Michael M. Kaiser was the president of the John F. Kennedy Center for the Performing Arts in Washington, D. C. His study of music reflected an early passion for the arts. Kaisers early career focused on management consulting, in 1981, he founded Kaiser Associates, a strategic planning company, whose clients included General Motors and IBM. But in 1985, spurred by his love of the arts. When he joined the Kansas City Ballet as general manager in 1985, within two years, Kaiser had revamped and energized the troupes fundraising, and attracted critical attention and acclaim through ambitious programming initiatives. His leadership enabled the company to pay off the accumulated deficit, Kaiser joined the Alvin Ailey American Dance Theater as executive director in 1991. The company faced challenges, stemming from a $1.5 million accumulated deficit. Kaiser developed a plan with the companys board and staff. Recognizing the companys broad, international appeal, Kaiser set about putting the dancers before a larger audience.
In December 1992, the company was featured on The Donahue Show, in an unprecedented move, the full one-hour program was devoted to the Alvin Ailey American Dance Theater, an event viewed by 18 million Americans. In 1993, the performed at President Bill Clintons inaugural gala. In 1995, Kaiser became executive director of American Ballet Theatre, with an accumulated deficit of $5.5 million, the company was struggling on the brink of closure. Kaiser set about finding the large donations needed to reduce the $5.5 million deficit and he revamped the touring program, reaching out to cities across the United States as well as in Asia and Europe. He created new programs to nurture both new dancers and new audiences. And he fueled aggressive new marketing programs, burnishing American Ballet Theatres long-held reputation as a company of stars, within three years, the company had eliminated the entire accumulated deficit and established a surplus. After his success at American Ballet Theatre, the Chicago Tribune coined the sobriquet The Turnaround King for Kaiser, in 1998, Kaiser assumed leadership of the Royal Opera House in London, home of the Royal Opera and the Royal Ballet.
Within two years, the deficit was paid off, the new building paid for and opened, in 2001, Kaiser joined the Kennedy Center as president. Unlike the organizations which had established his reputation as a savior of companies on the brink of disaster, but Kaiser set the goal of enhancing the Centers status as the nations center for the performing arts, a destination for both American and international arts lovers
Robert C. Merton
Merton was born in New York City to a Jewish father sociologist Robert K. Merton and mother Suzanne Carhart who was from a multigenerational southern New Jersey Methodist/Quaker family. He grew up in Hastings-on-Hudson, NY and he joined the faculty of the MIT Sloan School of Management, where he taught until 1988. On June 11,2010 it was announced that Merton would retire from Harvard, Merton sits on the QFINANCE Strategic Advisory Board. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management, Merton is University Professor Emeritus at Harvard University. He was the George Fisher Baker Professor of Business Administration and John and he previously served on the finance faculty of the Sloan School from 1970 until 1988. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for expanding the Black-Scholes formula and he is past President of the American Finance Association, a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences.
He has written on the operation and regulation of financial institutions, Merton has been recognized for translating finance science into practice. He received the inaugural Financial Engineer of the Year Award from the International Association of Financial Engineers in 1993, Derivatives Strategy magazine named him to its Derivatives Hall of Fame as did Risk magazine to its Risk Hall of Fame. He received Risk’s Lifetime Achievement Award for contributions to the field of risk management and his first professional association with a hedge fund came in 1968. His advisor at the time, Paul Samuelson, brought him on board Arbitrage Management Company, to join founder Michael Goodkin, AMC is the first known attempt at computerized arbitrage trading. After a successful run as a hedge fund, AMC was sold to Stuart & Co. in 1971. Merton married June Rose in 1966 and they have three children, two sons and one daughter. In 1993, Merton became a member of the U. S, united States National Academy of Sciences.
In 1997, Merton was awarded the Nobel Memorial Prize in Economic Sciences with Myron Scholes for their work on stock options, in 1999, Merton was awarded a lifetime achievement award in mathematical finance. In 2005 the Baker Library at Harvard University opened The Merton Exhibit in his honor, in 2010, Merton received the Kolmogorov medal. Harvard Business School Resident Scientist, Dimensional Fund Advisors Pension solution Dimensional Managed DC Robert A. Jarrow Speech in Honor of Robert C, Merton 1999 Mathematical Finance Day Lifetime Achievement Award. April 25,1999 Baker Library, About the Merton Exhibit at the Wayback Machine The Kolmogorov Lecture, november 13,2009 Hamilton Medal CME Group Fred Arditti Innovation Award Robert Muh Award Robert C. Merton. Merton at the Mathematics Genealogy Project
Northeastern University is a private research university in Boston, established in 1898. It is categorized as an R1 institution by the Carnegie Classification of Institutions of Higher Education, the university offers undergraduate and graduate programs on its main campus in the Fenway-Kenmore, South End, and Back Bay neighborhoods of Boston. The university has satellite campus in Charlotte, North Carolina, Washington, an additional satellite campus will open in Toronto, Canada in late 2016. The universitys enrollment is approximately 18,000 undergraduate students and 7,000 graduate students, Northeastern features a cooperative education program that integrates classroom study with professional experience on seven continents and a comprehensive study abroad program. In 2011, the university opened the George J. Kostas Research Institute for Homeland Security, the Interdisciplinary Science and Engineering Complex opened in early 2017. Northeastern is a large, highly residential university, most students choose to live on campus but upperclassmen have the option to live off campus.
More than 75% of Northeastern students receive some form of financial aid, in the 2015–16 school year, the university offered $239 million in grant and scholarship assistance. The universitys sports teams, the Northeastern Huskies, compete in NCAA Division I as members of the Colonial Athletic Association in 18 varsity sports, mens Track and Field has won the CAA back to back years in 2015 and 2016. In 2013, mens basketball won its first CAA regular season championship, mens soccer won the CAA title for the first time, in 1903, the first Automobile Engineering School in the country was established followed by the School of Commerce and Finance in 1907. In 1916, a bill was introduced into the Massachusetts Legislature to incorporate the institute as Northeastern College, after considerable debate and investigation it was passed in March 1916. On March 30,1917, Frank Palmer Speare was inaugurated as the new Colleges first President, five years the school changed its name to Northeastern University to better reflect the increasing depth of its instruction.
In March 1923, the University secured general degree granting power from the Legislature, with the exception of the A. B. the S. B. the College of Liberal Arts was added in 1935. Two years the Northeastern University Corporation was established, with a board of trustees composed of 31 University members and 8 from the YMCA, in 1948 Northeastern separated itself completely from the YMCA. Following World War II Northeastern began admitting women, in the postwar educational boom the University created the College of Education, University College, and the Colleges of Pharmacy and Nursing. The College of Criminal Justice followed, the College of Computer Science, by the early 1980s the one-time night commuter school had grown to nearly 60,000 enrollees. By 1989–1990 University enrollment had reduced to about 40,000 full, part-time, and evening students, following the retirement of President Kenneth Ryder 1989 the University adopted a slow and more thoughtful approach to change. Historically, it had been accepting between 7,500 and 10,000 students per year based on applications of about 15,000 to 20,000 with acceptance rates between 50% and 75% depending on program.
Attrition rates were huge, with a 25% freshmen dropout rate and graduation rate below 50%, when President John Curry left office in 1996 the university population had been systematically reduced to about 25,000
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university in Cambridge, often cited as one of the worlds most prestigious universities. Researchers worked on computers and inertial guidance during World War II, post-war defense research contributed to the rapid expansion of the faculty and campus under James Killian. The current 168-acre campus opened in 1916 and extends over 1 mile along the bank of the Charles River basin. The Institute is traditionally known for its research and education in the sciences and engineering, and more recently in biology, linguistics. Air Force and 6 Fields Medalists have been affiliated with MIT, the school has a strong entrepreneurial culture, and the aggregated revenues of companies founded by MIT alumni would rank as the eleventh-largest economy in the world. In 1859, a proposal was submitted to the Massachusetts General Court to use newly filled lands in Back Bay, Boston for a Conservatory of Art and Science, but the proposal failed. A charter for the incorporation of the Massachusetts Institute of Technology, Rogers, a professor from the University of Virginia, wanted to establish an institution to address rapid scientific and technological advances.
The Rogers Plan reflected the German research university model, emphasizing an independent faculty engaged in research, as well as instruction oriented around seminars, two days after the charter was issued, the first battle of the Civil War broke out. After a long delay through the war years, MITs first classes were held in the Mercantile Building in Boston in 1865, in 1863 under the same act, the Commonwealth of Massachusetts founded the Massachusetts Agricultural College, which developed as the University of Massachusetts Amherst. In 1866, the proceeds from sales went toward new buildings in the Back Bay. MIT was informally called Boston Tech, the institute adopted the European polytechnic university model and emphasized laboratory instruction from an early date. Despite chronic financial problems, the institute saw growth in the last two decades of the 19th century under President Francis Amasa Walker. Programs in electrical, chemical and sanitary engineering were introduced, new buildings were built, the curriculum drifted to a vocational emphasis, with less focus on theoretical science.
The fledgling school still suffered from chronic financial shortages which diverted the attention of the MIT leadership, during these Boston Tech years, MIT faculty and alumni rebuffed Harvard University president Charles W. Eliots repeated attempts to merge MIT with Harvard Colleges Lawrence Scientific School. There would be at least six attempts to absorb MIT into Harvard, in its cramped Back Bay location, MIT could not afford to expand its overcrowded facilities, driving a desperate search for a new campus and funding. Eventually the MIT Corporation approved an agreement to merge with Harvard, over the vehement objections of MIT faculty, students. However, a 1917 decision by the Massachusetts Supreme Judicial Court effectively put an end to the merger scheme, the neoclassical New Technology campus was designed by William W. Bosworth and had been funded largely by anonymous donations from a mysterious Mr. Smith, starting in 1912. In January 1920, the donor was revealed to be the industrialist George Eastman of Rochester, New York, who had invented methods of production and processing
George P. Shultz
George Pratt Shultz is an American economist and businessman. Shultz is the Thomas W. and Susan B, ford Distinguished Fellow at the Hoover Institution at Stanford University, California. Since the death of William Thaddeus Coleman Jr. Shultz is the oldest living former U. S, Shultz was born in New York City, the only child of Margaret Lennox and Birl Earl Shultz, and grew up in Englewood, New Jersey. His great-grandfather was an immigrant from Germany who arrived in the United States in the middle of the 19th century, contrary to common assumption, Shultz is not a member of the English American Pratt family, associated with John D. Rockefeller and the Standard Oil Trust. In 1938, Shultz graduated from the private preparatory boarding high school, Loomis Chaffee School in Windsor. He earned a Bachelors Degree, cum laude, at Princeton University, New Jersey, in Economics with a minor in Public and his senior thesis examined the Tennessee Valley Authoritys effect on local agriculture, for which he conducted on-site research, and he graduated with honors in 1942.
From 1942 to 1945, Shultz was on duty in the U. S. Marine Corps. He was an Artillery Officer, attaining the rank of Captain and he was detached to the U. S. Army 81st Infantry Division during the Battle of Angaur. In 1949, Shultz earned a Ph. D. in industrial economics from Massachusetts Institute of Technology, in 1957, Shultz joined the University of Chicago Graduate School of Business as a Professor of Industrial Relations. From 1962 to 1969, he was a Professor of Economics at MIT, while at Chicago, he was influenced by Nobel Laureates Milton Friedman and George Stigler, who reinforced Shultzs view of the importance of a free-market economy. Shultz was President Richard Nixons Secretary of Labor from 1969 to 1970 and he soon faced the crisis of the Longshoremens Union strike. The Lyndon B. Johnson Administration had delayed it with a Taft Hartley injunction that now expired, in fact, he applied the theory he had developed in academia, he let the parties work it out, which they did quickly. He imposed the Philadelphia Plan requiring Pennsylvania construction unions, which refused to accept black members and this marked the first use of racial quotas in the federal government.
Shultz was Nixons unofficial ambassador to the AFL-CIO, Shultz became the first director of the Office of Management and Budget, the renamed and reorganized Bureau of the Budget, on July 1,1970. Overall, he was the 19th director to lead the agency and he was United States Secretary of the Treasury from June 1972 to May 1974. Domestically Shultz enacted the next phase of the NEP, lifting price controls begun in 1971 and this phase was a failure, resulting in high inflation, and price freezes were reestablished five months later. Meanwhile, Shultzs attention was diverted from the domestic economy to the international arena. He participated in an international conference in Paris in 1973, which grew out of the 1971 decision to abolish the gold standard
The city of Napa is the largest city and county seat of Napa County, California. It is the city of the Napa County Metropolitan Statistical Area. It is the second-largest city in Californias Wine Country, after Santa Rosa, Napa was incorporated as a city in 1872. At the time of the first recorded exploration into Napa Valley in 1823, padre José Altimira, founder of Mission San Francisco Solano in Sonoma, led the expedition. Spanish priests converted some natives, the rest were attacked and dispersed by Spanish soldiers, American farmers began arriving in the 1830s. Before California was granted statehood in 1849, the Napa Valley was in the Territory of Californias District of Sonoma, in 1850 when counties were first organized, Napa became one of the original counties of California. At the time, its boundaries included Lake County to the north, by this time, the indigenous people were either working as field laborers or living in small bands in the hills surrounding the valley. In 1851, the first courthouse was erected, by 1870, the Native American population consisted of only a few laborers and servants working for the white settlers.
The City of Napa was founded by Nathan Coombs in 1847 and it was not the plan of General Mariano Guadalupe Vallejo. He had paid to survey for a township down river at Soscol Landing where riverboats could turn around, the Napa town site was surveyed by James M. Hudspeth on property Coombs had received from Nicolas Higuera, original holder of the Rancho Entre Napa Mexican land grant. The first business establishment in the town was a built by Harrison Pierce. Napas first general store was opened a year in 1848 by Joseph P. Thompson, the first record of a ship navigating the river was the Susana in 1842. John Sutters schooner the Sacramento landed in 1844 to pick up a load of lime, by 1850 the Dolphin became the first passenger steamship to navigate the Napa River in order to open another path of commerce. In the mid-1850s, Napas Main Street rivaled that of larger cities. John Patchett opened the first commercial winery in the county in 1859, the vineyard and wine cellar were located in an area that is now within the city limits of Napa.
The Lyceum movement established a facility and reading room and a society was started. The Napa Reporter founded by Alexander J. Cox in 1856 published its first weekly edition on July 4 of that year, the Napa Valley Register founded by J. I. Horrell and L. Hoxie Strong made its debut on August 10,1863 with weekly publications until becoming a newspaper in 1872
The Culinary Institute of America
The Culinary Institute of America is an American private not-for-profit college specializing in culinary and baking and pastry arts education. The schools primary campus is located in Hyde Park, New York, with campuses in St. Helena and Napa, San Antonio, Texas. The college offers associate and bachelors degrees, and has the largest staff of American Culinary Federation Certified Master Chefs, the CIA offers continuing education for professionals in the hospitality industry as well as conferences and consulting services. In addition to education, the college offers recreational classes for non-professionals. The college operates student-run restaurants on their four U. S. campuses, the school colors refer to the schools mission to sustain the environment and to strive for excellence. The school was founded in 1946 in New Haven, with a growing student body, the school purchased a former Jesuit novitiate in Hyde Park in 1970, which remains its central campus. The school began awarding degrees in 1971 and bachelors degrees in 1993.
The school opened its St. Helena campus in 1995, its Texas campus in 2008, its Singapore campus in 2010, with assistance from Yale University, the school purchased the Davies mansion in New Havens Prospect Hill neighborhood. The first class consisted of sixteen students and the faculty included a dietitian, a baker, in 1947 the school was renamed the Restaurant Institute of Connecticut to reflect its growing repute, the schools name was changed again to the Culinary Institute of America in 1951. Enrollment grew to approximately 1,000 students by 1969, beyond the capacity of its campus, so the school purchased the St. Andrew-on-Hudson Jesuit novitiate in Hyde Park. In 1971, the college began awarding degrees, and opened its doors in Hyde Park on the following year. From 1974 to 1979, the school built three residence halls, a library, a career planning center, and a learning resources center. From 1982 to 1984, the American Bounty and Caterina de Medici Restaurants, in 1984, the schools continuing education center opened, and the school improved its teaching kitchens and constructed an experimental kitchen and food laboratory.
In 1990, the opened a baking and pastry facility. In 1993, the school opened its Conrad N, hilton Library and began offering bachelors degree programs. In 1995, the schools first branch opened, the Culinary Institute of America at Greystone in St. Helena. In 1998, the Student Recreation Center was opened, the Apple Pie Bakery Café opened in 2000, and the Colavita Center opened the following year. More residence halls were built at the schools Hyde Park campus in 2004, in 2005, Anton Plaza opened in Hyde Park while the Ventura Center for Menu Research and Development opened in St. Helena
New York Stock Exchange
The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation.
The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since.
The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance.
Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, the chairman is Jeffrey Sprecher
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc. is a private corporation that acts as a self-regulatory organization. FINRA is the successor to the National Association of Securities Dealers, Inc. and it is a non-governmental organization that regulates member brokerage firms and exchange markets. The government agency which acts as the regulator of the securities industry, including FINRA, is the Securities. The Financial Industry Regulatory Authority is the largest independent regulator for all securities firms doing business in the United States, fINRAs mission is to protect investors by making sure the United States securities industry operates fairly and honestly. FINRA oversees about 4,250 brokerage firms, about 162,155 branch offices, FINRA has approximately 3,400 employees and operates from Washington, DC, and New York, NY, with 20 regional offices around the country. The American Stock Exchange LLC, and the International Securities Exchange, LLC, FINRA was formed by a consolidation of the member regulation and arbitration operations of the New York Stock Exchange, NYSE Regulation, Inc. and NASD.
The merger was approved by the United States Securities and Exchange Commission on July 26,2007, in 1971, NASD launched a new computerized stock trading system called the National Association of Securities Dealers Automated Quotations stock market. The NYSE and AMEX stock exchanges merged in 1998, two years later, the NASDAQ underwent a major recapitalization and became an independent entity from NASD. In July 2007, the SEC approved the formation of a new SRO to be a successor to NASD, the NASD and the member regulation and arbitration functions of the New York Stock Exchange were consolidated into the Financial Industry Regulatory Authority. The Small Firm Governors, Mid-Size Firm Governor, and Large-Firm Governors are elected by members of FINRA according to their classification as a Small Firm, Mid-Size Firm, FINRA regulates trading in equities, corporate bonds, securities futures, and options. All firms dealing in securities that are not regulated by another SRO, as part of its regulatory authority FINRA periodically conducts regulatory exams of its regulated institutions.
FINRA recently released its tenth annual Regulatory and Examinations Priorities Letter for 2015 and it provides education and qualification examinations to industry professionals. It sells outsourced regulatory products and services to a number of markets and exchanges, e. g. American Stock Exchange. NASD, the predecessor of FINRA, founded the NASDAQ stock market in 1971, in 2006, NASD demutualized from NASDAQ by selling its ownership interest. FINRA had total revenues of US$878.6 million in 2012, FINRA is funded primarily by assessments of member firms registered representatives and applicants, annual fees paid by members, and by fines that it levies. The annual fee that each member pays includes a membership fee, an assessment based on gross income, a fee for each principal and registered representative. In 2006, that dropped to 19, furthermore. In 2005, there were seven such actions as opposed to three in 2006, according to the written report, the data suggest that securities regulators may have retrenched their efforts to regulate through the use of novel theories
McKinsey & Company
McKinsey & Company is a worldwide management consulting firm. It conducts qualitative and quantitative analysis in order to evaluate management decisions across the public, widely considered the most prestigious management consultancy, McKinseys clientele includes 80% of the worlds largest corporations, and an extensive list of governments and non-profit organizations. More current and former Fortune 500 C. E. O. s are alumni of McKinsey than of any other company, James P. Gorman, and many more. McKinsey publishes the McKinsey Quarterly, funds the McKinsey Global Institute research organization, publishes reports on management topics and its practices of confidentiality, influence on business practices, and corporate culture have experienced a polarizing reception. McKinsey was founded in 1926 by James O. McKinsey in order to apply accounting principles to management, McKinsey died in 1937, and the firm was restructured several times, with the modern-day McKinsey & Company emerging in 1939. Marvin Bower is credited with establishing McKinseys culture and practices in the 1930s based on the principles he experienced as a lawyer, the firm developed an up or out policy, where consultants who are not promoted are asked to leave.
McKinsey was the first management consultancy to hire recent college graduates, in the 1980s and 1990s, the firm expanded internationally and established new practice areas. It had 88 staff in 1951 and 7,700 by the early 2000s, McKinseys consulting has helped to establish many of the norms in business and contributed to many of the major successes and failures in business in the modern era. McKinsey & Company was founded under the name James O. McKinsey & Company in 1926 by James McKinsey and he conceived the idea after witnessing inefficiencies in military suppliers while working for the U. S. Army Ordnance Department. The firm called itself an accounting and management firm and started out giving consulting on using accounting principles as a management tool, Mr. McKinseys first partners were Tom Kearney, hired in 1929, and Marvin Bower, hired in 1933. In its first few years, the firm grew quickly and began developing rapport among corporations, in 1935, Mr. McKinsey left the firm temporarily to serve as the Chairman and CEO of client Marshall Fields as it implemented the restructuring plan created by his firm.
A Wellington project that accounted for 55 percent of McKinsey, Wellington & Companys billings was about to expire and Kearney, Bower wanted to expand nationally and hire young business school graduates, whereas Kearney wanted to stay in Chicago and hire experienced accountants. Additionally, in 1937 James O. McKinsey died after catching pneumonia and this led to the division of McKinsey, Wellington & Company in 1939. The accounting practice returned to Scovell, Wellington & Company, while the management engineering practice was split into McKinsey & Company, the New York office purchased exclusive rights to the McKinsey name in 1946. McKinsey & Company grew quickly in the 1940s and 50s, especially in Europe and it had 88 staff in 1951 and more than 200 by the 1960s, including 37 in London by 1966. In the same year, McKinsey had six offices in major US cities like San Francisco, Los Angeles and these foreign offices were primarily in Europe, such as in London, Amsterdam, as well as in Melbourne.
By this time, one third of the companys revenues originated from its European offices, guy Crockett stepped down as managing director in 1950, and Marvin Bower was elected in his place. McKinseys profit-sharing and planning committees were formed in 1951, the organizations client base expanded especially among governments, defense contractors, bluechip companies and military organizations in the post-World War II era
Its main business areas before its failure were capital markets, investment banking, wealth management and global clearing services, and it was heavily involved in the subprime mortgage crisis. As investor losses mounted in those markets in 2006 and 2007, in March 2008, the Federal Reserve Bank of New York provided an emergency loan to try to avert a sudden collapse of the company. In January 2010, JPMorgan ceased using the Bear Stearns name, Bear Stearns was founded as an equity trading house on May Day 1923 by Joseph Ainslee Bear, Robert B. Stearns and Harold C. Mayer Sr. with $500,000 in capital. Internal tensions quickly arose among the three founders, the firm survived the Wall Street Crash of 1929 without laying off any employees and by 1933 opened its first branch office in Chicago. In 1955, the firm opened its first international office in Amsterdam, in 1985, Bear Stearns became a publicly traded company. It served corporations, institutions and individuals, through Bear Stearns Securities Corp. it offered global clearing services to broker dealers, prime broker clients and other professional traders, including securities lending.
Bear Stearns was known for one of the most widely read market intelligence pieces on the street, Bear Stearns World Headquarters was located at 383 Madison Avenue, between East 46th Street and East 47th Street in Manhattan. By 2007, the company employed more than 15,500 people worldwide, internationally the firm had offices in London, Dublin, Hong Kong, Milan, São Paulo, Shanghai and Tokyo. In 2005–2007, Bear Stearns was recognized as the Most Admired securities firm in Fortunes Americas Most Admired Companies survey, the annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the time in three years that Bear Stearns had achieved this top distinction. A year Bear Stearns had notional contract amounts of approximately $13.40 trillion in derivative financial instruments, of which $1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than $28 billion in level 3 assets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion.
This $11.1 billion supported $395 billion in assets, which means a leverage ratio of 35.6 to 1, on June 22,2007, Bear Stearns pledged a collateralized loan of up to $3. The funds were invested in thinly traded collateralized debt obligations, merrill Lynch seized $850 million worth of the underlying collateral but only was able to auction $100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, richard A. Marin, a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former Vice Chairman of rival investment bank, Lehman Brothers, during the week of July 16,2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1,2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers and this was the first legal action made against Bear Stearns.
Co-President Warren Spector was asked to resign on August 5,2007, a September 21 report in the New York Times noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses
The Internet Archive launched the Wayback Machine in October 2001. It was set up by Brewster Kahle and Bruce Gilliat, and is maintained with content from Alexa Internet, the service enables users to see archived versions of web pages across time, which the archive calls a three dimensional index. Since 1996, the Wayback Machine has been archiving cached pages of websites onto its large cluster of Linux nodes and it revisits sites every few weeks or months and archives a new version. Sites can be captured on the fly by visitors who enter the sites URL into a search box, the intent is to capture and archive content that otherwise would be lost whenever a site is changed or closed down. The overall vision of the machines creators is to archive the entire Internet, the name Wayback Machine was chosen as a reference to the WABAC machine, a time-traveling device used by the characters Mr. Peabody and Sherman in The Rocky and Bullwinkle Show, an animated cartoon. These crawlers respect the robots exclusion standard for websites whose owners opt for them not to appear in search results or be cached, to overcome inconsistencies in partially cached websites, Archive-It.
Information had been kept on digital tape for five years, with Kahle occasionally allowing researchers, when the archive reached its fifth anniversary, it was unveiled and opened to the public in a ceremony at the University of California, Berkeley. Snapshots usually become more than six months after they are archived or, in some cases, even later. The frequency of snapshots is variable, so not all tracked website updates are recorded, Sometimes there are intervals of several weeks or years between snapshots. After August 2008 sites had to be listed on the Open Directory in order to be included. As of 2009, the Wayback Machine contained approximately three petabytes of data and was growing at a rate of 100 terabytes each month, the growth rate reported in 2003 was 12 terabytes/month, the data is stored on PetaBox rack systems manufactured by Capricorn Technologies. In 2009, the Internet Archive migrated its customized storage architecture to Sun Open Storage, in 2011 a new, improved version of the Wayback Machine, with an updated interface and fresher index of archived content, was made available for public testing.
The index driving the classic Wayback Machine only has a bit of material past 2008. In January 2013, the company announced a ground-breaking milestone of 240 billion URLs, in October 2013, the company announced the Save a Page feature which allows any Internet user to archive the contents of a URL. This became a threat of abuse by the service for hosting malicious binaries, as of December 2014, the Wayback Machine contained almost nine petabytes of data and was growing at a rate of about 20 terabytes each week. Between October 2013 and March 2015 the websites global Alexa rank changed from 162 to 208, in a 2009 case, Netbula, LLC v. Chordiant Software Inc. defendant Chordiant filed a motion to compel Netbula to disable the robots. Netbula objected to the motion on the ground that defendants were asking to alter Netbulas website, in an October 2004 case, Telewizja Polska USA, Inc. v. Echostar Satellite, No.02 C3293,65 Fed. 673, a litigant attempted to use the Wayback Machine archives as a source of admissible evidence, Telewizja Polska is the provider of TVP Polonia and EchoStar operates the Dish Network