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138-649: Jerry Michael Reinsdorf (born February 25, 1936) is an American sports executive and businessman who is the owner of the NBA 's Chicago Bulls and MLB 's Chicago White Sox . He started his professional life as a tax attorney with the Internal Revenue Service . He has been the owner of the White Sox and Bulls for nearly 40 years. As of May 2024, his net worth was estimated at US$ 2.2 billion. He made his initial fortune in real estate , taking advantage of

276-487: A violent incident between players and fans in a November 2004 game between the Indiana Pacers and Detroit Pistons . In response, players were suspended for a total of 146 games with $ 11 million total lost in salary, and the league tightened security and limited the sale of alcohol. On May 19, 2005, Commissioner Stern testified before the U.S. House of Representatives ' Committee on Government Reform about

414-819: A "full-service" range including securities research , proprietary trading , and investment management . In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act , which was repealed in 1999. The repeal led to more " universal banks " offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable full-service investment banks with

552-548: A CPA and lawyer as well as a registered mortgage underwriter and a certified review appraiser . He leveraged a full scholarship offer from the University of Chicago Law School into a scholarship from the Northwestern University School of Law . Reinsdorf worked as an IRS lawyer after graduating from Northwestern in 1960, where his first case concerned the tax delinquency of Bill Veeck , who at

690-826: A Life Trustee of Northwestern University . Throughout the years Reinsdorf has been active in the affairs of baseball, serving on the Executive Council and Ownership, Long Range Planning, Restructuring, Expansion, Equal Opportunity, Strategic Planning, Legislative and Labor Policy Committees of Major League Baseball, he also serves on the Boards of MLB Advanced Media and MLB Enterprises. In 2013, Reinsdorf partnered with Mark Sullivan , Noah Kroloff, Dennis Burke , David Aguilar , and John Kaites to found Global Security and Innovative Strategies. In 1956, while they were both students at George Washington University , he married Martyl Rifkin (March 4, 1936 – June 28, 2021). She

828-456: A White Sox fan is you hate the Cubs ." —Jerry Reinsdorf The White Sox won American League regular season Division Championships in 1983, 1993, 2000, 2005, 2008 and 2021 under Reinsdorf, and won the 2005 World Series . They also led the central division at the conclusion of the strike-shortened 1994 Major League Baseball season . The World Series victory made him only the third owner in

966-664: A deal on October 23, 2009. At the start of the 2010–11 season, free agents LeBron James and Chris Bosh signed with the Miami Heat, joining Dwyane Wade to form the " Big Three ". The Heat dominated the league, reaching the Finals for four straight years. In 2011 , they faced a re-match with the Dallas Mavericks but lost to the Dirk Nowitzki -led team. They won back-to-back titles in 2012 and 2013 against

1104-449: A finals appearance marking their 18th championship, their first since 2008. Following pioneers like Vlade Divac (Serbia) and Dražen Petrović (Croatia) who joined the NBA in the late 1980s, an increasing number of international players have moved directly from playing elsewhere in the world to starring in the NBA. Since 2006, the NBA has faced EuroLeague teams in exhibition matches in

1242-730: A four-game sweep by the Spurs over the LeBron James -led Cleveland Cavaliers . The 2008 Finals saw a rematch of the league's highest profile rivalry , the Boston Celtics and Los Angeles Lakers , with the Celtics winning their 17th championship. The Lakers won back-to-back championships in 2009 and 2010 , against the Orlando Magic and the Celtics. The 2010 NBA All-Star Game was held at Cowboys Stadium in front of

1380-566: A hub of European M&A activity, often facilitating the most capital movement and corporate restructuring in the area. Meanwhile, Asian cities are receiving a growing share of M&A activity. According to estimates published by the International Financial Services London , for the decade prior to the financial crisis in 2008, M&A was a primary source of investment banking revenue, often accounting for 40% of such revenue, but dropped during and after

1518-720: A key part of capital market transactions, involving debt structuring , exit financing, loan amendment, project finance , leveraged buy-outs , and sometimes portfolio hedging. The "Market Risk Team" provides services to investors via derivative solutions, portfolio management , portfolio consulting, and risk advisory. Well-known "Risk Groups" are at JPMorgan Chase , Morgan Stanley , Goldman Sachs and Barclays . J.P. Morgan IB Risk works with investment banking to execute transactions and advise investors, although its Finance & Operation risk groups focus on middle office functions involving internal, non-revenue generating, operational risk controls. The credit default swap , for instance,

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1656-456: A key service in terms of advisory and strategy. While the research division may or may not generate revenue (based on the specific compliance policies at different banks), its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. Research also serves outside clients with investment advice (such as institutional investors and high-net-worth individuals) in

1794-574: A lawsuit filed by the city of Seattle , which was intended to keep the SuperSonics in Seattle for the remaining two seasons of the team's lease at KeyArena . Following a court case, the city of Seattle settled with the ownership group of the SuperSonics on July 2, 2008, allowing the team to move to Oklahoma City immediately in exchange for terminating the final two seasons of the team's lease at KeyArena. The Oklahoma City Thunder began playing in

1932-652: A major role in the growth of the league during his career. Michael Jordan entered the league in 1984 with the Chicago Bulls , spurring more interest in the league. In 1988 and 1989, four cities got their wishes as the Charlotte Hornets , Miami Heat , Orlando Magic , and Minnesota Timberwolves made their NBA debuts, bringing the total to 27 teams. The Detroit Pistons won back-to-back NBA championships in 1989 and 1990, led by coach Chuck Daly and guard Isiah Thomas . Jordan and Scottie Pippen led

2070-1046: A percentage of revenue. As far back as 1960, 70% of Merrill Lynch 's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a relatively "retail-focused" firm with a large brokerage network. Investment banking is split into front office , middle office , and back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side advisory firms such as boutique investment banks and small broker-dealers focus on niche segments within investment banking and sales/trading/research, respectively. For example, Evercore (NYSE:EVR) acquired ISI International Strategy & Investment (ISI) in 2014 to expand their revenue into research-driven equity sales and trading. Investment banks offer services to both corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on

2208-516: A result of selling complex derivatives contracts to local municipalities in Europe and the US. Strategists advise external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects

2346-606: A significant investment banking division (IBD) include JPMorgan Chase , Bank of America , Citigroup , Deutsche Bank , UBS (Acquired Credit Suisse ), and Barclays . After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010 , regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading. The traditional service of underwriting security issues has declined as

2484-473: A small change to the typeface on the NBA wordmark in 2017) and would remain a fixture of the NBA brand. The ABA succeeded in signing a number of major stars in the 1970s, including Julius Erving of the Virginia Squires , in part because it allowed teams to sign college undergraduates. The NBA expanded rapidly during this period. From 1966 to 1974, the NBA grew from nine franchises to 18. In 1970,

2622-630: A stand against steroid use much sooner. He feels that in the end this delayed action will cost some players election into the National Baseball Hall of Fame . Reinsdorf will also be remembered as the owner of the 2024 White Sox , the team that broke the Major League Baseball single-season loss record, previously held by the 1962 New York Mets . It's alleged that he intentionally tanked the team in order to get them moved to Nashville , Tennessee , where he secretly met

2760-503: A third from 2009, as companies pursued less deals and traded less. Differences in total revenue are likely due to different ways of classifying investment banking revenue, such as subtracting proprietary trading revenue. In terms of total revenue, SEC filings of the major independent investment banks in the United States show that investment banking (defined as M&A advisory services and security underwriting) made up only about 15–20% of total revenue for these banks from 1996 to 2006, with

2898-627: A trade. The 2019–20 season was suspended indefinitely on March 11, 2020, due to the COVID-19 pandemic , after Utah Jazz center Rudy Gobert tested positive for the coronavirus. On June 4, 2020, the NBA Board of Governors voted to resume the season in a 22-team format with 8 seeding games per team and a regular playoffs format, with all games played in a "bubble" in Walt Disney World without any fans present. This era also saw

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3036-1318: A trader after he buys or sells a product to a client and does not hedge his total exposure. Here, and in general, banks seek to maximize profitability for a given amount of risk on their balance sheet. Note here that the FRTB framework has underscored the distinction between the " Trading book " and the " Banking book " - i.e. assets intended for active trading, as opposed to assets expected to be held to maturity - and market risk capital requirements will differ accordingly. The necessity for numerical ability in sales and trading has created jobs for physics , computer science , mathematics , and engineering PhDs who act as "front office" quantitative analysts . The securities research division reviews companies and writes reports about their prospects, often with "buy", "hold", or "sell" ratings. Investment banks typically have sell-side analysts which cover various industries. Their sponsored funds or proprietary trading offices will also have buy-side research. Research also covers credit risk , fixed income , macroeconomics , and quantitative analysis , all of which are used internally and externally to advise clients; alongside "Equity", these may be separate "groups". The research group(s) typically provide

3174-673: A transaction, contrary to a commercial or retail bank. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act , the United States maintained a separation between investment banking and commercial banks. Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 ( Dodd–Frank Act of 2010 ),

3312-498: Is a commodity business, but structuring and trading derivatives have higher margins because each over-the-counter contract has to be uniquely structured and could involve complex pay-off and risk profiles. One growth area is private investment in public equity (PIPEs, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and accredited investors . Banks also earned revenue by securitizing debt, particularly mortgage debt prior to

3450-685: Is a famous credit risk hedging solution for clients invented by J.P. Morgan's Blythe Masters during the 1990s. The Loan Risk Solutions group within Barclays' investment banking division and Risk Management and Financing group housed in Goldman Sach's securities division are client-driven franchises. Risk management groups such as credit risk, operational risk, internal risk control, and legal risk are restrained to internal business functions — including firm balance-sheet risk analysis and assigning

3588-615: Is an active member of USA Basketball (USAB), which is recognized by the FIBA (International Basketball Federation) as the national governing body for basketball in the United States. The league's several international as well as individual team offices are directed out of its head offices in Midtown Manhattan , while its NBA Entertainment and NBA TV studios are directed out of offices located in Secaucus, New Jersey . The NBA

3726-578: Is buying and selling products. Sales is the term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on a caveat emptor basis) and take orders. Sales desks then communicate their clients' orders to the appropriate trading rooms , which can price and execute trades, or structure new products that fit a specific need. Sales make deals tailored to their corporate customers' needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on

3864-544: Is controversial for his involvement (along with Jerry Krause ) in breaking up the championship team by not hiring back Phil Jackson . He signed Michael Jordan as a baseball player during his sabbatical from basketball. He also moved the Bulls from Chicago Stadium to the United Center . After Reinsdorf's purchase of the White Sox in 1981, the franchise made the playoffs in 1983 for the first time since 1959, and won

4002-490: Is largely responsible for the revenue sharing of the internet rights of Major League Baseball in which all teams have shared equally since Major League Baseball Advanced Media (known as BAM) was established in 2000. Reinsdorf also endeavored to sell the naming rights to the New Comiskey Park to U.S. Cellular in a $ 68 million 20-year deal that funded a 7-year $ 85 million overhaul of the stadium that ended prior to

4140-486: Is not a comprehensive summary of all middle-office functions within an investment bank, as specific desks within front and back offices may participate in internal functions. The back office data-checks trades that have been conducted, ensuring that they are not wrong, and transacts the required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank. Every major investment bank has considerable amounts of in-house software , created by

4278-408: Is raised for the corporation include those listed aside. This work may involve, i.a., subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. A pitch book , also called a confidential information memorandum (CIM), is a document that highlights the relevant financial information, past transaction experience, and background of the deal team to market

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4416-485: Is reportedly the lowest viewership seen for the Finals since at least 1994, when total viewers began to be regularly recorded and is a 45 percent decline from game one between the Golden State Warriors and Toronto Raptors , which had 13.51 million viewers a year earlier. Some attribute this decline to the political stances the league and its players are taking, while others consider load management,

4554-616: Is the second-wealthiest professional sports league in the world by revenue after the National Football League (NFL). The Boston Celtics have the most NBA championships with 18 and are the reigning league champions, having defeated the Dallas Mavericks in the 2024 NBA Finals . The NBA traces its roots to the Basketball Association of America which was founded in 1946 by owners of

4692-646: Is the control function for the Markets' business and conducts review of sales and trading activities utilizing the VaR model . Other Middle office "Risk Groups" include country risk, operational risk, and counterparty risks which may or may not exist on a bank to bank basis. Front office risk teams, on the other hand, engage in revenue-generating activities involving debt structuring, restructuring, syndicated loans , and securitization for clients such as corporates, governments, and hedge funds. Here "Credit Risk Solutions", are

4830-548: Is the son of a sewing machine salesman. Reinsdorf was in the stands the day Jackie Robinson debuted for the Brooklyn Dodgers, "breaking the color barrier" as the first black player permitted by white ownership. Reinsdorf earned a bachelor's degree from George Washington University in Washington, D.C., where he became a member of Alpha Epsilon Pi . He subsequently moved to Chicago in 1957. Reinsdorf became

4968-642: The Frank Lyon Co. v. United States decision by the United States Supreme Court , which allowed economic owners of realty to sell property and lease it back, while transferring the tax deduction for depreciation to the title owner. As the owner and chairman of the Chicago Bulls since 1985, he oversaw a turnaround in the franchise's fortunes, culminating in six NBA Championships in the 1990s (1991–1993 and 1996–1998). He

5106-629: The 1999 championship with the Spurs , becoming the first former ABA team to win the NBA championship. Shaquille O'Neal and Kobe Bryant started the 2000s with three consecutive championships for the Lakers. The Spurs reclaimed the title in 2003 against the Nets . In 2004, the Lakers returned to the Finals , only to lose in five games to the Detroit Pistons . The league's image was marred by

5244-698: The 2005 World Series champion White Sox had the 13th highest payroll of the 30 Major League Baseball teams. After Reinsdorf purchased the team in 1981, the White Sox experienced erosion of fan and media support. He complained about old Comiskey Park with its foibles such as numerous obstructed view seats and threatened to move the White Sox. Among his threats was moving the team to Itasca or Addison, Illinois in DuPage County . Reinsdorf, through his real estate business, purchased 100 acres (400,000 m) in Addison. Chicago Mayor Harold Washington lobbied

5382-440: The 2008 Major League Baseball season . The overhaul included the removal of top rows of the upper deck, replacement of the baby blue seats with traditionally-colored green ones and dozens of other upgrades. Prior to the seven-year overhaul, the 2001 White Sox barely broke even financially with a $ 700,000 operating profit on revenues of $ 101.33 million. Reinsdorf won a major revenue sharing legal battle with other NBA owners over

5520-501: The 2022 NBA Finals , their fourth championship in eight years. The 2022–23 season saw the Denver Nuggets , led by center Nikola Jokić , make the franchise's first NBA Finals appearance and defeat the Miami Heat in five games to win their first NBA championship. The 2023–24 NBA season saw the star-studded Boston Celtics , winning a championship over the Dallas Mavericks, after five conference finals appearances , and

5658-684: The American Basketball League (ABL) and the NBL, the BAA was the first league to attempt to play primarily in large arenas in major cities. During its early years, the quality of play in the BAA was not significantly better than in competing leagues or among leading independent clubs such as the Harlem Globetrotters . For instance, the 1947 ABL finalist Baltimore Bullets moved to the BAA and won that league's 1948 title, and

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5796-573: The Los Angeles Clippers , received a lifetime ban from the NBA on April 29, 2014, after racist remarks he made became public. Sterling was also fined US$ 2.5 million, the maximum allowed under the NBA Constitution. Investment banking Unlike commercial banks and retail banks , investment banks do not take deposits . The revenue model of an investment bank comes mostly from the collection of fees for advising on

5934-852: The Major League Baseball Players Association Reinsdorf is a powerful baseball owner who in 1988 stopped the sale of the Texas Rangers and later influenced the sale of the Seattle Mariners . Edward Gaylord and Gaylord Entertainment Company had first attempted to buy the Rangers in 1985. Reinsdorf was also said to be largely responsible for the ousting of Fay Vincent as the Commissioner of Baseball in 1992. He had previously undermined Vincent by employing Richard Ravitch as

6072-804: The NBA Europe Live Tour , and since 2009, in the EuroLeague American Tour . On November 9, 2007, when the Houston Rockets with Yao Ming faced off against the Milwaukee Bucks with Yi Jianlian , over 200 million people in China watched on 19 different networks, making it the most-viewed game in NBA history. The 2013–14 season opened with a record 92 international players on the opening night rosters, representing 39 countries and comprising over 20 percent of

6210-553: The NBA G League , was created. Two years after the Hornets' move to New Orleans , the NBA returned to North Carolina, as the Charlotte Bobcats were formed as an expansion team in 2004. The Hornets temporarily moved to Oklahoma City in 2005 for two seasons because of damage caused by Hurricane Katrina . The team returned to New Orleans in 2007. A new official game ball was introduced on June 28, 2006, for

6348-734: The NBA owners began a lockout that suspended all league business until a new labor agreement could be reached, which led to the season being shortened to 50 games. After the breakup of the Chicago Bulls championship roster in the summer of 1998, the Western Conference dominated much of the next two decades. The Los Angeles Lakers , coached by Phil Jackson , and the San Antonio Spurs , coached by Gregg Popovich , combined to make 13 Finals in 16 seasons, with 10 titles. " Twin Towers " Tim Duncan and David Robinson won

6486-843: The Near West Side community area near the United Center. Twice the White Sox Charities has donated $ 1 million to the Chicago Park District with particular attention to funding baseball and softball fields. He has been a member of the board of directors of Shearson Lehman Brothers, Inc., the Northwestern University Law School Alumni Association, LaSalle Bank , EQ Office and numerous other corporations and charities. He currently serves as

6624-507: The Oklahoma City Thunder and the Spurs, and lost in a re-match with the Spurs in the 2014 Finals . The 2011–12 season began with another lockout , the league's fourth. After the first few weeks of the season were canceled, the players and owners ratified a new collective bargaining agreement on December 8, 2011, setting up a shortened 66-game season. On February 1, 2014, commissioner David Stern retired after 30 years in

6762-818: The Philadelphia Warriors to San Francisco, the Syracuse Nationals to Philadelphia to become the Philadelphia 76ers , and the St. Louis Hawks moving to Atlanta , as well as the addition of its first expansion franchises. The Chicago Packers (now Washington Wizards ) became the ninth NBA team in 1961. From 1966 to 1968, the league expanded from 9 to 14 teams, introducing the Chicago Bulls , Seattle SuperSonics (now Oklahoma City Thunder ), San Diego Rockets (who moved to Houston four years later), Milwaukee Bucks , and Phoenix Suns . In 1967,

6900-528: The Portland Trail Blazers , Cleveland Cavaliers , and Buffalo Braves (now the Los Angeles Clippers ) all made their debuts expanding the league to 17. The New Orleans Jazz (now in Utah ) came aboard in 1974 bringing the total to 18. Following the 1976 season, the leagues reached a settlement that provided for the addition of four ABA franchises to the NBA, raising the number of franchises in

7038-529: The Securities Association of China is a self-regulatory organization whose members are largely investment banks. Global investment banking revenue increased for the fifth year running in 2007, to a record US$ 84 billion, which was up 22% on the previous year and more than double the level in 2003. Subsequent to their exposure to United States sub-prime securities investments, many investment banks have experienced losses. As of late 2012, global revenues for investment banks were estimated at $ 240 billion, down about

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7176-405: The Tri-Cities to Milwaukee in 1951, and later shifted to St. Louis in 1955. In 1957, the Rochester Royals moved from Rochester, New York , to Cincinnati and the Pistons moved from Fort Wayne, Indiana , to Detroit. Japanese-American Wataru Misaka is considered to have broken the NBA color barrier in the 1947–48 season when he played for the New York Knicks in the BAA. He remained

7314-461: The United States and 1 in Canada ). It is one of the major professional sports leagues in the United States and Canada and is considered the premier professional basketball league in the world. The NBA was created on August 3, 1949, with the merger of the Basketball Association of America (BAA) and the National Basketball League (NBL). The league later adopted the BAA's history and considers its founding on June 6, 1946, as its own. In 1976,

7452-420: The University of Kentucky while also gaining the upper hand in Indianapolis with the creation of the Indianapolis Olympians while the Kautskys folded. With several teams facing financial difficulties, the BAA and the NBL agreed on a merger on August 3, 1949, to create the National Basketball Association. Maurice Podoloff , the president of BAA, became the president of the NBA while Ike Duffey , president of

7590-417: The Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side". The " sell side " involves trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or the promotion of securities (e.g. underwriting, research, etc.). The " buy side " involves

7728-418: The World Series for the first time since 1917 in 2005 , the only year during his tenure as owner in which the White Sox have won a playoff series. Reinsdorf moved the White Sox from Comiskey Park to New Comiskey Park in 1991 (now known as Guaranteed Rate Field ). In both sporting endeavors, he has developed a reputation as an anti- labor union hardliner. Since the early 1990s, he has been considered one of

7866-448: The free agent market. Reinsdorf was one of the last holdouts to the 1996 labor agreement that instituted the salary cap while retaining arbitration rights for the players. His 1996 signing of Albert Belle made news because of his widely publicized general opposition to spiraling player salaries. The $ 55 million signing was a turning point in the decision by the baseball owners to agree to revenue sharing . The signing made Reinsdorf

8004-415: The 10 seasons of the 1980s, Johnson led the Lakers to five titles while Bird led the Celtics to three titles. Also in the early 1980s, the NBA added one more expansion franchise, the Dallas Mavericks , bringing the total to 23 teams. Later on, Larry Bird won the first three three-point shooting contests. On February 1, 1984 David Stern became commissioner of the NBA. Stern has been recognized as playing

8142-466: The 1948 NBL champion Minneapolis Lakers won the 1949 BAA title. Prior to the 1948–49 season, the BAA lured away the Fort Wayne Pistons , Indianapolis Kautskys , Minneapolis Lakers , and Rochester Royals from the NBL with the prospect of playing in major venues such as Boston Garden and Madison Square Garden . The NBL hit back by outbidding the BAA for the services of several players, including Al Cervi , rookie Dolph Schayes and five stars from

8280-534: The 1980s, Reinsdorf, Bud Selig and the American League President colluded to dissuade the Philadelphia Phillies from signing Lance Parrish who was a Detroit Tigers free agent . During the strike, Reinsdorf, who was an anti-union hard-liner, was so pessimistic that he did not expect baseball to resume until the 1996 Major League Baseball season . In the early 1990s he was able to get new stadiums ( United Center and New Comiskey Park ) for his teams. Some fans and columnists have accused Reinsdorf of breaking up

8418-515: The 2006–07 season, marking the first change to the ball in over 35 years and only the second ball in 60 seasons. Manufactured by Spalding , the new ball featured a new design and new synthetic material that Spalding claimed offered a better grip, feel, and consistency than the original ball. However, many players were vocal in their disdain for the new ball, saying that it was too sticky when dry, and too slippery when wet. Commissioner Stern announced on December 11, 2006, that beginning January 1, 2007,

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8556-410: The 2008–09 season. The first outdoor game in the modern era of the league was played at the Indian Wells Tennis Garden on October 11, 2008, between the Phoenix Suns and the Denver Nuggets . The first official NBA league games on European ground took place in 2011. In two matchups, the New Jersey Nets faced the Toronto Raptors at the O2 Arena in London in front of over 20,000 fans. After

8694-433: The 2012–13 season, the New Orleans Hornets were renamed the Pelicans . During the 2013–14 season, Stern retired as commissioner after 30 years, and deputy commissioner Adam Silver ascended to the position of commissioner. During that season's playoffs, the Bobcats officially reclaimed the Hornets name, and by agreement with the league and the Pelicans, also received sole ownership of all history, records, and statistics from

8832-499: The Bulls to two three-peats in eight years during the 1991–1998 seasons. Hakeem Olajuwon won back-to-back titles with the Houston Rockets in 1994 and 1995. The 1992 Olympic basketball Dream Team , the first to use current NBA stars, featured Michael Jordan as the anchor, along with Bird, Johnson, David Robinson , Patrick Ewing , Scottie Pippen, Clyde Drexler , Karl Malone , John Stockton , Chris Mullin , Charles Barkley , and star NCAA amateur Christian Laettner . The team

8970-427: The Bulls were managed by committee with decisions by conference call, verdicts by vote. Reinsdorf acquired his majority interests on March 11, 1985, and Kovler sold his 7% stake in the team on January 29, 1986, bringing Reinsdorf's interest to 63%. The following week Reinsdorf ousted Rod Thorn as general manager and replaced him with Jerry Krause . Led by Jordan, who was drafted the year before Reinsdorf purchased

9108-524: The Chicago Bulls broadcasts on WGN-TV . The 55 game schedule on the superstation for an audience of 35 million competed with the NBA broadcasts, but Reinsdorf was permitted to maintain the contract. As recently as 2004, the Bulls continued to be the NBA's most profitable team, earning $ 49 million in operating income and having an estimated valuation of $ 356 million. Reinsdorf feels that if Major League Baseball Players Association chief Donald Fehr had not opposed steroid testing, baseball would have taken

9246-406: The Illinois legislature, and subsequently then-Illinois Governor James R. Thompson promoted a package of incentives to retain the team in Chicago. The state floated bonds to build New Comiskey Park and let Reinsdorf keep all parking and concession revenues, as well as the $ 5 million per year from 89 skyboxes. Reinsdorf and Chicago Blackhawks owner William Wirtz contributed $ 175 million to fund

9384-457: The Minneapolis Lakers won five NBA championships and established themselves as the league's first dynasty ; their squad was led by center George Mikan who was the NBA's first superstar . To encourage shooting and discourage stalling, the league introduced the 24-second shot clock in 1954. In 1957, rookie center Bill Russell joined the Boston Celtics , which already featured guard Bob Cousy and coach Red Auerbach , and went on to lead

9522-404: The NBA and the American Basketball Association (ABA) merged , adding four franchises to the NBA. The NBA's regular season runs from October to April, with each team playing 82 games. The league's playoff tournament extends into June, culminating with the NBA Finals championship series. As of 2020 , NBA players are the world's best paid athletes by average annual salary per player. The NBA

9660-405: The NBA from 1959 to 1966. This championship streak is the longest in the history of American professional sports. They did not win the title in 1966–67 , but regained it in the 1967–68 season and repeated in 1969 . The domination totaled nine of the ten championship banners of the 1960s. Through this period, the NBA continued to evolve with the shift of the Minneapolis Lakers to Los Angeles,

9798-408: The NBA would return to the traditional leather basketball in use prior to the 2006–07 season. The change was influenced by frequent player complaints and confirmed hand injuries (cuts) caused by the microfiber ball. The Players' Association had filed a suit on behalf of the players against the NBA over the new ball. As of the 2017–18 season , the NBA team jerseys are manufactured by Nike , replacing

9936-549: The NBA's actions to combat the use of steroids and other performance-enhancing drugs. The NBA started its drug-testing program in 1983 and substantially improved it in 1999. In the 1999–2000 season, all players were randomly tested during training camp, and all rookies were additionally tested three more times during the regular season. Of the nearly 4,200 tests for steroids and performance-enhancing drugs conducted over six seasons, only three players were confirmed positive for NBA's drug program, all were immediately suspended, and as of

10074-402: The NBL, became the chairman. The NBA later adopted the BAA's history and statistics as its own but did not do the same for NBL records and statistics. The new league had seventeen franchises located in a mix of large and small cities, as well as large arenas and smaller gymnasiums and armories . In 1950, the NBA consolidated to eleven franchises, a process that continued until 1954–55, when

10212-864: The National Investment Banking Association (NIBA). In Europe, the European Forum of Securities Associations was formed in 2007 by various European trade associations. Several European trade associations (principally the London Investment Banking Association and the European SIFMA affiliate) combined in November 2009 to form the Association for Financial Markets in Europe (AFME). In the securities industry in China ,

10350-692: The Pelicans' time in Charlotte. As a result, the Hornets are now officially considered to have been founded in 1988, suspended operations in 2002, and resumed in 2004 as the Bobcats, while the Pelicans are officially treated as a 2002 expansion team. (This is somewhat similar to the relationship between the Cleveland Browns and Baltimore Ravens in the NFL .) Donald Sterling , who was then-owner of

10488-518: The Warriors faced each other in the Finals a record four consecutive times . In the 2015–16 season, the Warriors finished the season 73–9, the best season record in NBA history . However, the Cavaliers overcame a 3–1 deficit in the Finals to win their first championship that season, and end a 52-year professional sports championship drought for the city of Cleveland . In the 2016–17 season,

10626-532: The Warriors recruited free agent Kevin Durant and went on to win the 2017 and 2018 Finals against the Cavaliers. After the departure of James in free agency in 2018, the Cavaliers' streak of playoff and Finals appearances ended. The Warriors returned for a fifth consecutive Finals appearance in 2019 but lost to the Toronto Raptors, who won their first championship after acquiring Kawhi Leonard in

10764-582: The White Sox until his death in 2016. In 1985 he purchased the Chicago Bulls as part of a syndicate for US$ 16 million, following in the footsteps of Einhorn, who had purchased the United States Football League 's Chicago Blitz franchise in 1984. In the months prior to the purchase, Milwaukee businessman Marvin Fishman had been awarded a $ 16.2 million judgment against the Bulls. Fishman had been illegally blocked from purchasing

10902-585: The White Sox, he signed Greg Luzinski and Carlton Fisk . He also tripled the team promotional budget and increased the number of team scouts from 12 to 20. By the 1983 Major League Baseball season the White Sox made the playoffs with the best record in the Major Leagues. The team initially signed a television deal with the newly founded Sportsvision under the new leadership of Chairman Reinsdorf and Vice Chairman Eddie Einhorn , but that arrangement quickly fizzled. Einhorn continued as Vice Chairman of

11040-471: The allegations and said Donaghy was a convicted felon and a "singing, cooperating witness". Donaghy served 15 months in prison and was released in November 2009. According to an independent study by Ronald Beech of Game 6 of the 2002 Western Conference Finals between the Los Angeles Lakers and Sacramento Kings, although the refs increased the Lakers' chances of winning through foul calls during

11178-407: The bank to a potential M&A client; if the pitch is successful, the bank arranges the deal for the client. Recent legal and regulatory developments in the U.S. will likely alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain highly leveraged transactions. On behalf of the bank and its clients, a large investment bank's primary function

11316-444: The bank's profitability. See also Chinese wall § Finance . This area of the bank includes treasury management , internal controls (such as Risk), and internal corporate strategy. Corporate treasury is responsible for an investment bank's funding, capital structure management, and liquidity risk monitoring; it is (co)responsible for the bank's funds transfer pricing (FTP) framework. Internal control tracks and analyzes

11454-413: The capital flows of the firm, the finance division is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure and the profitability and structure of the firm's various businesses via dedicated trading desk product control teams. In the United States and United Kingdom, a comptroller (or financial controller) is a senior position, often reporting to

11592-559: The championship Bulls team after their third straight title and sixth in eight years, claiming the Bulls could have competed for more titles with Michael Jordan , Scottie Pippen and good support from the rest of the team that in the eight-year span included Dennis Rodman , Horace Grant , Toni Kukoč , Ron Harper , B. J. Armstrong , and coach Phil Jackson . Some accounts claim that because Jackson feuded with both Reinsdorf and Krause and because both Jordan and Pippen were linked to Jackson,

11730-512: The chief financial officer. Risk management involves analyzing the market and credit risk that an investment bank or its clients take onto their balance sheet during transactions or trades. Middle office "Credit Risk" focuses around capital markets activities, such as syndicated loans , bond issuance, restructuring , and leveraged finance. These are not considered "front office" as they tend not to be client-facing and rather 'control' banking functions from taking too much risk. "Market Risk"

11868-431: The collapse of several notable investment banks, such as the bankruptcy of Lehman Brothers (one of the largest investment banks in the world) and the hurried fire sale of Merrill Lynch and the much smaller Bear Stearns to much larger banks, which effectively rescued them from bankruptcy. The entire financial services industry, including numerous investment banks, was bailed out by government taxpayer funded loans through

12006-425: The company for several years thereafter. In 1981 he was wealthy enough to purchase the White Sox for $ 19 million. The purchase was brokered by American National Bank who arranged for a limited partnership . He followed previous eccentric White Sox owners Charles Comiskey , who was known as a miser , and Veeck, who was known as a prankster who gutted the team by trading away promising prospects. Soon after buying

12144-467: The construction of the largest arena in the United States. When the United Center opened in 1994 all of the skyboxes were leased for up to eight years. As per the collective bargaining agreement , Reinsdorf was allowed to exclude 60% of luxury suite revenue from "basketball-related income" and thus it is not part of the revenue sharing income. "Jerry is clearly the most powerful [ Major League Baseball ] owner." — Donald Fehr , executive director of

12282-581: The continuous near year-over-year decline in NBA viewership. Between 2012 and 2019, the league lost 40 to 45 percent of its viewership. While some of it can be attributed to "cable-cutting", other professional leagues, like the NFL and MLB have retained stable viewership demographics. The opening game of the 2020 Finals between the Los Angeles Lakers and Miami Heat brought in only 7.41 million viewers to ABC, according to The Hollywood Reporter. That

12420-609: The design of Jerry Dior's Major League Baseball logo a year prior, created the modern NBA logo inspired by the MLB's. It incorporates the silhouette of Jerry West , based on a photo by Wen Roberts. The NBA would not confirm that a particular player was used because, according to Siegel, "They want to institutionalize it rather than individualize it. It's become such a ubiquitous, classic symbol and focal point of their identity and their licensing program that they don't necessarily want to identify it with one player." The logo debuted in 1971 (with

12558-412: The employer of the highest paid Major League Baseball player and highest paid professional basketball player (Jordan) at the same time. Reinsdorf had just re-signed Jordan after the 1995–96 NBA season . Jordan had been underpaid for most of his career, but Reinsdorf did not feel he could justify the $ 30 million salary from a business standpoint. Even his most successful baseball team was not highly paid:

12696-516: The final core addition, catalyzing the Bulls' dynastic championship run of six NBA championship titles in eight seasons (1991–1998). Whereas before Reinsdorf's purchase the team had an average attendance of 6,365 in the 17,339-seat Chicago Stadium , from November 20, 1987, through Jordan's 1998 retirement, the Bulls sold out every game, including their first few seasons at the United Center , where they play to this very day. "The North Siders always tended to look down on South Siders ... Part of being

12834-399: The financial crisis. Equity underwriting revenue ranged from 30% to 38%, and fixed-income underwriting accounted for the remaining revenue. Revenues have been affected by the introduction of new products with higher margins ; however, these innovations are often copied quickly by competing banks, pushing down trading margins. For example, brokerages commissions for bond and equity trading

12972-495: The financial crisis. Investment banks have become concerned that lenders are securitizing in-house, driving the investment banks to pursue vertical integration by becoming lenders, which has been allowed in the United States since the repeal of the Glass–Steagall Act in 1999. According to The Wall Street Journal , in terms of total M&A advisory fees for the whole of 2020, the top ten investment banks were as listed in

13110-613: The first European coach to become a head coach for a team in the NBA. In the 2023–24 season , the Mavericks and the Thunder each had eight international players on their roster. For six consecutive seasons from 2018–19 to 2023–24 , the league's MVP award has been given to an international player. In 2001, an affiliated minor league , the National Basketball Development League, now called

13248-489: The franchise to eleven NBA titles in thirteen seasons. Center Wilt Chamberlain entered the league with the Warriors in 1959 and became a dominant individual star of the 1960s, setting new single-game records in scoring ( 100 ) and rebounding (55). Russell's rivalry with Chamberlain became one of the greatest rivalries in the history of American team sports. The 1960s were dominated by the Celtics. Led by Russell, Cousy, and Auerbach, Boston won eight straight championships in

13386-494: The game, there was no collusion to fix the game. On alleged "star treatment" during Game 6 by the referees toward certain players, Beech claimed, "there does seem to be issues with different standards and allowances for different players." The NBA Board of Governors approved the request of the Seattle SuperSonics to move to Oklahoma City on April 18, 2008. The team, however, could not move until it had settled

13524-400: The general public. It was also the first publicly traded company , being the first company to be listed on an official stock exchange . Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings (IPOs) and secondary market offerings , brokerage , and mergers and acquisitions, and evolving into

13662-448: The highest paid player in the game, as some felt he should have. As both a basketball and baseball owner, Reinsdorf has been described by Time as a "cheapskate." As a baseball owner, he has a reputation as one of the most militant, anti-union, hard-line owners. Newsweek described him as "one of the hardest heads in the 1994 baseball strike ." In the baseball offseason between the 1992 and 1993 seasons, he completely abstained from

13800-442: The history of North American sports to win a championship in two different sports, and boosted the value of the franchise to over $ 300 million. Reinsdorf signed Jordan to a minor league contract with the White Sox after Jordan's announcement that he wanted to play baseball, a move many thought was solely due to Jordan's drawing power. Reinsdorf had tried to convince Jordan not to give up basketball, but had not attempted to make Jordan

13938-416: The hopes that these clients will execute suggested trade ideas through the sales and trading division of the bank, and thereby generate revenue for the firm. With MiFID II requiring sell-side research teams in banks to charge for research, the business model for research is increasingly becoming revenue-generating. External rankings of researchers are becoming increasingly important, and banks have started

14076-464: The largest crowd ever, 108,713. A referee lockout began on September 1, 2009, when the contract between the NBA and its referees expired. The first preseason games were played on October 1, 2009, and replacement referees from the WNBA and NBA Development League were used, the first time replacement referees had been used since the beginning of the 1995–96 season. The NBA and the regular referees reached

14214-638: The league at that time to 22. The franchises added were the San Antonio Spurs , Denver Nuggets , Indiana Pacers , and New York Nets (now the Brooklyn Nets). Some of the biggest stars of this era were Abdul-Jabbar, Barry, Dave Cowens , Erving, Elvin Hayes , Walt Frazier , Moses Malone , Artis Gilmore , George Gervin , Dan Issel , and Pete Maravich . The end of the decade, however, saw declining TV ratings, low attendance and drug-related player issues – both perceived and real – that threatened to derail

14352-647: The league faced a new external threat with the formation of the American Basketball Association (ABA). The leagues engaged in a bidding war. The NBA landed the most important college star of the era, Kareem Abdul-Jabbar (then known as Lew Alcindor), who went on to become the league's best player of the 1970s. However, the NBA's leading scorer, Rick Barry , jumped to the ABA, as did four veteran referees— Norm Drucker , Earl Strom , John Vanak, and Joe Gushue. In 1969, Alan Siegel , who oversaw

14490-508: The league reached its smallest size of eight franchises: the New York Knicks , Boston Celtics , Philadelphia Warriors , Minneapolis Lakers , Rochester Royals , Fort Wayne Pistons , Milwaukee Hawks , and Syracuse Nationals , all of which remain in the league today, although the latter six all did eventually relocate. The process of contraction saw the league's smaller-city franchises move to larger cities. The Hawks had shifted from

14628-525: The league stated it wished to re-sell the franchise as soon as possible. On March 24, 2010, it was reported that Reinsdorf was once again a possible buyer for the Phoenix Coyotes. Reinsdorf had been working out an arrangement to make the deal more feasible with the municipality of Glendale, Arizona . As late as August 2011, negotiations between Reinsdorf and the City of Glendale were still in process for

14766-512: The league's labor negotiator at a salary higher than Vincent's. By the early 1990s, Reinsdorf and acting Baseball commissioner (as well as Milwaukee Brewers owner) Bud Selig had assumed baseball's mantle of power from Atlanta Braves owner, Ted Turner , and New York Yankees owner, George Steinbrenner , who had in turn taken over the sport from Brooklyn/Los Angeles Dodgers owner Walter O'Malley , St. Louis Cardinals owner Gussie Busch , and Oakland Athletics owner Charlie O. Finley . In

14904-459: The league. The league added the ABA's three-point field goal beginning in 1979. That same year, rookies Larry Bird and Magic Johnson joined the Boston Celtics and Los Angeles Lakers respectively, initiating a period of significant growth of fan interest in the NBA. The two had faced each other in the 1979 NCAA Division I Basketball Championship Game , and they later played against each other in three NBA Finals (1984, 1985, and 1987). In

15042-571: The league. The NBA defines "international" players as those born outside the 50 United States and Washington, D.C. This means that: The beginning of the 2017–18 season saw a record 108 international players representing 42 countries marking 4 consecutive years of at least 100 international players and each team having at least one international player. In 2018, the Phoenix Suns hired Serbian coach Igor Kokoškov as their new head coach, replacing Canadian interim coach Jay Triano , making Kokoškov

15180-781: The major ice hockey arenas in the Northeastern and Midwestern United States and Canada. On November 1, 1946, in Toronto , Ontario, Canada, the Toronto Huskies hosted the New York Knickerbockers at Maple Leaf Gardens , in a game the NBA now refers to as the first game played in NBA history. The first basket was made by Ossie Schectman of the Knickerbockers. Although there had been earlier attempts at professional basketball leagues, including

15318-400: The majority of revenue (60+% in some years) brought in by "trading" which includes brokerage commissions and proprietary trading; the proprietary trading is estimated to provide a significant portion of this revenue. The United States generated 46% of global revenue in 2009, down from 56% in 1999. Europe (with Middle East and Africa ) generated about a third, while Asian countries generated

15456-573: The mayor of in the summer of 2023. Sports ownership Halls of Fame Other Lost 120 games. Joining the 1962 Mets as the worst franchises in modern history. Reinsdorf has been involved in Chicago Mayor Richard M. Daley 's initiative to improve standardized test scores in the 559 Chicago Public Schools . He has been involved in other extensive charitable work including those of CharitaBulls and White Sox Charities. His philanthropy and community development have been notable in

15594-679: The most influential basketball owners. He has been influential in instituting the salary cap and revenue sharing . On April 4, 2016, Reinsdorf was elected to the Naismith Memorial Basketball Hall of Fame as a contributor. In 2024, Reinsdorf's White Sox lost a modern MLB record 121 games, which led to recently increased criticism of Reinsdorf. Reinsdorf was born to a Jewish family in Brooklyn, New York . He attended Erasmus Hall High School in Brooklyn, and

15732-562: The only non-white player in league history prior to the first African-American, Harold Hunter , signing with the Washington Capitols in 1950. Hunter was cut from the team during training camp, but several African-American players did play in the league later that year, including Chuck Cooper with the Celtics, Nathaniel "Sweetwater" Clifton with the Knicks, and Earl Lloyd with the Washington Capitols . During this period,

15870-562: The open market, a highly regulated process by the SEC to ensure transparency is provided to investors. Therefore, investment bankers play a very important role in issuing new security offerings. Front office is generally described as a revenue -generating role. There are two main areas within front office: investment banking and markets. Corporate finance is the aspect of investment banks which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions (M&A); transactions in which capital

16008-435: The past two seasons and that he made calls affecting the point spread in those games. On August 15, 2007, Donaghy pleaded guilty to two federal charges related to the investigation . Donaghy claimed in 2008 that certain referees were friendly with players and "company men" for the NBA, and he alleged that referees influenced the outcome of certain playoff and finals games in 2002 and 2005. NBA commissioner David Stern denied

16146-554: The position, and was succeeded by his deputy, Adam Silver . After four seasons with the Miami Heat, LeBron James returned to the Cleveland Cavaliers for the 2014–15 season. He led the team to their second Finals appearance with the help of Kyrie Irving and Kevin Love . The Golden State Warriors defeated the Cavaliers in six games, led by the " Splash Brothers " Stephen Curry and Klay Thompson . The Cavaliers and

16284-533: The previous supplier, Adidas . All teams will wear jerseys with the Nike logo except the Charlotte Hornets , whose jerseys will instead have the Jumpman logo associated with longtime Nike endorser Michael Jordan , who owns the Hornets. The Federal Bureau of Investigation (FBI) began an investigation on July 19, 2007, over allegations that veteran NBA referee Tim Donaghy bet on basketball games he officiated over

16422-477: The process of monetizing research publications, client interaction times, meetings with clients etc. There is a potential conflict of interest between the investment bank and its analysis, in that published analysis can impact the performance of a security (in the secondary markets or an initial public offering) or influence the relationship between the banker and its corporate clients, and vice versa regarding material non-public information (MNPI), thereby affecting

16560-478: The provision of advice to institutions that buy investment services. Private equity funds, mutual funds , life insurance companies, unit trusts , and hedge funds are the most common types of buy-side entities . An investment bank can also be split into private and public functions with a screen separating the two to prevent information from crossing. The private areas of the bank deal with private insider information that may not be publicly disclosed, while

16698-408: The public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulation. The Dutch East India Company was the first company to issue bonds and shares of stock to

16836-686: The purchase of the Coyotes. However, in 2013, the Coyotes were sold to IceArizona, a group of investors that did not include Reinsdorf. The Coyotes would later rebrand themselves as the Arizona Coyotes in order to expand their reach to the greater Arizona region in 2014, though they would ultimately relocate to nearby Utah to become the Utah Hockey Club and potentially disband the franchise entirely after failed attempts to succeed with multiple new owners since then in 2024. Reinsdorf

16974-498: The remaining 21%. The industry is heavily concentrated in a small number of major financial centers, including New York City , City of London , Frankfurt , Hong Kong , Singapore , and Tokyo . The majority of the world's largest Bulge Bracket investment banks and their investment managers are headquartered in New York and are also important participants in other financial centers. The city of London has historically served as

17112-708: The table below. Many of these firms belong either to the Bulge Bracket (upper tier), Middle Market (mid-level businesses), or are elite boutique investment banks (independent advisory investment banks). The above list is just a ranking of the advisory arm (M&A advisory, syndicated loans, equity capital markets, and debt capital markets) of each bank and does not include the generally much larger portion of revenues from sales & trading and asset management . Mergers and acquisitions and capital markets are also often covered by The Wall Street Journal and Bloomberg . The financial crisis of 2007–2008 led to

17250-449: The team in 1972. Reinsdorf purchased the team from an ownership group that included Lamar Hunt , George Steinbrenner , Walter Shorenstein , Jonathan Kovler, Lester Crown , Philip Klutznick , and the estate of Arthur Wirtz , and he held a $ 9.2 million controlling interest in the team. Reinsdorf's share of 56.8% of the team was purchased from Klutznick, Steinbrenner, Shorenstein and the estate of Wirtz. His purchase ended an era in which

17388-607: The team was broken up. Forbes describes the scenario as an example of owner greed. Many note that Phil Jackson's decision not to return as coach and Jordan's retirement during the 1998–99 NBA season lockout impacted the decisions of several players on whether to return to Chicago. While Reinsdorf had held out hope that he could convince Jackson and Jordan to return and thus had introduced Tim Floyd as President of Chicago Bulls Basketball Operations instead of head coach , according to film footage from documentary series The Last Dance , Krause had made it clear to Jackson that he

17526-460: The team, the team's popularity and on-court success rapidly improved. The Bulls drafted Horace Grant and Scottie Pippen and traded for Bill Cartwright to join John Paxson and Michael Jordan under the tutelage of head coach Doug Collins . In 1989, the franchise promoted then-Bulls assistant coach Phil Jackson to be Collins's replacement at the team's helm. Jackson would prove to be

17664-614: The technology team, who are also responsible for technical support . Technology has changed considerably in the last few years as more sales and trading desks are using electronic processing. Some trades are initiated by complex algorithms for hedging purposes. Firms are responsible for compliance with local and foreign government regulations and internal regulations. The investment banking industry can be broken up into Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses) categories. There are various trade associations throughout

17802-448: The time of the testimony, none were playing in the NBA. After the Spurs won the championship again in 2005 , the 2006 Finals featured two franchises making their inaugural Finals appearances. The Miami Heat , led by their star shooting guard, Dwyane Wade , and Shaquille O'Neal, who had been traded from the Lakers during the summer of 2004, won the series over the Dallas Mavericks . The Lakers/Spurs dominance continued in 2007 with

17940-479: The time owned the White Sox. In 1964, he went into private practice. He developed a specialty in real estate partnership tax shelters . He sold his business interests in the real estate partnership in 1973 and formed Balcor, which raised US$ 650 million to invest in buildings under construction. He sold Balcor in 1982 for $ 102 million to Shearson Lehman Brothers , the investment banking and brokerage arm of American Express . However, he continued to be President of

18078-465: The trading cap — that are independent of client needs, even though these groups may be responsible for deal approval that directly affects capital market activities. Similarly, the Internal corporate strategy group, tackling firm management and profit strategy, unlike corporate strategy groups that advise clients, is non-revenue regenerating yet a key functional role within investment banks. This list

18216-420: The uneven talent distribution between the conferences and the cord-cutting of younger viewers as the main reason for the decline. During the 2020–21 and 2021–22 seasons, the Milwaukee Bucks would defeat the Phoenix Suns in the 2021 NBA Finals , securing their second NBA championship since 1971, and the Golden State Warriors made their sixth appearance in the finals defeating the Boston Celtics in

18354-408: The way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way structurers create new products. Banks also undertake risk through proprietary trading , performed by a special set of traders who do not interface with clients and through "principal risk"—risk undertaken by

18492-605: The whole range of asset types. (In distinction, trades negotiated by market-makers usually bear standard terms; in market making , traders will buy and sell financial products with the goal of making money on each trade. See under trading desk .) Structuring has been a relatively recent activity as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities, so-called "yield enhancement". In 2010, investment banks came under pressure as

18630-689: The world which represent the industry in lobbying , facilitate industry standards, and publish statistics. The International Council of Securities Associations (ICSA) is a global group of trade associations. In the United States, the Securities Industry and Financial Markets Association (SIFMA) is likely the most significant; however, several of the large investment banks are members of the American Bankers Association Securities Association (ABASA), while small investment banks are members of

18768-594: Was born in Denver, Colorado, the daughter of Milton and Vivette Rifkin (née Ravel); the Rifkin family moved to Chicago in 1944, and Martyl attended Morgan Park High School . Their union resulted in four children, Susan, David, Michael, and Jonathan. National Basketball Association The National Basketball Association ( NBA ) is a professional basketball league in North America composed of 30 teams (29 in

18906-592: Was elected to the Naismith Memorial Basketball Hall of Fame , while 11 of the 12 players (along with three out of four coaches) have been inducted as individuals in their own right. In 1995, the NBA expanded to Canada with the addition of the Vancouver Grizzlies and the Toronto Raptors . In 1996, the NBA created a women's league, the Women's National Basketball Association (WNBA). In 1998,

19044-554: Was not wanted back. Reinsdorf was one of two bidders for the Phoenix Coyotes that would commit to not relocating the team. On July 29, 2009, Reinsdorf and his group were approved for ownership of the Coyotes for $ 148 million. In August 2009, it was reported that Jerry Reinsdorf & Ice Edge LLC had dropped its bid for the Coyotes, leaving only Balsillie and the NHL as bidders for the team. The NHL bid ultimately prevailed, however

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