Wall Street
Overview

Wall Street refers to the financial district
Financial District, Manhattan
The Financial District of New York City is a neighborhood on the southernmost section of the borough of Manhattan which comprises the offices and headquarters of many of the city's major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York...

 of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

, named after and centered on the eight-block-long street running from Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...

 to South Street
South Street (Manhattan)
South Street is a street in Lower Manhattan, New York City, located immediately adjacent to the East River.It runs from Whitehall Street near the southern tip of Manhattan to Jackson Street near the Williamsburg Bridge. The Franklin D...

 on the East River
East River
The East River is a tidal strait in New York City. It connects Upper New York Bay on its south end to Long Island Sound on its north end. It separates Long Island from the island of Manhattan and the Bronx on the North American mainland...

 in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...

. Over time, the term has become a metonym for the financial markets of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 as a whole, or signifying New York-based financial interests. It is the home of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

, the world's largest stock exchange by market capitalization of its listed companies.
Quotations

I loved it at 40, it's an insult at 50. They're analysts, they don't know preferred stock from livestock, alright? When it hits south, we raise the sperm count on the deal.

Hope you're Intelligent.

This is the kid. Calls me 59 days in a row, wants to be a player. Oughta be a picture of you in the dictionary under 'Persistence', kid.

Now, listen, Jerry, I'm looking for negative control. Okay? No more than 30, 35 percent. Just enough to block anybody else's merger plans and find out from the inside if the books are cooked. If it looks as good as on paper, we're in the kill zone, pal. Lock and load.

Lunch? Aw, You gotta be kidding. Lunch is for wimps.

What else you got besides connections at the airport?

What the hell is Cromwell doin' givin' a lecture tour when he's losing 60 million a quarter? Guess he's giving lectures on how to lose money. Jesus Christ...if this guy owned a funeral parlor, no one would die! This turkey is totally brain-dead! OK, alright, Christmas is over, and business is business. Keep on buying, dilute the son of a bitch! Ollie, I want every orifice in his fucking body flowing red.

It's not bad for a quant, but that's a dog with different fleas.

Come on pal, tell me something I don't know, it's my birthday. Surprise me.

Blow 'em away, Ollie. Rip their fucking throats out. Stuff 'em in your garbage compactor.

Encyclopedia

Wall Street refers to the financial district
Financial District, Manhattan
The Financial District of New York City is a neighborhood on the southernmost section of the borough of Manhattan which comprises the offices and headquarters of many of the city's major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York...

 of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

, named after and centered on the eight-block-long street running from Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...

 to South Street
South Street (Manhattan)
South Street is a street in Lower Manhattan, New York City, located immediately adjacent to the East River.It runs from Whitehall Street near the southern tip of Manhattan to Jackson Street near the Williamsburg Bridge. The Franklin D...

 on the East River
East River
The East River is a tidal strait in New York City. It connects Upper New York Bay on its south end to Long Island Sound on its north end. It separates Long Island from the island of Manhattan and the Bronx on the North American mainland...

 in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...

. Over time, the term has become a metonym for the financial markets of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 as a whole, or signifying New York-based financial interests. It is the home of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

, the world's largest stock exchange by market capitalization of its listed companies. Several other major exchanges have or had headquarters in the Wall Street area, including NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...

, the New York Mercantile Exchange
New York Mercantile Exchange
The New York Mercantile Exchange is the world's largest physical commodity futures exchange. It is located at One North End Avenue in the World Financial Center in the Battery Park City section of Manhattan, New York City...

, the New York Board of Trade
New York Board of Trade
The New York Board of Trade , renamed ICE Futures US in September of 2007, is a wholly owned subsidiary of IntercontinentalExchange . It is a physical commodity futures exchange located in New York City. It originated in 1870 as the New York Cotton Exchange...

, and the former American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...

. Anchored by Wall Street, New York City is one of the world's principal financial center
Financial Center
Financial Center is a high-rise building located in the downtown area of Des Moines, Iowa. Completed in 1973 and standing at 345 ft , it was the tallest building in the city and state until the completion of the Ruan Center in 1975, and is currently the fourth tallest.The building consists mainly...

s.

History


Early years

There are varying accounts about how the Dutch-named "de Waal Straat" got its name. A generally accepted version is that the name of the street name was derived from an earthen wall on the northern boundary of the New Amsterdam
New Amsterdam
New Amsterdam was a 17th-century Dutch colonial settlement that served as the capital of New Netherland. It later became New York City....

 settlement, perhaps to protect against English colonial encroachment or incursions by native Americans. A conflicting explanation is that Wall Street was named after Walloons
Walloons
Walloons are a French-speaking people who live in Belgium, principally in Wallonia. Walloons are a distinctive community within Belgium, important historical and anthropological criteria bind Walloons to the French people. More generally, the term also refers to the inhabitants of the Walloon...

-- possibly a Dutch abbreviation for Walloon being Waal. Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families.

In the 1640s, basic picket and plank fences denoted plots and residences in the colony. Later, on behalf of the Dutch West India Company
Dutch West India Company
Dutch West India Company was a chartered company of Dutch merchants. Among its founding fathers was Willem Usselincx...

, Peter Stuyvesant
Peter Stuyvesant
Peter Stuyvesant , served as the last Dutch Director-General of the colony of New Netherland from 1647 until it was ceded provisionally to the English in 1664, after which it was renamed New York...

, using both African slaves and white colonists
New Netherlander
New Netherlanders were residents of New Netherland, the seventeenth century colonial province of the Republic of the Seven United Netherlands on the northeastern coast of North America, centered around the Hudson River and New York Bay, and at the end of the colony in the Delaware Valley.The...

, collaborated with the city government in the construction of a more substantial fortification
Fortifications of New Netherland
New Netherland, or Nieuw-Nederland in Dutch, was the seventeenth century colonial province of the Republic of the Seven United Netherlands on northeastern coast of North America. The claimed territory were the lands from the Delmarva Peninsula to southern Cape Cod. Settled areas are now part of...

, a strengthened 12 feet (4 m) wall.Timeline: A selected Wall Street chronology PBS Online. Retrieved 2011-08-08. In 1685 surveyors laid out Wall Street along the lines of the original stockade.NYSE Timeline 2006 NYSE Group, Inc. Retrieved August 1, 2006. The wall started at Pearl Street, which was the shoreline at that time, crossing the Indian path Broadway and ending at the other shoreline (today's Trinity Place), where it took a turn south and ran along the shore until it ended at the old fort. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, and over time divided themselves into two classes—auctioneers and dealers. The rampart
Defensive wall
A defensive wall is a fortification used to protect a city or settlement from potential aggressors. In ancient to modern times, they were used to enclose settlements...

 was removed in 1699.

In the late 18th century, there was a buttonwood
American sycamore
Platanus occidentalis, also known as American Sycamore, American plane, Occidental plane, and Buttonwood, is one of the species of Platanus native to North America...

 tree at the foot of Wall Street under which traders
Trader (finance)
A trader is someone in finance who buys and sells financial instruments such as stocks, bonds, commodities and derivatives. A broker who simply fills buy or sell orders is not a trader, as they are merely executing instructions given to them. According to the Wall Street Journal in 2004, a managing...

 and speculators would gather to trade securities. The benefit was being in close proximity to each other. In 1792, traders formalized their association with the Buttonwood Agreement
Buttonwood Agreement
The Buttonwood Agreement, which took place on May 17, 1792, started the New York Stock & Exchange Board now called the New York Stock Exchange, NYSE. This agreement was signed by twenty-four stock brokers outside of 68 Wall Street New York under a buttonwood tree. The organization drafted its...

 which was the origin of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

. The idea of the agreement was to make the market more "structured" and "without the manipulative auctions", with a commission structure. Persons signing the agreement agreed to charge each other a standard commission rate; persons not signing could still participate but would be charged a higher commission for dealing.

In 1789, Wall Street was the scene of the United States' first presidential inauguration when George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...

 took the oath of office on the balcony of Federal Hall
Federal Hall
Federal Hall, built in 1700 as New York's City Hall, later served as the first capitol building of the United States of America under the Constitution, and was the site of George Washington's inauguration as the first President of the United States. It was also where the United States Bill of...

 on April 30, 1789. This was also the location of the passing of the Bill Of Rights
United States Bill of Rights
The Bill of Rights is the collective name for the first ten amendments to the United States Constitution. These limitations serve to protect the natural rights of liberty and property. They guarantee a number of personal freedoms, limit the government's power in judicial and other proceedings, and...

. In the cemetery of Trinity Church, Alexander Hamilton
Alexander Hamilton
Alexander Hamilton was a Founding Father, soldier, economist, political philosopher, one of America's first constitutional lawyers and the first United States Secretary of the Treasury...

, who was the first Treasury secretary and "architect of the early United States financial system," is buried.

Nineteenth century

In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. "There are old stories of people's houses being surrounded by the clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. The opening of the Erie Canal
Erie Canal
The Erie Canal is a waterway in New York that runs about from Albany, New York, on the Hudson River to Buffalo, New York, at Lake Erie, completing a navigable water route from the Atlantic Ocean to the Great Lakes. The canal contains 36 locks and encompasses a total elevation differential of...

 in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes
Great Lakes
The Great Lakes are a collection of freshwater lakes located in northeastern North America, on the Canada – United States border. Consisting of Lakes Superior, Michigan, Huron, Erie, and Ontario, they form the largest group of freshwater lakes on Earth by total surface, coming in second by volume...

. Wall Street became the "money capital of America".

Historian Charles R. Geisst suggested that there has constantly been a "tug-of-war" between business interests on Wall Street and authorities in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

. Generally during the 19th century Wall Street developed its own "unique personality and institutions" with little outside interference.

In the 1840s and 1850s, most residents moved north to midtown because of the increased business use at the lower tip of the island. The Civil War had the effect of causing the northern economy to boom, bringing greater prosperity to cities like New York which "came into its own as the nation's banking center" connecting "Old World capital and New World ambition", according to one account. J. P. Morgan
J. P. Morgan
John Pierpont Morgan was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric...

 created giant trusts; John D. Rockefeller
John D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...

’s Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...

 moved to New York. Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner. New York was second only to London as the world's financial capital.

In 1884, Charles H. Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads, and looked at average prices for these eleven. When the average "peaks and troughs" went up consistently, he deemed it a bull market condition; if averages dropped, it was a bear market. He added up prices, and divided by the number of stocks to get his Dow Jones average. Dow's numbers were a "convenient benchmark" for analyzing the market and became an accepted way to look at the entire stock market.

In 1889, the original stock report, Customers' Afternoon Letter, became The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....

. Named in reference to the actual street, it became an influential international daily business newspaper published in New York City. After October 7, 1896, it began publishing Dow's expanded list of stocks. A century later, there were 30 stocks in the average.

Twentieth century

Historian John Brooks
John Brooks (writer)
John Brooks was a writer and longtime contributor to The New Yorker magazine, where he worked for many years as a staff writer, specializing in financial topics...

 in his book Once in Golconda considered the turn of the 20th century period to have been Wall Street's heyday. The address of 23 Wall Street where the headquarters of J. P. Morgan & Company
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...

, known as The Corner, was "the precise center, geographical as well as metaphorical, of financial America and even of the financial world."

Wall Street has had changing relationships with government authorities. In 1913, for example, when authorities proposed a $4 tax on stock transfers, stock clerks protested. At other times, city and state officials have taken steps through tax incentives to encourage financial firms to continue to do business in the city.

In the late 19th and early 20th centuries, the corporate culture of New York was a primary center for the construction of skyscraper
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...

s, and was rivaled only by Chicago on the American continent. There were also residential sections, such as the Bowling Green section between Broadway and the Hudson river
Hudson River
The Hudson is a river that flows from north to south through eastern New York. The highest official source is at Lake Tear of the Clouds, on the slopes of Mount Marcy in the Adirondack Mountains. The river itself officially begins in Henderson Lake in Newcomb, New York...

, and between Vesey Street and the Battery. The Bowling Green area was described as "Wall Street's back yard" with poor people, high infant mortality
Infant mortality
Infant mortality is defined as the number of infant deaths per 1000 live births. Traditionally, the most common cause worldwide was dehydration from diarrhea. However, the spreading information about Oral Re-hydration Solution to mothers around the world has decreased the rate of children dying...

 rates, and the "worst housing conditions in the city." As a result of the construction, looking at New York City from the east, one can see two distinct clumps of tall buildings—the financial district on the left, and the taller midtown
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...

 district on the right. The geology
Geology
Geology is the science comprising the study of solid Earth, the rocks of which it is composed, and the processes by which it evolves. Geology gives insight into the history of the Earth, as it provides the primary evidence for plate tectonics, the evolutionary history of life, and past climates...

 of Manhattan is well-suited for tall buildings, with a solid mass of bedrock
Bedrock
In stratigraphy, bedrock is the native consolidated rock underlying the surface of a terrestrial planet, usually the Earth. Above the bedrock is usually an area of broken and weathered unconsolidated rock in the basal subsoil...

 underneath Manhattan providing a firm foundation for tall buildings. Skyscrapers are expensive to build, but when there is a "short supply of land" in a "desirable location", then building upwards makes sound financial sense. A post office was built at 60 Wall Street
60 Wall Street
60 Wall Street is a 55-story skyscraper in Lower Manhattan, which currently serves as the American headquarters of Deutsche Bank.- History :Built between 1987 and 1989 as the headquarters for J.P. Morgan & Co...

 in 1905. During the World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

 years, occasionally there were fund-raising efforts for projects such as the National Guard.

On September 16, 1920, close to the corner of Wall and Broad Street, the busiest corner of the financial district and across the offices of the Morgan Bank
23 Wall Street
23 Wall Street or "The Corner" is an office building formerly owned by J.P. Morgan & Co. located at the southeast corner of Wall Street and Broad Street, in the heart of New York City's Financial District....

, a powerful bomb exploded
Wall Street bombing
The Wall Street bombing occurred at 12:01 p.m. on Thursday, September 16, 1920, in the Financial District of New York City. The blast killed 38 and seriously injured 143...

. It killed 38 and seriously injured 143 people. The perpetrators were never identified or apprehended. The explosion did, however, help fuel the Red Scare
Red Scare
Durrell Blackwell Durrell Blackwell The term Red Scare denotes two distinct periods of strong Anti-Communism in the United States: the First Red Scare, from 1919 to 1920, and the Second Red Scare, from 1947 to 1957. The First Red Scare was about worker revolution and...

 that was underway at the time. A report from the New York Times:
The area was subjected to numerous threats; one bomb threat in 1921 led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion."

Regulation

In October 1929, a celebrated Yale
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...

 economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

 named Irving Fisher reassured worried investors that their "money was safe" on Wall Street. A few days later, stock values plummeted. The stock market crash of 1929
Wall Street Crash of 1929
The Wall Street Crash of 1929 , also known as the Great Crash, and the Stock Market Crash of 1929, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its fallout...

 ushered in the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...

 in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices. During this era, development of the financial district stagnated, and Wall Street "paid a heavy price" and "became something of a backwater in American life." During the New Deal
New Deal
The New Deal was a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of President Franklin D. Roosevelt. The programs were Roosevelt's responses to the Great Depression, and focused on what historians call...

 years as well as the forties, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease. From 1946-1947, stocks could not be purchased "on margin
Margin (finance)
In finance, a margin is collateral that the holder of a financial instrument has to deposit to cover some or all of the credit risk of their counterparty...

", meaning that an investor had to pay 100% of a stock's cost without taking on any loans. But this margin requirement was reduced four times before 1960, each time stimulating a mini-rally and boosting volume, and when the Federal Reserve reduced the margin requirements from 90% to 70%. These changes made it somewhat easier for investors to buy stocks on credit. The growing national economy and prosperity led to a recovery during the sixties, with some down years during the early seventies in the aftermath of the Vietnam War
Vietnam War
The Vietnam War was a Cold War-era military conflict that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. This war followed the First Indochina War and was fought between North Vietnam, supported by its communist allies, and the government of...

. Trading volumes climbed; in 1967, according to Time Magazine, volume hit 7.5 million shares a day which caused a "traffic jam" of paper with "batteries of clerks" working overtime to "clear transactions and update customer accounts."

In 1973, the financial community posted a collective loss of $245 million, which spurred temporary help from the government. Reforms happened; the SEC eliminated fixed commissions which forced "brokers to compete freely with one another for investors' business." In 1975, the Securities & Exchange Commission threw out the NYSE's "Rule 394" which had required that "most stock transactions take place on the Big Board's floor", in effect freeing up trading for electronic methods. In 1976, banks were allowed to buy and sell stocks, which provided more competition for stockbrokers. Reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market. Broker commissions for each stock sale lessened, but volume increased.

The Reagan years were marked by a renewed push for capitalism
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...

, business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...

, with national efforts to de-regulate industries such as telecommunications and aviation
Aviation
Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird.-History:...

. The economy resumed upward growth after a period in the early eighties of languishing. A report in the New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although the overall percent of actual users was most likely small. A reporter wrote:
In 1987, the stock market plunged and, in the relatively brief recession following, lower Manhattan lost 100,000 jobs according to one estimate. Since telecommunications costs were coming down, banks and brokerage firms could move away from Wall Street to more affordable locations. The recession of 1990–1991 were marked by office vacancy rates downtown which were "persistently high" and with some buildings "standing empty." The day of the drop, October 20, was marked by "stony-faced traders whose sense of humor had abandoned them and in the exhaustion of stock exchange employees struggling to maintain orderly trading." Ironically, it was the same year that Oliver Stone's movie Wall Street appeared. In 1995, city authorities offered the Lower Manhattan Revitalization Plan which offered incentives to convert commercial properties to residential use.

Construction of the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...

 began in 1966 but had trouble attracting tenants when completed. Nonetheless, some substantial firms purchased space there. Its impressive height helped make it a visual landmark for drivers and pedestrians. In some respects, the nexus of the financial district moved from the street of Wall Street to the Trade Center complex. Real estate growth during the latter part of the 1990s was significant, with deals and new projects happening in the financial district and elsewhere in Manhattan; one firm invested more than $24 billion in various projects, many in the Wall Street area. In 1998, the NYSE and the city struck a $900 million deal which kept the NYSE from moving across the river to Jersey City
Jersey City, New Jersey
Jersey City is the seat of Hudson County, New Jersey, United States.Part of the New York metropolitan area, Jersey City lies between the Hudson River and Upper New York Bay across from Lower Manhattan and the Hackensack River and Newark Bay...

; the deal was described as the "largest in city history to prevent a corporation from leaving town". A competitor to the NYSE, NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...

, moved its headquarters from Washington to New York.

Twenty-first century

In the first year of the new century, the Big Board, as some termed the NYSE, was described as the world's "largest and most prestigious stock market." But when the World Trade Center was destroyed on September 11th
September 11, 2001 attacks
The September 11 attacks The September 11 attacks The September 11 attacks (also referred to as September 11, September 11th or 9/119/11 is pronounced "nine eleven". The slash is not part of the pronunciation...

, it left an architectural void as new developments since the 1970s had played off the complex aesthetically. The attacks "crippled" the communications network. One estimate was that 45% of Wall Street's "best office space" had been lost. The physical destruction was immense:
Still, the NYSE was determined to re-open on September 17, almost a week after the attack. The attack hastened a trend towards financial firms moving to midtown and contributed to the loss of business on Wall Street, due to temporary-to-permanent relocation to New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...

 and further decentralization with establishments transferred to cities like Chicago, Denver
Denver, Colorado
The City and County of Denver is the capital and the most populous city of the U.S. state of Colorado. Denver is a consolidated city-county, located in the South Platte River Valley on the western edge of the High Plains just east of the Front Range of the Rocky Mountains...

, and Boston.

After September 11, the financial services industry went through a downturn with a sizable drop in year-end bonuses of $6.5 billion, according to one estimate from a state comptroller's office. Many brokers are paid mostly through commission, and get a token annual salary which is dwarfed by the year-end bonus.

To guard against a vehicular bombing in the area, authorities built concrete barriers, and found ways over time to make them more aesthetically appealing by spending $5000 to $8000 apiece on bollards:
Wall Street itself and the Financial District as a whole are crowded with highrises. Further, the loss of the World Trade Center has spurred development on a scale that hadn't been seen in decades. In 2006, Goldman Sachs began building a tower near the former Trade Center site. Tax incentives provided by federal, state and local governments encouraged development. A new World Trade Center complex, centered on Daniel Liebeskind's Memory Foundations
Memory Foundations
Memory Foundations is the name given by Daniel Libeskind to his site plan for the World Trade Center, which was selected by the Lower Manhattan Development Corporation to be the master plan for rebuilding at the World Trade Center site in New York City....

 plan, is in the early stages of development and one building has already been replaced. The centerpiece to this plan is the 1776 feet (541 m) tall 1 World Trade Center (formerly known as the Freedom Tower). New residential buildings are sprouting up, and buildings that were previously office space are being converted to residential units, also benefiting from tax incentives. A new Fulton Street Transit Center
Fulton Street Transit Center
The Fulton Street Transit Center is a $1.4 billion project under construction of the Metropolitan Transportation Authority , a public agency of the state of New York...

 is planned to improve access. In 2007, the Maharishi Global Financial Capital of New York
Maharishi Mahesh Yogi
Maharishi Mahesh Yogi , born Mahesh Prasad Varma , developed the Transcendental Meditation technique and was the leader and guru of the TM movement, characterised as a new religious movement and also as non-religious...

 opened headquarters at 70 Broad Street near the NYSE, in an effort to seek investors.

The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

reporter Andrew Clark described the years of 2006 to 2010 as "tumultous" in which the heartland of America is "mired in gloom" with high unemployment around 9.6%, with average house prices falling from $230,000 in 2006 to $183,000, and foreboding increases in the national debt to $13.4 trillion, but that despite the setbacks, the American economy was once more "bouncing back." What had happened during these heady years? Clark wrote:
The first months of 2008 was a particularly troublesome period which caused Federal Reserve
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...

 chairman Benjamin Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves." It bolstered U.S. banks and allowed Wall Street firms to borrow "directly from the Fed." These efforts were highly controversial at the time, but from the perspective of 2010, it appeared the Federal exertions had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "getting back to their old selves as engine rooms of wealth, prosperity and excess." A report by Michael Stoler in The New York Sun described a "phoenix-like resurrection" of the area, with residential, commercial, retail and hotels booming in the "third largest business district in the country." At the same time, the investment community was worried about proposed legal reforms, including the Wall Street Reform and Consumer Protection Act which dealt with matters such as credit card rates and lending requirements. The NYSE closed two of its trading floors in a move towards transforming itself into an electronic exchange. Beginning in September 2011, demonstrators
Occupy Wall Street
Occupy Wall Street is an ongoing series of demonstrations initiated by the Canadian activist group Adbusters which began September 17, 2011 in Zuccotti Park, located in New York City's Wall Street financial district...

 disenchanted with the financial system protested in parks and plazas around Wall Street.

Buildings: Physical layout

Wall Street's architecture is generally rooted in the Gilded Age
Gilded Age
In United States history, the Gilded Age refers to the era of rapid economic and population growth in the United States during the post–Civil War and post-Reconstruction eras of the late 19th century. The term "Gilded Age" was coined by Mark Twain and Charles Dudley Warner in their book The Gilded...

, though there are also some art deco
Art Deco
Art deco , or deco, is an eclectic artistic and design style that began in Paris in the 1920s and flourished internationally throughout the 1930s, into the World War II era. The style influenced all areas of design, including architecture and interior design, industrial design, fashion and...

 influences in the neighborhood. The layout of streets doesn't have the rectangular grid pattern typical of midtown Manhattan, but small streets "barely wide enough for a single lane of traffic are bordered on both sides by some of the tallest buildings in the city", according to one description, which creates "breathtaking artificial canyons" offering spectacular views in some instances. Construction in such narrow steep areas has resulted in occasional accidents such as a crane collapse. One report divided lower Manhattan into three basic districts:
  1. The financial district proper—particularly along John Street
  2. South of the World Trade Center area—the handful of blocks south of the World Trade Center along Greenwich
    Greenwich Street (Manhattan)
    Greenwich Street is a north-south street in the New York City borough of Manhattan. It extends from the intersection of Ninth Avenue and Gansevoort Street in the Meatpacking District at its northernmost end to its southern end at Battery Park, interrupted between Vesey and Liberty Streets by the...

    , Washington and West Streets
  3. Seaport district—characterized by century-old low-rise buildings and South Street Seaport
    South Street Seaport
    The South Street Seaport is a historic area in the New York City borough of Manhattan, located where Fulton Street meets the East River, and adjacent to the Financial District. The Seaport is a designated historic district, distinct from the neighboring Financial District...

    ; the seaport is "quiet, residential, and has an old world charm" according to one description.


Landmark buildings on Wall Street include Federal Hall
Federal Hall
Federal Hall, built in 1700 as New York's City Hall, later served as the first capitol building of the United States of America under the Constitution, and was the site of George Washington's inauguration as the first President of the United States. It was also where the United States Bill of...

, 14 Wall Street
14 Wall Street
14 Wall Street, originally named the Bankers Trust Company Building, is a skyscraper on Wall Street in New York City, United States. It occupies the block along Nassau Street from Wall Street to Pine Street and is across from the New York Stock Exchange and Federal Hall...

 (Bankers Trust Company Building), 40 Wall Street
40 Wall Street
40 Wall Street is a 70-story skyscraper in New York City. Originally known as the Bank of Manhattan Trust building, and also known as Manhattan Company Building, it was later known by its street address when its founding tenant merged to form the Chase Manhattan Bank and today is known as the...

 (The Trump Building) the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

 at the corner of Broad Street
Broad Street (Manhattan)
Broad Street is located in the Financial District in the New York City borough of Manhattan, stretching from South Street to Wall Street.- History :...

 and the US headquarters of Deutsche Bank at 60 Wall Street
60 Wall Street
60 Wall Street is a 55-story skyscraper in Lower Manhattan, which currently serves as the American headquarters of Deutsche Bank.- History :Built between 1987 and 1989 as the headquarters for J.P. Morgan & Co...

. The Deutsche Bank building (formerly the J.P Morgan headquarters) is the last remaining major investment bank to still have its headquarters on Wall Street.

The older skyscrapers often were built with elaborate facades; such elaborate aesthetics haven't been common in corporate architecture for decades. The World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...

, built in the 1970s, was very plain and utilitarian in comparison (the Twin Towers
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...

 were often criticized as looking like two big boxes, despite their impressive height). Excavation from the World Trade Center was later used by Battery Park City residential development as landfill. 23 Wall Street
23 Wall Street
23 Wall Street or "The Corner" is an office building formerly owned by J.P. Morgan & Co. located at the southeast corner of Wall Street and Broad Street, in the heart of New York City's Financial District....

 was built in 1914 and was known as the "House of Morgan
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...

" and served for decades as the bank's headquarters and, by some accounts, was viewed as an important address in American finance.

A key anchor for the area is, of course, the New York Stock Exchange. City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in 1998 offered substantial tax incentives to try to keep it in the financial district. Plans to rebuild it were delayed by the events of 2001. In 2011, the exchange still occupies the same site. The exchange is the locus for an impressive amount of technology and data. For example, to accommodate the three thousand persons who work directly on the Exchange floor requires 3,500 kilowatts of electricity, along with 8,000 phone circuits on the trading floor alone, and 200 miles of fiber-optic cable below ground.

Personalities: players and deal-makers

Persons associated with Wall Street have become famous. Although their reputations are usually limited to members of the stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...

age and banking communities, several have gained national and international fame. Some earned their fame for their investment strategies, financing, reporting, legal or regulatory skills, while others are remembered for their greed. One of the most iconic representations of the market prosperity is the Charging Bull
Charging Bull
Charging Bull, which is sometimes referred to as the Wall Street Bull or the Bowling Green Bull, is a bronze sculpture by Arturo Di Modica that stands in Bowling Green Park near Wall Street in Manhattan, New York City...

sculpture, by Arturo Di Modica
Arturo Di Modica
Arturo Di Modica is an Italian-American artist, born in Vittoria, Sicily, best known for his sculpture Charging Bull , which he installed without permission in front of the New York Stock Exchange in December 1989. The work cost US$360,000 of the artist's own money...

. Representing the bull market economy, the sculpture was originally placed in front of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

, and subsequently moved to its current location in Bowling Green
Bowling Green (New York City)
Bowling Green is a small public park in Lower Manhattan at the foot of Broadway next to the site of the original Dutch fort of New Amsterdam. Built in 1733, originally including a bowling green, it is the oldest public park in New York City and is surrounded by its original 18th century fence. At...

.
Wall Street's culture is often criticized as being rigid. This is a decades-old stereotype stemming from the Wall Street establishment's protection of its interests, and the link to the WASP
White Anglo-Saxon Protestant
White Anglo-Saxon Protestant or WASP is an informal term, often derogatory or disparaging, for a closed group of high-status Americans mostly of British Protestant ancestry. The group supposedly wields disproportionate financial and social power. When it appears in writing, it is usually used to...

 establishment. More recent criticism has centered on structural problems and lack of a desire to change well-established habits. Wall Street's establishment resists government oversight and regulation. At the same time, New York City has a reputation as a very bureaucratic city, which makes entry into the neighborhood difficult or even impossible for middle class entrepreneurs.

Several well known Wall Street individuals include John Meriwether
John Meriwether
John William Meriwether is an American hedge fund executive, seen as a pioneer of fixed income arbitrage.-Education:...

, John Briggs, Michael Bloomberg
Michael Bloomberg
Michael Rubens Bloomberg is the current Mayor of New York City. With a net worth of $19.5 billion in 2011, he is also the 12th-richest person in the United States...

, and Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...

 (All affiliated at one time or another with the firm Salomon Brothers
Salomon Brothers
Salomon Brothers was a bulge bracket, Wall Street investment bank. Founded in 1910 by three brothers along with a clerk named Ben Levy, it remained a partnership until the early 1980s, when it was acquired by the commodity trading firm Phibro Corporation and then became Salomon Inc. Eventually...

), as well as Bernie Madoff, and numerous others.

Many talented financiers and bankers worked for Wasserstein Perella & Co.
Wasserstein Perella & Co.
Wasserstein Perella & Co. was an investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and one other founder in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock...

 during the 1980s.

The now defunct investment bank of Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...

 had numerous talented people working there including people such as William Donaldson
William Donaldson
Charles William Donaldson was an English satirist, writer, playboy and, under the pseudonym of Henry Root, author of The Henry Root Letters.-Life and career:...

 who served in the Nixon administration, as well as Ken Moelis
Ken Moelis
Ken Moelis is an investment banker and founder of Moelis & Company, an independent investment banking firm.-Education:Ken Moelis holds a Bachelor in Business Administration and a Masters of Business Administration from the Wharton School of the University of Pennsylvania.-Career:Moelis began his...

, Bennett Goodman, Herald "Hal" Ritch, Joel Cohen, Safra A. Catz
Safra A. Catz
Safra A. Catz , an Israeli - American manager, has been a President of Oracle Corporation since January 2004 and a member of the company's Board of Directors since October 2001. She also served as the company's Chief Financial Officer from November 2005 to September 2008. She has been at Oracle...

 who became president of Oracle Corporation
Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...

, Tom Dean, Larry Schloss, Michael Connelly, and others.

Wall Street in the New York economy

Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy". Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of New York City, the tri-state metropolitan area, and the United States
Economy of the United States
The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.5 trillion in 2010, approximately a quarter of nominal global GDP. The European Union has a larger collective economy, but is not a single nation...

. In 2008, after a downturn in the stock market, the decline meant $18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". A falloff in Wall Street's economy could have "wrenching effects on the local and regional economies".

Estimates vary about the number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008. Another estimate was that in 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate (2007) from Steve Malanga of the Manhattan Institute
Manhattan Institute
The Manhattan Institute for Policy Research is a conservative, market-oriented think tank established in New York City in 1978 by Antony Fisher and William J...

 was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate (2008) was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue.

The seven largest Wall Street firms in the first decade of the 21st century were Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...

, JPMorgan Chase, Citigroup Incorporated, Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

, Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....

, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...

 and Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...

. During the recession of 2008–2010, many of these firms went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...

 was bought up by JP Morgan Chase with blessing by the U.S. government, and Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...

 was bought up by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...

. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of the city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries. New York's mayor Michael Bloomberg
Michael Bloomberg
Michael Rubens Bloomberg is the current Mayor of New York City. With a net worth of $19.5 billion in 2011, he is also the 12th-richest person in the United States...

 reportedly over a four year period dangled over $100 million in tax incentives to persuade Goldman Sachs to build a 43-story headquarters in the financial district near the destroyed World Trade Center site. In 2009, things looked somewhat gloomy, with one analysis by the Boston Consulting Group
Boston Consulting Group
The Boston Consulting Group is a global management consulting firm with offices in 42 countries. It is recognized as one of the most prestigious management consulting firms in the world. It is one of only three companies to appear in the top 15 of Fortunes "Best Companies to Work For" report for...

 suggesting that 65,000 jobs had been permanently lost because of the downturn. But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $124,000 in 2010. The U.S. banking industry employes 1.86 million people and earned profits of $22 billion in the second quarter of 2010, up substantially from previous quarters.

Wall Street versus Midtown Manhattan

A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week. There were some indications that midtown had been becoming the locus of financial services dealings even by 1911. But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations. Many financial firms found that they could move to midtown Manhattan four miles away or elsewhere and still operate effectively. For example, the former investment firm of Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...

 was described as a Wall Street firm but had its headquarters on Park Avenue in midtown. A report described the migration from Wall Street:
Nevertheless, a key magnet for the Wall Street remains the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

. Some "old guard" firms such as Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

 and Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...

 (bought by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...

 in 2009), have remained "fiercely loyal to the financial district" location, and new ones such as Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...

 have chosen office space in the district. So-called "face–to–face" trading between buyers and sellers remains a "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including investment bankers, lawyers, and accountants.

In 2011, the Manhattan Financial District is one of the largest business districts in the United States, and second in New York City only to Midtown
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...

 in terms of dollar volume of business transacted.

Wall Street as a neighborhood

During most of the 20th century, Wall Street was a business community with practically only offices which emptied out at night. A report in the New York Times in 1961 described a "deathlike stillness that settles on the district after 5:30 and all day Saturday and Sunday." But there has been a change towards greater residential use of the area, pushed forwards by technological changes and shifting market conditions. The general pattern is for several hundred thousand workers to commute into the area during the day, sometimes by sharing a taxicab
Taxicabs of the United States
Throughout the United States there is a mature system of taxicabs. Most U.S. cities have a licensing scheme which restricts the number of taxicabs allowed....

 from other parts of the city as well as from New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...

 and Long Island
Long Island
Long Island is an island located in the southeast part of the U.S. state of New York, just east of Manhattan. Stretching northeast into the Atlantic Ocean, Long Island contains four counties, two of which are boroughs of New York City , and two of which are mainly suburban...

, and then leave at night. In 1970, only 833 people lived "south of Chambers Street"; by 1990; 13,782 people were residents with the addition of areas such as Battery Park City and Southbridge Towers
Southbridge Towers
Southbridge Towers is a limited equity housing cooperative built under the Mitchell-Lama Housing Program and completed in 1969. The complex is located in Lower Manhattan in New York City south of the entrance ramp to the Brooklyn Bridge and is bound by Pearl Street, Frankfort Street, Gold Street,...

. Battery Park City was built on 92 acres of landfill, and 3,000 people moved there beginning about 1982, but by 1986 there was evidence of more shops and stores and a park, along with plans for more residential development.

According to one description in 1996, "The area dies at night ... It needs a neighborhood, a community." During the past two decades there has been a shift towards greater residential living areas in the Wall Street area, with incentives from city authorities in some instances. Many empty office buildings have been converted to lofts and apartments; for example, the office building of Harry Sinclair
Harry Sinclair
Harry Sinclair is a film director, writer, and actor. In his early career he was an actor and member of The Front Lawn, a musical theater duo. He went on to write and direct several short films, a TV series and three feature films.-Background:...

, the oil magnate involved with the Teapot Dome scandal
Teapot Dome scandal
The Teapot Dome Scandal was a bribery incident that took place in the United States in 1922–23, during the administration of President Warren G. Harding. Secretary of the Interior Albert B. Fall leased Navy petroleum reserves at Teapot Dome and two other locations to private oil companies at low...

, was converted to a co-op in 1979. In 1996, a fifth of buildings and warehouses were empty, and many were converted to living areas. Some conversions met with problems, such as aging gargoyles on building exteriors having to be expensively restored to meet with current building codes. Residents in the area have sought to have a supermarket, a movie theater, a pharmacy, more schools, and a "good diner". The discount retailer named Job Lot used to be located at the World Trade Center but moved to Church Street; merchants bought extra unsold items at steep prices and sold them as a discount to consumers and shoppers included "thrifty homemakers and browsing retirees" who "rubbed elbows with City Hall workers and Wall Street executives"; but the firm went bust in 1993. There were reports that the number of residents increased by 60% during the 1990s to about 25,000 although a second estimate (based on the 2000 census based on a different map) places the residential (nighttime and weekend) population in 2000 at 12,042. By 2001, there were several grocery stores, dry cleaners, and two grade schools and a top high school. There is a barber shop
Barber
A barber is someone whose occupation is to cut any type of hair, and to shave or trim the beards of men. The place of work of a barber is generally called a barbershop....

 across from the New York Stock Exchange which has been there a long time. By 2001, there were more signs of dogwalkers at night and a 24-hour neighborhood, although the general pattern of crowds during the working hours and emptiness at night was still apparent. There were ten hotels and thirteen museums by 2001. Stuyvesant High School
Stuyvesant High School
Stuyvesant High School , commonly referred to as Stuy , is a New York City public high school that specializes in mathematics and science. The school opened in 1904 on Manhattan's East Side and moved to a new building in Battery Park City in 1992. Stuyvesant is noted for its strong academic...

 moved to its present location near Battery Park City in 1992 and has been described as one of the nation's premier high schools with emphasis on science
Science
Science is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe...

 and mathematics
Mathematics
Mathematics is the study of quantity, space, structure, and change. Mathematicians seek out patterns and formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proofs, which are arguments sufficient to convince other mathematicians of their validity...

. In 2007, the French fashion retailer Hermès
Hermès
Hermès International S.A., or simply Hermès is a French high fashion house established in 1837, today specializing in leather, lifestyle accessories, perfumery, luxury goods, and ready-to-wear...

 opened a store in the financial district to sell items such as a "$4,700 custom-made leather dressage saddle or a $47,000 limited edition alligator briefcase." Some streets have been designated as pedestrian–only with vehicular traffic prohibited at some times. There are reports of panhandlers like elsewhere in the city. By 2010, the residential population had increased to 24,400 residents with crime statistics showing no murders in 2010. The area is growing with luxury high-end apartments and upscale retailers.

Wall Street as a tourist destination

Wall Street is a major location of tourism in New York City
Tourism in New York City
Tourism in New York City includes nearly 47 million foreign and American tourists each year. Major destinations include the Empire State Building, Ellis Island, Broadway theatre productions, museums such as the Metropolitan Museum of Art, and other tourist attractions including Central Park,...

. One report described lower Manhattan as "swarming with camera-carrying tourists". Tour guides highlight places such as Trinity Church, the Federal Reserve gold vaults 80 feet below street level (worth $100 billion), and the NYSE. A Scoundrels of Wall Street Tour is a walking historical tour which includes a museum visit and discussion of various financiers "who were adept at finding ways around finance laws or loopholes through them". Occasionally artists make impromptu performances; for example, in 2010, a troupe of 22 dancers "contort their bodies and cram themselves into the nooks and crannies of the Financial District in Bodies in Urban Spaces" choreographed by Willi Donner. One chief attraction, the Federal Reserve Building
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...

 in lower Manhattan, paid $750,000 to open a visitors' gallery in 1997. The New York Stock Exchange and the American Stock Exchange also spent money in the late 1990s to upgrade facilities for visitors. Attractions include the gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...

 vault beneath the Federal Reserve and that "staring down at the trading floor was as exciting as going to the Statue of Liberty
Statue of Liberty
The Statue of Liberty is a colossal neoclassical sculpture on Liberty Island in New York Harbor, designed by Frédéric Bartholdi and dedicated on October 28, 1886...

."

Wall Street versus Main Street

As a figure of speech contrasted to "Main Street
Main Street
Main Street is the metonym for a generic street name of the primary retail street of a village, town, or small city in many parts of the world...

", the term "Wall Street" can refer to big business interests against those of small business and the working of middle class. It is sometimes used more specifically to refer to research analysts, shareholders, and financial institutions such as investment banks. Whereas "Main Street" conjures up images of locally owned businesses and banks, the phrase "Wall Street" is commonly used interchangeably with the phrase "Corporate America
Corporate America
Corporate America is an informal phrase describing the world of corporations within the United States not under government ownership....

". It is also sometimes used in contrast to distinguish between the interests, culture, and lifestyles of investment banks and those of Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...

 industrial or service corporations.

Wall Street in the public imagination

Wall Street in a conceptual sense represents financial and economic power. To Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning around the Gilded Age
Gilded Age
In United States history, the Gilded Age refers to the era of rapid economic and population growth in the United States during the post–Civil War and post-Reconstruction eras of the late 19th century. The term "Gilded Age" was coined by Mark Twain and Charles Dudley Warner in their book The Gilded...

 period in the late 19th century. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation.

Wall Street has become synonymous with financial interests, often used negatively. During the mortgage mess
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....

 from 2007–2010, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as the public. Analyst Robert Kuttner
Robert Kuttner
Robert Kuttner is an American journalist and writer. Kuttner is the co-founder and current co-editor of The American Prospect, which was created in 1990 as "an authoritative magazine of liberal ideas," according to its mission statement...

 in the Huffington Post criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's ShoreBank
ShoreBank
ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company.ShoreBank had branches in...

. One writer in the Huffington Post looked at FBI statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in the $50 billion fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...

 perpetrated by Bernie Madoff. When large firms such as Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...

, WorldCom and Global Crossing
Global Crossing
Global Crossing Limited was a telecommunications company that provides computer networking services worldwide. It maintained a large backbone and offered transit and peering links, VPN, leased lines, audio and video conferencing, long distance telephone, managed services, dialup, colocation and...

 were found guilty of fraud, Wall Street was often blamed, even though these firms had headquarters around the nation and not in Wall Street. Many complained that the resulting Sarbanes-Oxley legislation dampened the business climate with regulations that were "overly burdensome." Interest groups seeking favor with Washington lawmakers
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

, such as car dealers, have often sought to portray their interests as allied with Main Street rather than Wall Street, although analyst Peter Overby on National Public Radio suggested that car dealers have written over $250 billion in consumer loans and have real ties with Wall Street. When the United States Treasury bailed out large financial firms, to ostensibly halt a downward spiral in the nation's economy, there was tremendous negative political fallout, particularly when reports came out that monies supposed to be used to ease credit restrictions were being used to pay bonuses to highly-paid employees. Analyst William D. Cohan argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "trillions of dollars of American taxpayers' treasure" despite Wall Street's "greed and irresponsible risk-taking." Washington Post reporter Suzanne McGee called for Wall Street to make a sort of public apology to the nation, and expressed dismay that people such as Goldman Sachs chief executive Lloyd Blankfein hadn't expressed contrition despite being sued by the SEC in 2009. McGee wrote that "Bankers aren't the sole culprits, but their too-glib denials of responsibility and the occasional vague and waffling expression of regret don't go far enough to deflect anger."

But chief banking analyst at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

, Richard Ramsden, is "unapologetic" and sees "banks as the dynamos that power the rest of the economy." Ramsden believes "risk-taking is vital" and said in 2010:
Others in the financial industry believe they've been unfairly castigated by the public and by politicians. For example, Anthony Scaramucci reportedly told President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...

 in 2010 that he felt like a piñata
Piñata
A piñata is a papier-mâché or other type of container that is decorated, filled with toys and or candy and then broken as part of a ceremony or celebration. Piñatas are most commonly associated with Mexico, but its origins are considered to be in China...

, "whacked with a stick" by "hostile politicians".

The financial misdeeds of various figures throughout American history sometimes casts a dark shadow on financial investing as a whole, and include names such as William Duer, Jim Fisk
James Fisk (financier)
James Fisk, Jr. —known variously as "Big Jim," "Diamond Jim," and "Jubilee Jim"—was an American stock broker and corporate executive.-Early life and career:...

 and Jay Gould
Jay Gould
Jason "Jay" Gould was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history. Condé Nast Portfolio ranked Gould as the 8th worst American CEO of all time...

 (the latter two believed to have been involved with an effort to collapse the U.S. gold market in 1869) as well as modern figures such as Bernard Madoff
Bernard Madoff
Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...

 who "bilked billions from investors".

In addition, images of Wall Street and its figures have loomed large. The 1987 Oliver Stone
Oliver Stone
William Oliver Stone is an American film director, producer and screenwriter. Stone became well known in the late 1980s and the early 1990s for directing a series of films about the Vietnam War, for which he had previously participated as an infantry soldier. His work frequently focuses on...

 film Wall Street created the iconic figure of Gordon Gekko
Gordon Gekko
Gordon Gekko is the main antagonist of the 1987 film Wall Street and the antihero of the 2010 film Wall Street: Money Never Sleeps, both by director Oliver Stone...

 who used the phrase "greed is good", which caught on in the cultural parlance. According to one account, the Gekko character was a "straight lift" from the real world junk-bond dealer Michael Milkin, who later pled guilty to felony charges for violating securities laws. Stone commented in 2009 how the movie had had an unexpected cultural influence, not causing them to turn away from corporate greed, but causing many young people to choose Wall Street careers because of that movie. A reporter repeated other lines from the film:
Wall Street firms have however also contributed to projects such as Habitat for Humanity as well as done food programs in Haiti
Haiti
Haiti , officially the Republic of Haiti , is a Caribbean country. It occupies the western, smaller portion of the island of Hispaniola, in the Greater Antillean archipelago, which it shares with the Dominican Republic. Ayiti was the indigenous Taíno or Amerindian name for the island...

 and trauma centers in Sudan
Sudan
Sudan , officially the Republic of the Sudan , is a country in North Africa, sometimes considered part of the Middle East politically. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the...

 and rescue boats during floods in Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...

.

Wall Street in popular culture

  • Herman Melville
    Herman Melville
    Herman Melville was an American novelist, short story writer, essayist, and poet. He is best known for his novel Moby-Dick and the posthumous novella Billy Budd....

    's classic short story Bartleby, the Scrivener is subtitled A Story of Wall Street and provides an excellent portrayal of a kind and wealthy lawyer's struggle to reason with that which is unreasonable as he is pushed beyond his comfort zone to "feel" something real for humanity.
  • In William Faulkner
    William Faulkner
    William Cuthbert Faulkner was an American writer from Oxford, Mississippi. Faulkner worked in a variety of media; he wrote novels, short stories, a play, poetry, essays and screenplays during his career...

    's novel The Sound and the Fury
    The Sound and the Fury
    The Sound and the Fury is a novel written by the American author William Faulkner. It employs a number of narrative styles, including the technique known as stream of consciousness, pioneered by 20th century European novelists such as James Joyce and Virginia Woolf. Published in 1929, The Sound and...

    , Jason Compson hits on other perceptions of Wall Street: after finding some of his stocks are doing poorly, he blames "the Jews."
  • The film Die Hard with a Vengeance has a plot involving thieves breaking into the Federal Reserve Bank of New York
    33 Liberty Street
    33 Liberty Street is the current home of the Federal Reserve Bank of New York. It is located in downtown Manhattan in New York City, New York State, USA. Built in 1924, it is where the monetary policy of the United States is executed by trading dollars and United States Treasuries...

     and stealing most of the gold bullion stored underground by driving dump trucks through a nearby Wall Street subway station.
  • Many events of Tom Wolfe
    Tom Wolfe
    Thomas Kennerly "Tom" Wolfe, Jr. is a best-selling American author and journalist. He is one of the founders of the New Journalism movement of the 1960s and 1970s.-Early life and education:...

    's Bonfire of the Vanities
    Bonfire of the Vanities
    Bonfire of the Vanities refers to the burning of objects that are deemed to be occasions of sin. The most infamous one took place on 7 February 1497, when supporters of the Dominican priest Girolamo Savonarola collected and publicly burned thousands of objects like cosmetics, art, and books in...

    center on Wall Street and its culture.
  • On January 26, 2000, the band Rage Against The Machine
    Rage Against the Machine
    Rage Against the Machine is an American rock band from Los Angeles, California. Formed in 1991, the group's line-up consists of vocalist Zack de la Rocha, bassist and backing vocalist Tim Commerford, guitarist Tom Morello and drummer Brad Wilk...

     filmed the music video for "Sleep Now in the Fire" on Wall Street, which was directed by Michael Moore
    Michael Moore
    Michael Francis Moore is an American filmmaker, author, social critic and activist. He is the director and producer of Fahrenheit 9/11, which is the highest-grossing documentary of all time. His films Bowling for Columbine and Sicko also place in the top ten highest-grossing documentaries...

    . The band at one point stormed the Stock Exchange, causing the doors of the Exchange to be closed early (2:52 P.M.). Trading on the Exchange floor, however, continued uninterrupted.
  • The 1987 film Wall Street and its 2010 sequel exemplify many popular conceptions of Wall Street, being a tale of shady corporate dealings and insider trading
    Insider trading
    Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...

    .
  • "Wallstreet Kingdom" is a controversial fashion brand promoting capitalism and bonuses on Wall Street.
  • In the film National Treasure
    National Treasure (film)
    National Treasure is a 2004 mystery adventure heist film from the Walt Disney Studios under Walt Disney Pictures. It was written by Jim Kouf, Ted Elliott, Terry Rossio, Cormac Wibberley, and Marianne Wibberley, produced by Jerry Bruckheimer, and directed by Jon Turteltaub...

     a clue to finding the Templar Treasure leads the main characters to Wall Street's Trinity Church
    Trinity Church, New York
    Trinity Church at 79 Broadway, Lower Manhattan, is a historic, active parish church in the Episcopal Diocese of New York...

    .
  • TNA Wrestler Robert Roode is billed from "Wall Street in Manhattan, New York."
  • Bret Easton Ellis
    Bret Easton Ellis
    Bret Easton Ellis is an American novelist and short story writer. His works have been translated into 27 different languages. He was regarded as one of the so-called literary Brat Pack, which also included Tama Janowitz and Jay McInerney...

    's novel American Psycho
    American Psycho
    American Psycho is a psychological thriller and satirical novel by Bret Easton Ellis, published in 1991. The story is told in the first person by the protagonist, serial killer and Manhattan businessman Patrick Bateman. The book's graphic violence and sexual content generated a great deal of...

    follows the day-to-day life of Wall Street investment banker and serial killer
    Serial killer
    A serial killer, as typically defined, is an individual who has murdered three or more people over a period of more than a month, with down time between the murders, and whose motivation for killing is usually based on psychological gratification...

     Patrick Bateman.
  • In the video game Grand Theft Auto IV
    Grand Theft Auto IV
    Grand Theft Auto IV is a 2008 open world action video game published by Rockstar Games, and developed by British games developer Rockstar North. It has been released for the PlayStation 3 and Xbox 360 video game consoles, and for the Windows operating system...

     in the fictional Liberty City
    Liberty City (Grand Theft Auto)
    Liberty City is a fictional city in Rockstar Games' video games series Grand Theft Auto, based primarily on several major cities including New York City...

     Wall Street is a district dubbed The Exchange.
  • Battles 2011 album Gloss Drop
    Gloss Drop
    Gloss Drop is the second studio album by American experimental rock band Battles. The band have announced a spring tour in support of the record.It is the band's first release since the departure of Tyondai Braxton...

     contains a song titled "Wall Street."
  • In the video game Call of Duty: Modern Warfare 3
    Call of Duty: Modern Warfare 3
    Call of Duty: Modern Warfare 3 is a first-person shooter video game, developed by Infinity Ward and Sledgehammer Games, with Raven Software having assisted in development...

    , in 2016, soldiers are sent to destroy an invader's radar jamming installation on top of the New York Stock Exchange.

Transportation

Wall Street being historically a commuter destination, much transportation infrastructure has been developed to serve it. Today, Pier 11
Pier 11/Wall Street
Pier 11/Wall Street is a pier providing slips to ferries and excursion boats on the East River in the Port of New York and New Jersey. It is located east of South Street and FDR Drive just south of Wall Street in Lower Manhattan, New York City. The ferry terminal has five landings , each with two...

 at the foot of the street is a busy terminal for New York Waterway and other ferries. The New York City Subway
New York City Subway
The New York City Subway is a rapid transit system owned by the City of New York and leased to the New York City Transit Authority, a subsidiary agency of the Metropolitan Transportation Authority and also known as MTA New York City Transit...

 has three stations under Wall Street:
  • Wall Street (IRT Broadway – Seventh Avenue Line) at William Street
    William Street (Manhattan)
    William Street is a city street in the Financial District of lower Manhattan in New York City in the United States of America. It runs generally southwest to northeast, crossing Wall Street and terminating at Broad Street and Spruce Street, respectively. Between Beaver Street and Broad Street,...

     ( trains)
  • Wall Street (IRT Lexington Avenue Line)
    Wall Street (IRT Lexington Avenue Line)
    Wall Street is a station on the IRT Lexington Avenue Line of the New York City Subway, located at the intersection of Broadway and Wall Street. It is served by the 4 train at all times and the 5 train at all times except late nights....

     at Broadway ( trains)
  • Broad Street (BMT Nassau Street Line)
    Broad Street (BMT Nassau Street Line)
    Broad Street is a station on the BMT Nassau Street Line of the New York City Subway located at the intersection of Broad and Wall Streets in the Financial District of Manhattan....

     at Broad Street
    Broad Street (Manhattan)
    Broad Street is located in the Financial District in the New York City borough of Manhattan, stretching from South Street to Wall Street.- History :...

     ( trains)

Motor traffic, particularly during working hours, is often congested
Traffic congestion
Traffic congestion is a condition on road networks that occurs as use increases, and is characterized by slower speeds, longer trip times, and increased vehicular queueing. The most common example is the physical use of roads by vehicles. When traffic demand is great enough that the interaction...

 but driving late at night and on weekends can be easier. The roads are not arranged according to midtown's distinctive rectangular grid pattern with staggered lights
Green wave
A green wave is an intentionally induced phenomenon in which a series of traffic lights are coordinated to allow continuous traffic flow over several intersections in one main direction....

, but have small often one-lane roads with numerous stoplights and stop signs. A highway
Franklin D. Roosevelt East River Drive
The Franklin D. Roosevelt East River Drive is a freeway-standard parkway on the east side of the New York City borough of Manhattan...

 runs along the East River and the Downtown Manhattan Heliport
Downtown Manhattan Heliport
The Downtown Manhattan Heliport , also known as the Downtown Manhattan/Wall St. Heliport, is a helicopter landing platform at Pier 6 in the East River in Manhattan, New York.- History :...

 serves Wall Street.

See also

  • Wall Street Historic District (New York, New York)
    Wall Street Historic District (New York, New York)
    The Wall Street Historic District in New York City includes part of Wall Street and parts of nearby streets in lower Manhattan. It includes 65 contributing buildings and one contributing structure over a listed area....

  • Global settlement
    Global settlement
    The Global Settlement was an enforcement agreement reached on April 28, 2003 between the SEC, NASD, NYSE, and ten of the United States's largest investment firms to address issues of conflict of interest within their businesses-Settlement Decision:...

     (2002)
  • Economy of New York City
    Economy of New York City
    The economy of New York City is the biggest regional economy in the United States and the second largest city economy in the world after Tokyo...

  • Hard Hat Riot
    Hard Hat riot
    The Hard Hat Riot occurred on May 8, 1970 in Lower Manhattan. The riot started about noon when about 200 construction workers mobilized by the New York State AFL-CIO attacked about 1,000 high school and college students and others protesting the Kent State shootings, the American invasion of...

  • Bay Street
    Bay Street
    Bay Street, originally known as Bear Street, is a major thoroughfare in Downtown Toronto. It is the centre of Toronto's Financial District and is often used by metonymy to refer to Canada's financial industry since succeeding Montreal's St. James Street in that role in the 1970s...

  • City of London
    City of London
    The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...

  • List of financial districts
  • Occupy Wall Street
    Occupy Wall Street
    Occupy Wall Street is an ongoing series of demonstrations initiated by the Canadian activist group Adbusters which began September 17, 2011 in Zuccotti Park, located in New York City's Wall Street financial district...


Further reading

  • Atwood, Albert W. and Erickson, Erling A. "Morgan, John Pierpont, (Apr. 17, 1837 – March 31, 1913)," in Dictionary of American Biography, Volume 7 (1934)
  • Carosso, Vincent P. The Morgans: Private International Bankers, 1854–1913. Harvard U. Press, 1987. 888 pp. ISBN 978-0-674-58729-8
  • Carosso, Vincent P. Investment Banking in America: A History Harvard University Press (1970)
  • Chernow, Ron. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, (2001) ISBN 0-8021-3829-2
  • Fraser, Steve. Every Man a Speculator: A History of Wall Street in American Life HarperCollins (2005)
  • Geisst, Charles R. Wall Street: A History from Its Beginnings to the Fall of Enron. Oxford University Press. 2004. online edition
  • Moody, John. The Masters of Capital: A Chronicle of Wall Street Yale University Press, (1921) online edition
  • Morris, Charles R. The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy (2005) ISBN 978-0-8050-8134-3
  • Perkins, Edwin J. Wall Street to Main Street: Charles Merrill and Middle-class Investors (1999)
  • Sobel, Robert
    Robert Sobel
    Robert Sobel was an American professor of history at Hofstra University, and a well-known and prolific writer of business histories.- Biography :...

    . The Big Board: A History of the New York Stock Market (1962)
  • Sobel, Robert. The Great Bull Market: Wall Street in the 1920s (1968)
  • Sobel, Robert. Inside Wall Street: Continuity & Change in the Financial District (1977)
  • Strouse, Jean. Morgan: American Financier. Random House, 1999. 796 pp. ISBN 978-0-679-46275-0

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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