Nittany Mall is an enclosed regional shopping mall in College Township , Centre County , Pennsylvania , serving the State College area . It is located at the intersections of Route 150 and Route 26 , one mile off the I-99 corridor. It is uniquely situated within four miles of the Pennsylvania State University , allowing the mall to attract both area residents as well as college students. Current anchor stores are Dunham's Sports , Gabe's and Rural King .
64-468: The Nittany Mall was developed by Crown American and officially opened in January 1968. The mall originally had just two anchors , Grants and Penn Traffic , and approximately 30 smaller stores. Its first expansion in 1970 included the addition of a Sears store, which was relocated from downtown State College, and over a dozen other smaller stores. The new Sears included 45 merchandise departments and
128-432: A Private Wealth Management division along with a fixed income division in 1972. It pioneered the " white knight " strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival, Morgan Stanley . John Weinberg , the son of Sidney Weinberg, and John C. Whitehead assumed the roles of co-senior partners in 1976, once again emphasizing
192-438: A direct bank . In October 2016, Goldman Sachs Bank USA started offering no-fee unsecured personal loans under the brand Marcus by Goldman Sachs. In March 2016, Goldman Sachs agreed to acquire financial technology startup Honest Dollar , a digital retirement savings tool founded by American entrepreneur Whurley , focused on helping small-business employees and self-employed workers obtain affordable retirement plans. Terms of
256-995: A $ 10 billion investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program , a financial bailout created by the Emergency Economic Stabilization Act of 2008 . The investment was made in November 2008 and was repaid with interest in June 2009. During the 2007 subprime mortgage crisis , Goldman profited from the collapse in subprime mortgage bonds in summer 2007 by short-selling subprime mortgage-backed securities . Two Goldman traders, Michael Swenson and Josh Birnbaum , are credited with being responsible for
320-531: A 10-bay automotive center. After the closing of the Grants chain in 1976, Gee Bee took over the space. Penn Traffic, one of the mall's original anchors, was sold to developer and Hess's department store chain owner Crown American in 1982 who rebranded the stores as Hess's. The expansion and renovation of the Nittany Mall in 1989-1990 included the addition of a fourth anchor, JCPenney . Also at this time,
384-483: A fee-based financial counseling service. In October 2003, in its Global Economics Paper No. 99 (Dreaming With BRICs: The Path to 2050), researchers at Goldman Sachs led by Jim O'Neill, Baron O'Neill of Gatley introduced the BRIC concept, identifying the developing countries of Brazil , Russia , India , and China , as rising economic powers . In May 2006, Paulson left the firm to serve as United States Secretary of
448-464: A net profit due to significant losses on non-prime securitized loans being offset by gains on short mortgage positions. The firm's viability was called into question as the crisis intensified in September 2008. In October 2007, Goldman Sachs was criticized for packaging risky mortgages and selling them to the public as safe investments. In 2007, former Goldman Sachs trader Matthew Marshall Taylor
512-400: A reversal of the sentiment in 2006. In 2011, Goldman took full control of JBWere in a $ 1 billion (~$ 1.34 billion in 2023) buyout. In September 2011, Goldman Sachs announced that it was shutting down Global Alpha Fund LP, its largest hedge fund, which had been housed under Goldman Sachs Asset Management (GSAM). Global Alpha, which was created in the mid-1990s with $ 10 million,
576-400: A total of $ 193 billion. Goldman Sachs's borrowings totaled $ 782 billion in hundreds of revolving transactions over these months. The loans were fully repaid in accordance with the terms of the facilities. In 2008, Goldman Sachs started a "Returnship" internship program after research and consulting with other firms led them to understand that career breaks happen and that returning to
640-598: A trial, Justice Vivien Rose entered a judgment in Goldman Sachs's favor, saying that the relationship "did not go beyond the normal cordial and mutually beneficial relationship that grows up between a bank and a client" and that Goldman's fees were not excessive. In August 2015, Goldman Sachs agreed to acquire General Electric 's GE Capital Bank on-line deposit platform, including US$ 8-billion of on-line deposits and another US$ 8-billion of brokered certificates of deposit. In April 2016, Goldman Sachs launched GS Bank,
704-507: Is a market maker for many types of financial products and provides clearing and custodian bank services. It operates private-equity funds and hedge funds . It structures complex and tailor-made financial products. It also owns Goldman Sachs Bank USA, a direct bank . It trades both on behalf of its clients ( flow trading ) and for its own account ( proprietary trading ). The company invests in and arranges financing for startups, and in many cases gets additional business as bookrunner when
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#1732780547698768-609: Is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City , with regional headquarters in many international financial centers. Goldman Sachs is the second-largest investment bank in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue. In
832-737: Is credited with Goldman's famous philosophy of being "long-term greedy," which implied that as long as money is made over the long term, short-term losses are bearable. At the same time, partners reinvested nearly all of their earnings in the firm. Weinberg remained a senior partner of the firm and died in July of that year. Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $ 80 million (~$ 484 million in 2023) in commercial paper outstanding, most of it issued through Goldman Sachs. The bankruptcy
896-400: The 2007–2008 financial crisis and the possible shift of the company's earnings to tax havens . Additional protests occurred in 2016 when the initial public offering of the company resulted in a windfall profit for Goldman. Goldman purchased the 18% stake in 2014 for 8 billion kroner and sold just over a 6% stake in 2017 for 6.5 billion kroner. Goldman sold its remaining stake in
960-564: The 2007–2008 financial crisis , the Federal Reserve introduced several short-term credit and liquidity facilities to help stabilize markets. Some of the transactions under these facilities provided liquidity to institutions whose disorderly failure could have severely stressed an already fragile financial system. Goldman Sachs was one of the heaviest users of these loan facilities, taking out many loans between March 18, 2008, and April 22, 2009. The Primary Dealer Credit Facility (PDCF),
1024-607: The Apple Card , the bank's first credit card offering. The partnership opportunity had been turned down by other banks including Barclays , Citigroup , JPMorgan Chase and Synchrony Financial . In March 2019, Goldman Sachs was fined £34.4 million by the London regulator for misreporting millions of transactions over a decade. In December 2019, the company pledged to invest and finance $ 750 billion in climate transition projects and to stop financing oil exploration in
1088-640: The Archon Group , which assumed responsibility for their management. Frank Pasquerilla died from a stroke in 1999. His son, Mark E. Pasquerilla, serves as chairman of Crown American Hotels. Mark Pasquerilla joined the company in 1981 and was named president in 1990. He is a graduate of the University of Notre Dame , completed a master of science degree in international relations at the London School of Economics , and studied international affairs at
1152-475: The Arctic and some projects related to coal. In June 2020, Goldman Sachs introduced a new corporate typeface, Goldman Sans, and made it freely available. After Internet users discovered that the terms of the license prohibited the disparagement of Goldman Sachs, the bank was much mocked and disparaged in its own font, until it eventually changed the license to the standard SIL Open Font License . Goldman Sachs
1216-600: The Forbes Global 2000 of 2024, Goldman Sachs ranked 23rd. It is considered a systemically important financial institution by the Financial Stability Board . Goldman Sachs offers services in investment banking (advisory for mergers and acquisitions and restructuring ), securities underwriting , prime brokerage , asset management as well as wealth management and investment management via Goldman Sachs Personal Financial Management . It
1280-606: The London and Tokyo stock exchanges , where its mergers and acquisitions grew. During the 1980s, the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount bond . In 1988, it helped the State Bank of India obtain a credit rating and issue US$ 200 million in the US commercial paper market. Robert Rubin and Stephen Friedman assumed
1344-486: The U.S. Treasury in October 2008, as part of the Troubled Asset Relief Program (TARP). Andrew Cuomo , then New York Attorney General , questioned Goldman's decision to pay 953 employees bonuses of at least $ 1 million (~$ 1.39 million in 2023) each after it received TARP funds in 2008. In that same period, however, CEO Lloyd Blankfein and six other senior executives opted to forgo bonuses, stating they believed it
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#17327805476981408-623: The University of Cologne . Michael Barletta is president and chief executive officer . Crown American has owned a total of 30 shopping malls during its history. When they merged with PREIT in 2003, they owned 26 malls, and were partners in one other. Crown American also owned a ground lease for an anchor pad at the Westgate Mall in Bethlehem, Pennsylvania , though they did not own the mall itself. Archon Group The Goldman Sachs Group, Inc. ( / s æ k s / SAKS )
1472-582: The World Bank . In 2000, Goldman Sachs advised Jim and Janet Baker on the sale of Dragon NaturallySpeaking to Lernout & Hauspie of Belgium for $ 580 million in L&;H stock. L&H later collapsed due to accounting fraud and its stock price declined significantly. The Bakers filed a lawsuit against Goldman Sachs, alleging negligence, intentional and negligent misrepresentation, and breach of fiduciary duty since Goldman did not uncover and warn Dragon or
1536-566: The dissolution of the Soviet Union , the firm also became involved in facilitating the global privatization movement by advising companies that were spinning off from their parent governments. In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds . In the same year, the firm also underwrote the IPO of Microsoft , advised General Electric on its acquisition of RCA , and joined
1600-598: The $ 2.913 billion (~$ 3.76 billion in 2023) Grand Parkway System Toll Revenue Bond offering for the Houston, Texas area, one of the fastest-growing areas in the United States. The bond will be repaid from toll revenue. In April 2013, together with Deutsche Bank , Goldman led a $ 17 billion bond offering by Apple Inc. , the largest corporate-bond deal in history and Apple's first since 1996. Goldman Sachs managed both of Apple's previous bond offerings in
1664-653: The 1990s. In June 2013, Goldman Sachs purchased the loan portfolio from Brisbane-based Suncorp Group , one of Australia's largest banks and insurance companies. The A$ 1.6 billion face amount loan portfolio was purchased for A$ 960 million. In September 2013, Goldman Sachs Asset Management agreed to acquire the stable value business of Deutsche Asset & Wealth Management, with total assets under supervision of $ 21.6 billion (~$ 27.9 billion in 2023) as of June 30, 2013 . In 2014, Goldman Sachs acquired an 18% stake in DONG Energy (now Ørsted A/S ),
1728-584: The Bakers of the accounting problems of the acquirer, L&H. Lawyers for Goldman said it was not Goldman's job to uncover the accounting fraud. On January 23, 2013, a federal jury rejected the Bakers' claims and found Goldman Sachs not liable to the Bakers, instead siding with Goldman in counterclaims. In March 2003, the firm took a 45% stake in a joint venture with JBWere , the Australian investment bank. In April 2003, Goldman acquired The Ayco Company L.P.,
1792-481: The IPO, Henry Paulson became chairman and chief executive officer, succeeding Jon Corzine. In September 2000, Goldman Sachs purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $ 6.3 billion (~$ 10.6 billion in 2023). In January 2000, Goldman, along with Lehman Brothers , was the lead manager for the first internet bond offering for
1856-568: The Sears store was expanded and relocated to a new east section of the mall while the Sears automotive center was moved to a separate location in the mall and eventually moved again to a new standalone building on the property. In 1992, Gee Bee was converted to Value City after that company acquired the Gee Bee stores chain. Hess's continued to operate at the mall until 1994 when it was sold to Bon-Ton Stores . Value City operated until 1997 when it
1920-474: The Treasury , and Lloyd Blankfein was promoted to chairman and chief executive officer. In January 2007, Goldman, along with CanWest Global Communications , acquired Alliance Atlantis , the company with the broadcast rights to the CSI franchise . As a result of its involvement in securitization during the subprime mortgage crisis , Goldman Sachs suffered during the 2007–2008 financial crisis , and it received
1984-401: The United States that year. The JCPenney store was replaced by a Dunham's Sports , one of the nation's largest sporting goods chains, in 2016. In November 2017, Sears announced it would be closing 63 more of its stores including the Nittany Mall location. The Sears store closed in January 2018 but the automotive center remained open for three more years. In April 2018, it was announced that
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2048-476: The co-leadership at the firm. One of their initiatives was the establishment of 14 business principles. On November 16, 1981, the firm acquired J. Aron & Company, a commodities trading firm that merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. J. Aron was involved in the coffee and gold markets, and the former CEO of Goldman, Lloyd Blankfein , joined
2112-733: The co-senior partnership in 1990 and pledged to focus on globalization of the firm to strengthen the merger & acquisition and trading business lines. In 1990, the firm introduced paperless trading to the New York Stock Exchange. Rubin left the firm in 1992 to work in the Presidency of Bill Clinton . In 1994, the company launched the Goldman Sachs Commodity Index (GSCI) and opened its first office in China in Beijing . That same year, Jon Corzine became CEO, following
2176-489: The companies launch initial public offerings . In 1869, Goldman Sachs was founded by Marcus Goldman in New York City in a one-room basement office next to a coal chute. In 1882, Goldman's son-in-law Samuel Sachs joined the firm. In 1885, Goldman's son, Henry Goldman , and his son-in-law, Ludwig Dreyfuss, joined the business and the firm adopted its present name, Goldman Sachs & Co. The company pioneered
2240-501: The company's hospitality businesses. At its peak, Crown American operated 30 shopping malls, the Hess's department store chain (with 73 locations), and 20 hotels and motels. In 2003, the shopping mall development and management unit, Crown American Realty Trust, was sold to * PREIT . The hospitality unit, Crown American Hotels, was retained. In 2005, 22 of the company's 26 hotels were acquired by W2001 Eastern Hotel Realty, an affiliate of
2304-716: The deal were not disclosed. In May 2017, Goldman Sachs purchased $ 2.8 billion (~$ 3.42 billion in 2023) of PDVSA 2022 bonds from the Central Bank of Venezuela during the 2017 Venezuelan protests . In April 2018, Goldman Sachs acquired Clarity Money, a personal finance startup. On September 10, 2018, Goldman Sachs acquired Boyd Corporation from Genstar Capital for $ 3 billion (~$ 3.59 billion in 2023). On May 16, 2019, Goldman Sachs acquired United Capital Financial Advisers, LLC for $ 750 million (~$ 882 million in 2023). In March 2019, Apple, Inc. announced that it would partner with Goldman Sachs to launch
2368-569: The entire Bon-Ton stores chain would be closing as the company failed to find a suitable buyer. The Sears and Bon-Ton closures left the mall with just two anchors (Dunham's Sports and Macy's) for the first time since 1970. On January 6, 2020, it was announced that the Macy's store would be closing in March 2020. In March 2021, Rural King department store opened in the former Sears space. A few months later in June 2021, Gabe's department store opened in
2432-404: The firm as a result of this merger. In 1983, the firm moved into a newly constructed global headquarters at 85 Broad Street and occupied that building until it moved to its current headquarters in 2009. In 1985, it underwrote the public offering of the real estate investment trust that owned Rockefeller Center , then the largest REIT offering in history. In accordance with the beginning of
2496-565: The firm as a securities trader, where two powers fought for supremacy, one from investment banking and one from securities trading. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence, the firm formed an investment banking division in 1956 in an attempt to shift focus off Weinberg. In 1957, the company's headquarters were relocated to 20 Broad Street , New York City. In 1969, Levy took over Weinberg's role as Senior Partner and built Goldman's trading franchise once again. Levy
2560-574: The firm due to his pro-German stance, Henry Goldman resigned. The Sachs family gained full control of the firm until Waddill Catchings joined the company in 1918. By 1928, Catchings was the Goldman partner with the single largest stake in the firm. In 1919, the company acquired a major interest in Merck & Co. and in 1922, it acquired a major interest in General Foods . On December 4, 1928,
2624-756: The firm launched the Goldman Sachs Trading Corp.Ad, a closed-end fund . The fund failed during the Wall Street Crash of 1929 , amid accusations that Goldman had engaged in share price manipulation and insider trading . In 1930, during the Great Depression , the firm ousted Catchings, and Sidney Weinberg assumed the role of senior partner. Weinberg shifted Goldman's focus away from trading and toward investment banking . His actions helped to restore some of Goldman's tarnished reputation. Under Weinberg's leadership, Goldman
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2688-433: The firm's large profits during the crisis. The pair, members of Goldman's structured products group in New York City , made a profit of $ 4 billion by "betting" on a collapse in the subprime market and shorting mortgage-related securities. By summer 2007, they persuaded colleagues to see their point of view and convinced skeptical risk management executives. The firm initially avoided large subprime write-downs and achieved
2752-404: The first Fed facility ever to provide overnight loans to investment banks, loaned Goldman Sachs a total of $ 589 billion against collateral such as corporate market instruments and mortgage-backed securities . The Term Securities Lending Facility (TSLF), which allows primary dealers to borrow liquid Treasury securities for one month in exchange for less liquid collateral, loaned Goldman Sachs
2816-460: The former Bon-Ton location. Construction of a Bally's mini-casino, which had been expected to open at the former Macy's site in 2022, has been delayed due to ongoing petition hearings. Crown American Crown American is a privately held American company that manages and develops commercial real estate . The corporate headquarters is in downtown Johnstown, Pennsylvania , in a building designed by architect Michael Graves . The company
2880-693: The largest electric utility in Denmark, from the Danish government after the company needed fresh capital but was unable to attract state funding. The sale led to protests by the public in Copenhagen and led to the resignation of six cabinet ministers and the withdrawal of the Socialist People's Party from Prime Minister Helle Thorning-Schmidt 's leftist governing coalition. Protesters were wary of Goldman having an ownership stake due to its role in
2944-404: The last two major investment banks in the United States, both confirmed that they would become traditional bank holding companies . The Federal Reserve's approval of their bid to become banks ended the business model of an independent securities firm, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers into bankruptcy and led to
3008-543: The partners, the company became a public company via an initial public offering in May 1999. Goldman sold 12.6% of the company to the public, and after the IPO, 48.3% of the company was held by 221 former partners, 21.2% of the company was held by non-partner employees, and the remaining 17.9% was held by retired Goldman partners and two long-time investors, Sumitomo Bank Ltd. and Assn, the investing arm of Kamehameha Schools . The shares were priced at $ 53 each at listing. After
3072-602: The retirement of Friedman as general partner. Rubin had drawn criticism in Congress for using a Treasury Department account under his personal control to distribute $ 20 billion to bail out Mexican bonds, of which Goldman was a key distributor. On November 22, 1994, the Mexican Bolsa stock market admitted Goldman Sachs and one other firm to operate on that market. In 1994, the Mexican peso crisis threatened to wipe out
3136-430: The rushed sale of Merrill Lynch to Bank of America On September 23, 2008, Berkshire Hathaway agreed to purchase $ 5 billion in Goldman's preferred stock, and also received warrants to buy another $ 5 billion in Goldman's common stock within five years. The company also raised $ 5 billion via a public offering of shares at $ 123 per share. Goldman also received a $ 10 billion preferred stock investment from
3200-749: The same case in other countries, Goldman Sachs agreed in October of the same year to pay more than $ 2.9 billion, with over $ 2 billion going to fines imposed in the US. Effective July 1, 2020, the firm no longer manages initial public offerings of a company without "at least one diverse board candidate, with a focus on women" in the U.S. and in Europe. In August 2021, Goldman Sachs announced that it had agreed to acquire NN Investment Partners , which had US$ 335 billion in assets under management , for €1.7 billion from NN Group . In September 2021, Goldman Sachs announced to acquire GreenSky for about $ 2.24 billion (~$ 2.48 billion in 2023) and completed
3264-815: The use of commercial paper for entrepreneurs and joined the New York Stock Exchange (NYSE) in 1896. By 1898, the firm's capital stood at $ 1.6 million. It opened offices in Boston and Chicago in 1900, San Francisco in 1918, and Philadelphia and St. Louis in 1920. Goldman entered the initial public offering market in 1906 when it took Sears, Roebuck and Company public. The deal was facilitated by Henry Goldman's personal friendship with Julius Rosenwald , an owner of Sears. Other underwriting work for initial public offerings followed, including those of General Cigar Company also in 1906, F. W. Woolworth Company in 1912, and Continental Can . The firm
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#17327805476983328-612: The utility in 2017. In January 2014, the Libyan Investment Authority (LIA) filed a lawsuit against Goldman for $ 1 billion after the firm lost 98% of the $ 1.3 billion the LIA invested with Goldman in 2007. The losses stemmed from derivatives trades that earned Goldman $ 350 million in fees. In court documents, Goldman admitted to having used small gifts, occasional travel and an internship to gain access to Libya's sovereign wealth fund. In October 2016, after
3392-591: The value of Mexico's bonds held by Goldman Sachs. In 1994, Goldman financed Rockefeller Center in a deal that allowed it to take an ownership interest in 1996, and sold Rockefeller Center to Tishman Speyer in 2000. In April 1996, Goldman was the lead underwriter of the initial public offering of Yahoo! . In 1998, it was the co-lead manager of the ¥2 trillion (yen) NTT DoCoMo IPO. In 1999, Goldman acquired Hull Trading Company for $ 531 million (~$ 913 million in 2023), as part of its shift towards electronic trading . After decades of debate among
3456-460: The workforce was difficult, especially for women. The goal of the Returnship program was to offer a chance at temporary employment for workers. Goldman Sachs holds the trademark for the term 'Returnship'. According to a 2009 BrandAsset Valuator survey taken of 17,000 people nationwide, the firm's reputation suffered in 2008 and 2009, and rival Morgan Stanley was respected more than Goldman Sachs,
3520-408: Was an innovator at establishing the price–earnings ratio , instead of book value , as a method for valuing companies, and was therefore able to raise funds for retailers and companies with few hard assets. In 1912, Henry S. Bowers became the first non-member of the founding family to become a partner of the company and share in its profits. In 1917, under growing pressure from the other partners in
3584-409: Was closed and razed to make room for a new Kaufmann's department store. The May Department Stores Company , which owned Kaufmann's, was sold to Federated Department Stores in 2005. Federated proceeded to convert various May properties to Macy's , including the Nittany Mall store, in 2006. The JCPenney store remained at the mall until 2015 when JCPenney announced plans to close 39 of its stores in
3648-449: Was described by The Wall Street Journal as a "big, secretive hedge fund"—the "Cadillac of a fleet of alternative investments" that had made millions for Goldman Sachs by 2006. By mid-2008, assets under management (AUM) of the fund had declined to $ 2.5 billion, by June 2011, AUM was less than $ 1.7 billion, and by September 2011, after suffering losses that year, AUM was approximately $ 1 billion. In 2013, Goldman underwrote
3712-548: Was embroiled in the 1Malaysia Development Berhad scandal , related to Malaysia's sovereign wealth fund , 1Malaysia Development Berhad (1MDB). The bank paid a fine of $ 2.9 billion under the Foreign Corrupt Practices Act , the largest such fine to date. In July 2020, Goldman Sachs agreed on a $ 3.9 billion settlement in Malaysia for criminal charges related to the 1MDB scandal. For charges brought for
3776-532: Was fired after hiding an $ 8.3 billion unauthorized trade involving derivatives on the S&;P 500 index by making "multiple false entries" into a Goldman trading system, with the objective of protecting his year-end bonus of $ 1.5 million. The trades cost the company $ 118 million. In 2013, Taylor plead guilty to charges and was sentenced to 9 months in prison and was ordered to repay the $ 118 million loss. On September 21, 2008, Goldman Sachs and Morgan Stanley,
3840-531: Was founded in 1950 as Crown Construction . Frank J. Pasquerilla, who joined less than a year later, became president in 1956 and sole owner in 1961. The company's name was changed to Crown American in 1972 and in 1979, it acquired the Hess's department store chain. In 1993, the company split into two entities. The shopping mall portion of the company became a publicly held real estate investment trust , Crown American Realty Trust, and Crown American Hotels controlled
3904-455: Was large, and the resulting lawsuits, notably by the SEC , threatened the partnership capital, survival, and reputation of the firm. It was this bankruptcy that resulted in credit ratings for every issuer of commercial paper today by several credit rating services. Under the direction of Senior Partner Stanley R. Miller, the firm opened its first international office in London in 1970 and created
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#17327805476983968-405: Was once "one of the biggest and best performing hedge funds in the world" with more than $ 12 billion assets under management (AUM) at its peak in 2007. Global Alpha used quantitative analysis and computer-driven models to invest, using high-frequency trading . It was founded by Cliff Asness and Mark Carhart , who developed the statistical models on which the trading was based. Global Alpha
4032-414: Was the lead advisor on the $ 657 million initial public offering of Ford Motor Company in 1956, a major victory at the time, as well as the $ 350 million debenture offering by Sears Roebuck in 1958. Under Weinberg's leadership, the firm started an investment research division and a municipal bond department, and it became an early innovator in risk arbitrage . In the 1950s, Gus Levy joined
4096-803: Was the right thing to do, in light of "the fact that we are part of an industry that's directly associated with the ongoing economic distress". Cuomo called the move "appropriate and prudent", and urged the executives of other banks to follow the firm's lead and refuse bonus payments. In June 2009, Goldman Sachs repaid the U.S. Treasury's TARP investment, with 23% interest (in the form of $ 318 million in preferred dividend payments and $ 1.418 billion in warrant redemptions). On March 18, 2011, Goldman Sachs received Federal Reserve approval to buy back Berkshire's preferred stock in Goldman. In December 2009, Goldman announced that its top 30 executives would be paid year-end bonuses in restricted stock that they cannot sell for five years, with clawback provisions. During
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