| Company | NASDAQ/Amex |
| Date Announced | 11/3/1998 |
| Site | Times Square or Battery Park City |
| Total Subsidy | $200 million |
|
??? |
| Promised Job Creation | ??? |
| Promised Job Retention | ??? |
| Length of Contract | ??? |
| Competing Sites | New Jersey |
| Conditions | none |
| Notes | The package provides incentives for the NASDAQ and the American Stock Exchange, two financial markets owned by the National Association of Securities Dealers, to build a new trading floor and combined HQ. As part of the deal, which reportedly includes $180 million in tax breaks and $20 million in grants, NASD has agreed to move its HQ from Washington. NASD Chairman Frank Zarb has reportedly told city and state officials that he wants to reopen the negotiations on his package, given the far larger subsidy package granted to the New York Stock Exchange (New York Times, 2/26/99). |
| Corporate Notes | Under the leadership of chairman Frank G. Zarb, the National Association of Securities Dealers (NASD), has moved to build a financial market that he hopes will replace the older New York Stock Exchange as the world's premier securities market. NASD, which already runs the NASDAQ exchange, has acquired the American Stock Exchange and is planning to build a new headquarters for both in Times Square, in part to differentiate the exchanges from the Wall Street-based New York exchange. |
| Critics | |
| A
note on sources -- or why many of these profiles appear incomplete.
They are. Good Jobs New York compiled the numbers in these profiles from
press releases and news accounts of the deals. Unfortunately, more
detailed information on these subsidies is very difficult to obtain --
even though it should be readily available to the public. In many cases,
neither the company nor the city nor state released certain information,
particularly the terms of the agreement, i.e., the conditions which the
company had to meet in order to receive the subsidy. It should also be
noted that the value of the subsidy may not end up being equal to the
value estimated at the time of the agreement. And it should not be assumed
that the actual number of jobs retained and created will be the same as
the numbers predicted.
Because the public deserves easy access to information about how taxpayer dollars are being spent, Good Jobs New York will update these profiles as we uncover more information. Good Jobs New York - May 25, 2001 |
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