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69-711: The Battery Park City Ferry Terminal , is a passenger ferry terminal in Battery Park City , Manhattan , serving ferries along the Hudson River in New York City and northeastern New Jersey . It provides slips to ferries, water taxis , and sightseeing boats in the Port of New York and New Jersey . The floating dock is moored at the foot of Vesey Street , consisting of four bow-loading slips and two side loading points to serve an additional slip. The mono-hull structure

138-432: 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

207-438: 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

276-464: 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 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

345-945: 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

414-672: 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 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

483-479: 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

552-459: 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

621-400: 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,

690-772: A shopping center and office building complex formerly known as the World Financial Center . NYC Ferry uses the terminal for its St. George route, referring to it as Battery Park City / Vesey St . Regular ferry service between lower Manhattan and the Village of Communipaw (in today's Jersey City ) dates back to at least 1661 with the founding of the Communipaw ferry during the Dutch colonial period . The Jersey City Ferry began service in July 1764 between Paulus Hook to Mesier's dock, which

759-412: A single, large passenger terminal to service multiple docks, while others have multiple terminal buildings, each servicing a dock or wharf, so that passengers can board vessels directly from the terminal. Goldman Sachs The Goldman Sachs Group, Inc. ( / s æ k s / SAKS ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs

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828-400: 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

897-591: 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,

966-494: A week. Goldman Sachs commissions two ferries to run between the terminal and Paulus Hook Ferry Terminal , connecting its offices in Battery Park City and Jersey City, with service beginning February 19, 2013. York and Jersey are operated by NY Waterway , flying the flag of the ferry service but not bearing its name or logo. The ferries are available to both employees and the general public since, by law, ferries utilizing

1035-672: 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

1104-609: 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 the Forbes Global 2000 of 2024, Goldman Sachs ranked 23rd. It is considered a systemically important financial institution by

1173-503: Is the largest of its type in the world, covering 0.75 acres (0.30 ha) acres, its two towers anchored to bedrock 75 feet (23 m) below the water's surface. The terminal is primarily served by commuter ferries operated by NY Waterway , which refers to the terminal as Brookfield Place / Battery Park City , Seastreak , which refers to it as Brookfield Place , and Liberty Landing Ferry , which refers to it as Brookfield Place Terminal . Each of these names refer to Brookfield Place ,

1242-400: 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

1311-557: 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),

1380-597: 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

1449-471: 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

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1518-657: 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 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,

1587-593: 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

1656-516: The Raritan Bayshore . New York City Transit bus routes M9 and M20 stop on the nearby corner of Vesey Street and North End Avenue. There is a free connecting bus to the South Amboy terminal that travels through South Amboy and Sayreville . Ferry terminal Passenger terminals may vary greatly in size. A small ferry terminal servicing a commuter ferry may just have the means to tie up

1725-481: 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

1794-464: The United Kingdom and continental Europe, also have customs and immigration inspection facilities and security control areas similar to an international airport. Historically, the largest passenger terminals were located in major coastal cities servicing large ocean liners . With the demise of most ocean liners in the later half of the 20th century and the rise of cruise ship tourism in its stead,

1863-562: 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

1932-572: 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

2001-557: 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

2070-426: 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 was an innovator at establishing

2139-479: 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 the firm due to his pro-German stance, Henry Goldman resigned. The Sachs family gained full control of

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2208-586: 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

2277-647: 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 ),

2346-574: 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.,

2415-704: The Hudson River. A ferry slip opened at Battery Park City on October 16, 1989 with the intentions of reducing rush-hour crowds on the PATH trains serving the World Trade Center station . Port Authority of New York and New Jersey first commissioned the construction of the current terminal in 2000, but plans were put on hold following the September 11 attacks . A 1,200-ton hull was constructed in Corpus Christi, Texas and

2484-471: 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

2553-641: The St. George route of the NYC Ferry system began in August 2021. Battery Park City is the intermediate station between West Midtown and St. George Terminals . Service to South Amboy , NJ via NY Waterway began on October 30, 2023. SeaStreak 's Belford service stops at Pier 11/Wall Street before continuing on to Belford giving passengers the chance to connect to the East Side service to Atlantic Highlands and Highlands on

2622-471: 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

2691-470: 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

2760-706: 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

2829-676: The container and returns to shore. If the passenger terminal handles vehicles (which is common especially in cross-sea ferry terminals), it will usually have the facilities, such as appropriate markings on the ground, to enable the vehicles to line up in an orderly manner. Vehicles may be driven off the ship directly, if the vessel is a Roll-on/roll-off ship. Passenger terminals in large ports usually have passenger facilities comparable with medium-sized airports, including waiting areas, ticketing desks, luggage deposit and retrieval areas, and food, beverage and other retail outlets. Ferry terminals for international ferries, such as those crossing between

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2898-710: 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

2967-404: 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

3036-565: 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

3105-621: 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, the firm launched the Goldman Sachs Trading Corp.Ad, a closed-end fund . The fund failed during

3174-433: 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

3243-404: 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

3312-670: 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

3381-459: The largest passenger terminals today are those in " cruise home ports ". In addition to extensive facilities to service passengers, these terminals must also be capable of handling the large amount of supplies required by large cruise ships and ocean liners. Major passenger ports (such as the Port of Southampton ) tend to have numerous docks and wharves , some with multiple berths, in order to handle more than one ship simultaneously. Some ports →

3450-404: 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

3519-540: 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

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3588-534: The previously disregarded Rule 34(a)(i) (which prescribes maneuvering and warning signals), sound their horns to indicate their actions, creating what many local residents perceive as noise pollution. NY Waterway is the largest operator of services in the terminal. It serves Port Imperial in Weehawken and 14th Street in Hoboken during weekday rush hours, and Hoboken Terminal and Paulus Hook Ferry Terminal 7 days

3657-500: The public terminal must be available to the public. Liberty Landing Ferry provides ferry service to Liberty Landing Marina in Jersey City with an intermediate stop at Warren Street. The service is operated by Hornblower Cruises , which also operates NYC Ferry and ferries to the Statue of Liberty National Monument . Seastreak operates service to Monmouth County, NJ . Service on

3726-585: 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

3795-430: 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

3864-745: 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

3933-598: 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

4002-591: 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

4071-423: The vessel and a waiting area for passengers. Even for a large, vehicle-carrying cross-sea ferry, the terminal at a small island location may be similar sized, with just a short ramp to enable vehicles to be driven onto the ferry. Passengers may be loaded onto a ship from the wharf by a gangway or by a linkspan . Goods packed in containers may be driven onto the vessel by a vehicle which then detaches itself from

4140-454: 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,

4209-449: 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

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4278-531: 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

4347-528: 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,

4416-452: 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

4485-472: Was located at the foot of Courtland Street. Both ferries continued to operate into the 19th and 20th centuries and docked at Liberty Street Ferry Terminal and the Cortland Street Ferry Depot respectively. When these ferry slips were closed in the 1950s and 1960s they were demolished and the slips were filled in to create Battery Park City . In 1986 NY Waterway restarted ferry service across

4554-405: 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

4623-414: 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

4692-803: 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

4761-473: Was transported to Pier 39 in the Sunset Park neighborhood of Brooklyn in 2006, where the remainder of the terminal was constructed. At a total cost of $ 50 million, the terminal was then floated up to Battery Park City and opened March 18, 2009. The terminal reconstruction project was named Best Public Works Project by New York Construction News . Since June 2013, ferries using the terminal, in accordance with

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