sullivan Stadium while races were being held.
Kraft took advantage of the fact that the Sullivans owned the stadium, but not the surrounding land. It was the beginning of a quest to buy not only the stadium, but the Patriots as well. Sullivan's family was reeling from a series of bad investments, principally The Jackson Five 1984 Victory Tour, for which they had to pledge Sullivan Stadium as collateral; those problems forced Sullivan to sell controlling interest of the team in 1988, while the stadium lapsed into bankruptcy. In 1988, Kraft outbid several competitors to buy the stadium out of bankruptcy court from Sullivan for $22 million; the stadium was considered to be outdated and nearly worthless, but the purchase included the stadium's lease to the Patriots, which ran through 2001. While Kraft placed a bid on the Patriots franchise as well, he lost the bidding to Victor Kiam; the lease was ironclad enough to end Sullivan's three-decade involvement with the Patriots. When he and Kiam tried to move the team to Jacksonville, Kraft refused to let them break the lease.
As a result, when Kiam was nearly brought down by bad investments of his own, he was forced to sell the Patriots to James Orthwein. Since Orthwein had bought the team in 1992, there had been constant rumors that he wanted to move the Patriots to St. Louis. In 1994, Orthwein offered Kraft $75 million to buy out the remainder of the team's lease at what was now Foxboro Stadium. Had Kraft accepted Orthwein's offer, it would have cleared the last significant hurdle
The White House is the official residence and workplace of the President of the United States. It is located at 1600 Pennsylvania Avenue NW in Washington, D. C. and has been the residence of every U. S. President since John Adams in 1800; the term "White House" is used as a metonym for the president and his advisers. The residence was designed by Irish-born architect James Hoban in the neoclassical style. Hoban modelled the building on Leinster House in Dublin, a building which today houses the Oireachtas, the Irish legislature. Construction took place between 1800 using Aquia Creek sandstone painted white; when Thomas Jefferson moved into the house in 1801, he added low colonnades on each wing that concealed stables and storage. In 1814, during the War of 1812, the mansion was set ablaze by the British Army in the Burning of Washington, destroying the interior and charring much of the exterior. Reconstruction began immediately, President James Monroe moved into the reconstructed Executive Residence in October 1817.
Exterior construction continued with the addition of the semi-circular South portico in 1824 and the North portico in 1829. Because of crowding within the executive mansion itself, President Theodore Roosevelt had all work offices relocated to the newly constructed West Wing in 1901. Eight years in 1909, President William Howard Taft expanded the West Wing and created the first Oval Office, moved as the section was expanded. In the main mansion, the third-floor attic was converted to living quarters in 1927 by augmenting the existing hip roof with long shed dormers. A newly constructed East Wing was used as a reception area for social events. East Wing alterations were completed in 1946. By 1948, the residence's load-bearing exterior walls and internal wood beams were found to be close to failure. Under Harry S. Truman, the interior rooms were dismantled and a new internal load-bearing steel frame constructed inside the walls. Once this work was completed, the interior rooms were rebuilt; the modern-day White House complex includes the Executive Residence, West Wing, East Wing, the Eisenhower Executive Office Building—the former State Department, which now houses offices for the President's staff and the Vice President—and Blair House, a guest residence.
The Executive Residence is made up of six stories—the Ground Floor, State Floor, Second Floor, Third Floor, as well as a two-story basement. The property is a National Heritage Site owned by the National Park Service and is part of the President's Park. In 2007, it was ranked second on the American Institute of Architects list of "America's Favorite Architecture". Following his April 1789 inauguration, President George Washington occupied two executive mansions in New York City: the Samuel Osgood House at 3 Cherry Street, the Alexander Macomb House at 39–41 Broadway. In May 1790, New York began construction of Government House for his official residence, but he never occupied it; the national capital moved to Philadelphia in December 1790. The July 1790 Residence Act named Philadelphia, Pennsylvania the temporary national capital for a 10-year period while the Federal City was under construction; the City of Philadelphia rented Robert Morris's city house at 190 High Street for Washington's presidential residence.
The first U. S. President occupied the Market Street mansion from November 1790 to March 1797 and altered it in ways that may have influenced the design of the White House; as part of a futile effort to have Philadelphia named the permanent national capital, Pennsylvania built a much grander presidential mansion several blocks away, but Washington declined to occupy it. President John Adams occupied the Market Street mansion from March 1797 to May 1800. On Saturday, November 1, 1800, he became the first president to occupy the White House; the President's House in Philadelphia became a hotel and was demolished in 1832, while the unused presidential mansion became home to the University of Pennsylvania. The President's House was a major feature of Pierre Charles L'Enfant's' plan for the newly established federal city, Washington, D. C.. The architect of the White House was chosen in a design competition which received nine proposals, including one submitted anonymously by Thomas Jefferson. President Washington visited Charleston, South Carolina in May 1791 on his "Southern Tour", saw the under-construction Charleston County Courthouse designed by Irish architect James Hoban.
He is reputed to have met with Hoban then. The following year, he summoned the architect to Philadelphia and met with him in June 1792. On July 16, 1792, the President met with the commissioners of the federal city to make his judgment in the architectural competition, his review is recorded as being brief, he selected Hoban's submission. The building has classical inspiration sources, that could be found directly or indirectly in the Roman architect Vitruvius or in Andrea Palladio styles; the building Hoban designed is verifiably influenced by the upper floors of Leinster House, in Dublin, which became the seat of the Oireachtas. Several other Georgian-era Irish country houses have been suggested as sources of inspiration for the overall floor plan, details like the bow-fronted south front, interior details like the former niches in the present Blue Room; these influences, though undocumented, are cited in the official White House guide, in White