Friday, August 20, 2004

Goldman Sachs to build near ground zero

New York Post Online Edition%3A business

The NY Post reported that "Goldman Sachs will build a $1.8 billion, 40-story headquarters tower in Battery Park City with the help of $1 billion in tax-exempt Liberty Bond financing, the Wall Street firm and Gov. Pataki announced yesterday.

Construction of the 1.9 million square foot skyscraper, to be completed in 2009, is to "coincide" with the rise of the Freedom Tower a short stroll away at Ground Zero"

There are three reasons why this is relevant for the blog:

1. Goldman is arguably the biggest name in investment banking and their decision to stay in Manhattan is important for NYC a city that is fighting to keep financial jobs from going to NJ and beyond.

2. It is a good example of why governments will offer tax-exempt financing. By doing so, NY State helped assure that the jobs would remain in NY rather than moving to NJ.

3. Because not only will it help students who will be interviewing with Goldman this fall, but also will be of interest when our finance club goes to NYC.

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