New York City's Biggest Retention Deals
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Company Date Announced Total Subsidy
New York Stock Exchange (never completed) 12/22/1998 $940.0 million
Chase Manhattan Bank (now J.P. Morgan Chase) 11/30/1988 $211.8 million
New York Mercantile Exchange 8/4/1994 $183.9 million
Prudential Securities 12/18/1992 $122.9 million
Cotton Exchange and Coffee, Sugar and Cocoa Exchange (never used) 4/4/1996 $98.8 million
Citicorp (multiple recipient)

1989

$90.0 million
Bear Stearns & Company (second package) 8/27/1997 $75.0 million
NBC (first package) 12/1/1988 $72.0 million
Morgan Stanley 12/1/1993 $70.8 million
Credit Suisse First Boston 1/24/1995 $63.0 million
American International Group (AIG) 11/12/1996 $58.9 million
McGraw-Hill/Standard & Poor's Corporation 4/24/1997 $52.5 million
NASDAQ/Amex 11/3/1998 $52.0 million
CBS (first package) 3/15/1993 $49.3 million
Pfizer 6/10/2003 $47.5 million
Bank of America (second package) 2/10/2004 $42.0 million
Bank of New York (special post 9/11 deal) 9/10/2002 $37.5 million
Kidder Peabody 10/30/1993 $31.0 million
New York Board of Trade 4/4/1999 $31.0 million
Bear Stearns & Company (first package) 6/6/1991 $30.7 million
Reed Elsevier 12/19/2000 $29.0 million
New York Times (first package) 12/22/1993 $28.7 million
Merrill Lynch 6/6/1997 $28.6 million
Donaldson, Lufkin & Jenrette, Inc. 8/11/1994 $28.0 million
Time Warner Inc./Time Inc. (second package) 6/28/1999 $28.0 million
Bertelsmann AG (second package) (never used) 1/1/1999 $28.0 million
Capital Cities/ABC Inc. 6/22/1994 $26.0 million
Reuters 5/8/1998 $26.0 million
News America/New York Post (second package) 7/20/1998 $24.4 million
Hearst Corporation 12/11/2002 $23.9 million
Travelers/Smith Barney (multiple recipient) 9/20/1995 $22.1 million
Met Life 5/30/2001 $20.8 million
News America (first package) 6/19/1996 $20.7 million
Aon Service Corporation (special post 9/11 deal) 9/10/2002 $20.3 million
New York Times (second package) 10/23/2001 $18.7 million
Depository Trust Co. 3/9/1995 $18.5 million
BankAmerica (first package - terminated 1998) 4/22/1993 $18.0 million
Canadian Imperial Bank of Commerce (CIBC) 3/1/2001 $16.0 million
Viacom Inc. (multiple recipient) 10/13/1994 $15.0 million
Ernst & Young 7/22/1999 DEAL NOT CLOSED YET Original offer: $18.0 million; current proposal: $14.5 million
PaineWebber (multiple recipient) 11/13/1997 $14.5 million
Bloomberg (renounced by mayor-elect Bloomberg 11/02) 5/8/2000 $14.0 million
Guardian Life Insurance Co. 1/13/1998 $11.5 million
Conde Nast 5/8/1996 $10.8 million
Bertelsmann AG (first package) 3/1/1992 $10.7 million
VNU USA 6/14/1999 $10.6 million
American Stock Exchange 6/30/2004 (Project Start Date)  $10.3 million
Equitable Companies/Equitable Life Assurance Society 9/7/1995 $10.3 million
Time Warner Inc./Home Box Office (first package) 3/1/1999 $10.0 million
CBS (second package) 1/28/1999 $10.0 million
Empire Insurance Group (first package - see second) 10/11/1996 $8.7 million
Liz Claiborne 2/14/2000 $8.0 million
ING Barings 4/8/1997 $7.5 million
NBC (second package) 12/1/1996 $7.0 million
Avon 8/8/1995 $6.7 million
Republic National Bank (revoked) 5/19/1994 $6.4 million
Murray Feiss Import Corp. 11/13/1998 $6.4 million
Exco Noonan 8/15/1997 $6.3 million
Ahava Dairy Products 1/27/2000 $6.0 million
Brown Brothers Harriman (special post 9/11 deal) 11/13/2001 $5.9 million
Dillon, Read & Co (terminated 1998, recapture payment made) 10/7/1996 $5.8 million
Zurich Centre Group 10/1/1998 $5.8 million
Mutual of New York (MONY) 4/30/1996 $5.7 million
Information Builders, Inc. 3/11/1997 $4.9 million
Quick and Reilly/Fleet Securities 1/16/2000

$4.8 million

Arthur Andersen 12/4/2000 $4.5 million
BlackRock Financial Management 4/11/2000 $4.5 million
Supreme Chocolate 4/1/2000 $4.4 million
Ziff-Davis Publishing Company 11/14/1997 $4.3 million
About.com 1/3/2000 $4.2 million
SFX Entertainment 3/17/2000 $4.0 million
DoubleClick 2/2/1999 $3.7 million
NYLCare Health Plans 9/20/1995 $3.7 million
Fidelity Investments/National Financial Services Corporation 10/8/1996 $3.6 million
Jupiter Communications 3/19/2000 $3.5 million
Alexander & Alexander Services 11/20/1996 $3.4 million
Madelaine Chocolate 3/19/1997 $3.2 million
Price Waterhouse 5/15/1997 $3.1 million
USWeb/CKS 10/25/1999 $3.0 million
Scient Corporation 4/21/2000 $2.8 million
Agency.com 8/11/1999 $2.7 million
Forest City Hanson (development for the benefit of Bank of New York) 9/10/2002 $2.5 million plus Savings on $113.9 million in Liberty Bonds
StarMedia 6/23/2000 $2.5 million
Spear Leeds and Kellogg 1/1/1994 $2.4 million
Furman Selz 7/18/1997 $2.4 million
Federated Department Stores, Inc. 2/14/2000 $2.3 million
Tullett & Tokyo Forex 6/7/1995 $2.3 million
Barnes & Noble 4/17/1998 $2.1 million
Hyde Park Fine Art of Mouldings 2/4/2000 $2.1 million
IBJ Schroder Bank & Trust 5/1/1997 $2.0 million
Cantor Fitzgerald (second package) 1/29/1997 $2.0 million
P.O.P. Displays 11/13/1998 $2.0 million
Rome Knitting Mills / Orbit Industries 6/8/2001 $2.0 million
Bronnercom (renamed Digitas) 11/22/1999 $1.7 million
Alrue Import Co./RENCO Manufacturing 10/4/2000 $1.6 million
Fahnestock & Company 5/20/1997 $1.6 million
Oxygen Media 4/3/2000 $1.5 million
Cantor Fitzgerald (first package) 4/13/1995 $1.4 million
General Motors 2/21/1995 $1.4 million
Banco Popular 1/10/1997 $1.2 million
Mana Products 4/8/1997 $1.2 million
theGlobe.com 2/22/1999 $1.0 million
Forest City Myrtle Associates (development for the benefit of Empire HealthChoice, Inc.)
*post 9/11 retention deal for displaced firm
2/12/2002 Savings on $145 million in discounted financing

Note: Corporations often benefit from more than one round of public subsidies. In some cases, a company receives subsidies (its "first package") and then returns to the well for more (a "second package"). In other cases, a corporation that's already receiving subsidies buys or merges with another subsidy recipient, making the merged company a "multiple recipient." Other "multiple recipients" are corporations that have merged with subsidy recipients - and then received subsidies as a merged company.

Note: Since 2004 there have been no new discretionary subsidy deals of the type commonly done during the Giuliani Administration. To learn about other New York City subsidies since 2004 see our research on rebuilding Lower Manhattan after the attacks of September 11, 2001 at http://www.goodjobsny.org/rec_news.htm or subsidies for baseball stadiums at http://www.goodjobsny.org/inside_baseball_preview.htm.

For more information contact Good Jobs New York at 212-721-4865 or gjny@ctj.org.