5.5 GMO virus 5.6 Blue Cross Blue Shield 5.7 Brigham Young University 6 Environmental record 7 Tax inversion 8 Political lobbying 9 Employment and diversity 10 Involvement in Developing World Health Issues 11 See also 12 References History[edit] 19th century[edit] Charles Pfizer Pfizer is named after German-American Charles Pfizer who co-founded the company with his cousin Charles F. Erhart. Originally from Ludwigsburg, Germany, they launched a chemicals business, Charles Pfizer and Company, from a building at the intersection of Harrison Avenue and Bartlett Street[11] in Williamsburg, Brooklyn, in 1849. There, they produced an antiparasitic called santonin. This was an immediate success, although it was the production of citric acid that really kick-started Pfizer's growth in the 1880s. Pfizer continued to buy property to expand its lab and factory on the block bounded by Bartlett Street; Harrison Avenue; Gerry Street; and Flushing Avenue. Pfizer's original administrative headquarters was at 81 Maiden Lane in Manhattan.[11] 20th century[edit] By 1906, sales totaled $3.4 million.[12] World War I caused a shortage of calcium citrate that Pfizer imported from Italy for the manufacture of citric acid, and the company began a search for an alternative supply. Pfizer chemists learned of a fungus that ferments sugar to citric acid and were able to commercialize production of citric acid from this source in 1919. As a result, Pfizer developed expertise in fermentation technology. These skills were applied to the mass production of the antibiotic penicillin during World War II in response to the need of the U.S. government to treat injured Allied soldiers; most of the penicillin that went ashore with the troops on D-Day was made by Pfizer.[13] In the 1940s, penicillin became very inexpensive. As a result, Pfizer searched for new antibiotics with greater profit potential. Pfizer's discovery and commercialization of Terramycin (oxytetracycline) in 1950 changed the company from a manufacturer of fine chemicals to a research-based pharmaceutical company. To augment its research in fermentation technology, Pfizer developed a drug discovery program focusing on in vitro synthesis. Pfizer also established an animal health division in 1959 with an 700-acre (2.8 km2) farm and research facility in Terre Haute, Indiana.

By the 1950s, Pfizer had established offices in Belgium, Brazil, Canada, Cuba, Iran, Mexico, Panama, Puerto Rico, Turkey, and the United Kingdom.[citation needed] In 1960, the company moved its medical research laboratory operations out of New York City to a new facility in Groton, Connecticut. In 1980 Pfizer launched Feldene (piroxicam), a prescription anti-inflammatory medication that became Pfizer's first product to reach one billion United States dollars in total sales.[citation needed] During the 1980s and 1990s, Pfizer Corporation growth was sustained by the discovery and marketing of Zoloft, Lipitor, Norvasc, Zithromax, Aricept, Diflucan, and Viagra. 2000–2010[edit] Pfizer has recently grown by mergers, including those with Warner–Lambert (2000), Pharmacia (2003), and Wyeth (2009). On June 26, 2006, Pfizer announced that it would sell its Consumer Healthcare unit (manufacturer of Listerine, Nicorette, Visine, Sudafed and Neosporin) to Johnson & Johnson for $16.6 billion.[14][15][16] Development of torcetrapib, a drug that increases production of HDL, or "good cholesterol", which reduces LDL thought to be correlated to heart disease, was cancelled in December 2006. During a Phase III clinical trial involving 15,000 patients, more deaths occurred in the group that took the medicine than expected, and a sixty percent increase in mortality was seen among patients taking the combination of torcetrapib and Lipitor versus Lipitor alone. Lipitor alone was not implicated in the results, but Pfizer lost nearly $1 billion developing the failed drug and the market value of the company plummeted in the aftermath.[17][18][19] A July 2010 article in BusinessWeek reported that Pfizer was seeing more success in its battle against makers of counterfeit prescription drugs by pursuing civil lawsuits rather than criminal prosecution. Pfizer has hired customs and narcotics experts from all over the globe to track down fakes and assemble evidence that can be used to pursue civil suits for trademark infringement. Since 2007, Pfizer has spent $3.3 million on investigations and legal fees and recovered about $5.1 million, with another $5 million tied up in ongoing cases.[20] On May 6, 2013. Pfizer told The Associated Press that it would begin selling Viagra directly to patients on its website.[21] Warner–Lambert acquisition[edit] Pfizer acquired Warner–Lambert in 2000 for $111.8 bn.[22] Warner–Lambert was founded as a Philadelphia drug store in 1856 by William R. Warner. Inventing a tablet-coating process gained Warner a place in the Smithsonian Institution. Parke–Davis was founded in Detroit in 1866 by Hervey Parke and George Davis. Warner–Lambert took over Parke–Davis in 1976 and acquired Wilkinson Sword in 1993 and Agouron in 1999. Pharmacia acquisition[edit] In 2002, Pfizer merged with Pharmacia. The merger was again driven in part by the desire to acquire full rights to a product, this time Celebrex (celecoxib), the COX-2 selective inhibitor previously jointly marketed by Searle (acquired by Pharmacia) and Pfizer. In the ensuing years, Pfizer commenced with a massive restructuring resulting in numerous site closures and loss of jobs including: Terre Haute, IN; Holland, MI; Groton, CT; Brooklyn, NY; Sandwich, UK and Puerto Rico. Pharmacia had been formed by a series of mergers and acquisitions from its predecessors, including Searle, Upjohn and Sugen. Searle was founded in Omaha, Nebraska, in April 1888. The founder was Gideon Daniel Searle. In 1908, the company was incorporated in Chicago. In 1941, the company established headquarters in Skokie, Illinois. It was acquired by the Monsanto Company, headquartered in St. Louis, in 1985. The Upjohn Company was a pharmaceutical manufacturing firm founded in 1886 in Kalamazoo, Michigan by Dr. William E. Upjohn, an 1875 graduate of the University of Michigan medical school. The company was originally formed to make friable pills, which were specifically designed to be easily digested. In 1995, Upjohn merged with Pharmacia, to form Pharmacia & Upjohn. Pharmacia was created in April 2000 through the merger of Pharmacia & Upjohn with the Monsanto Company and its G.D. Searle unit. The merged company was based in Peapack, New Jersey. The agricultural division was spun off from Pharmacia, as Monsanto, in preparation for the close of the acquisition by Pfizer.[23] SUGEN was a company focused on protein kinase inhibitors, founded in 1991 in Redwood City, California and acquired by Pharmacia in 1999. The company pioneered the use of ATP-mimetic small molecules to block signal transduction. After the Pfizer merger, the SUGEN site was shut down in 2003, with the loss of over 300 jobs, and the transfer of several programs to Pfizer. These included sunitinib (Sutent), which was approved for human use by the FDA in January 2006, passed $1 bn in annual revenues for Pfizer in 2010.[24] A related compound SU11654 (Toceranib) was also approved for canine tumors, and the ALK inhibitor Crizotinib also grew out of a SUGEN program[25] In 2008, Pfizer announced 275 job cuts at the Kalamazoo manufacturing facility. Kalamazoo was previously the world headquarters for the Upjohn Company.[26] Wyeth acquisition[edit] On January 26, 2009, after more than a year of talks between the two companies, Pfizer agreed to buy pharmaceuticals rival Wyeth for a combined US$68 billion in cash, shares and loans, including some US$22.5 billion lent by five major Wall Street banks. The deal cemented Pfizer's position as the largest pharmaceutical company in the world, with the merged company generating over US$20 billion in cash each year, and was the largest corporate merger since AT&T and BellSouth's US$70 billion deal in March 2006.[27] The combined company was expected to save US$4 billion annually through streamlining; however, as part of the deal, both companies must repatriate billions of dollars in revenue from foreign sources to the United States, which will result in higher tax costs. The acquisition was completed on October 15, 2009, making Wyeth a wholly owned subsidiary of Pfizer.[6] The merger was broadly criticized. Harvard Business School’s Gary Pisano told The Wall Street Journal that "the record of big mergers and acquisitions in Big Pharma has just not been good. There’s just been an enormous amount of shareholder wealth destroyed".[28] Said analysts at the time, "The Warner–Lambert and Pharmacia mergers do not appear to have achieved gains for shareholders, so it is unclear who benefits from the Wyeth–Pfizer merger to many critics."[29] King Pharmaceuticals acquisition[edit] In October 2010, Pfizer agreed to buy King Pharmaceuticals for $3.6 billion in cash or $14.25 per share: an approximately 40% premium over King’s closing share price 11 October 2010.[30] 2011 to present[edit] In February 2011 it was announced that Pfizer was to close its UK research and development facility (formerly also a manufacturing plant) in Sandwich, Kent, which at that time employed 2,400 people.[31] However, as at 2014 Pfizer retains a reduced presence at the site;[32] it also has a UK research unit at Cambridge.[33] On September 4, 2012, the FDA approved a Pfizer pill for a rare type of leukemia. The medicine, called Bosulif, treats chronic myelogenous leukemia (CML), a blood and bone marrow disease that usually affects older adults.[34] In July 2014, the company announced it would acquire Innopharma for $225 million, plus up to $135 million in milestone payments, in a deal which will expand Pfizers generic and injectable drugs.[35] On January 5, 2015, the company announced it would acquire a controlling interest in Redvax for an undisclosed sum. This deal will expand the companies vaccine portfolio targeting human cytomegalovirus.[36] In March 2015 the company announced it would restart its collaboration with Eli Lilly surrounding the Phase III trial of Tanezumab. Pfizer is expected to receive an upfront sum of $200 million.[37] In June 2015, the company will acquire two meningitis drugs from GlaxoSmithKline, Nimenrix and Mencevax, for around $130 million, expanding the company meningococcal disease portfolio.[38] Zoetis[edit] Main article: Zoetis Plans to spin out Zoetis, the Agriculture Division of Pfizer and later Pfizer Animal Health, were announced in 2012. Pfizer filed for registration of a Class A stock with the U.S. Securities and Exchange Commission on August 13, 2012.[39] Zoetis' IPO on February 1, 2013 sold 86.1 million shares for US$ 2.2 billion.[40] Pfizer retained 414 million Class B shares giving it an 83% controlling stake in the firm.[41] The offering's lead underwriters were JPMorgan Chase, Bank of America, Merrill Lynch and Morgan Stanley.[40] Most of the money raised through the IPO was used to pay off existing Pfizer debt.[42] Attempted AstraZeneca acquisition[edit] In April 2014, it was reported that Pfizer had reignited a $100 billion takeover bid for the UK-based AstraZeneca,[43][44] sparking political controversy in the UK,[45] as well as in the US.[46] On May 19, 2014 a "final offer" of £55 a share was rejected by the AstraZeneca board which said the bid was too low and it imposed too many risks. If successful the takeover, which would have been the biggest in British history, would have made Pfizer the world's largest drug company.[47] Hopes for a renewed bid later in the year were dashed when the firm signed a major cancer drug deal with Merck KGaA, selling its sharing rights to develop an experimental immunotherapy drug for a fee of $850 million.[48] Hospira[edit] In February 2015, Pfizer and Hospira agreed that Pfizer would acquire Hospira for $15.2 billion.[49] a deal in which Hospira shareholders would receive $90 per cash for each share they owned.[50][51] Including debt the deal is valued at around $17 billion.[49] Hospira is the largest producer of generic injectable pharmaceuticals in the world.[52] Acquisition history[edit] The following is an illustration of the company's mergers, acquisitions, spin-offs and historical predecessors): Pfizer Pfizer (Founded 1849 as Charles Pfizer & Company) Warner–Lambert Warner–Lambert (Merged 1955) William R. Warner (Founded 1856) Lambert Pharmacal Company Parke-Davis (Founded 1860, Acq 1976) Wilkinson Sword (Acq 1993, Divested 2003) Agouron (Acq 1999) Pharmacia (Acq 2002) Coley Pharmaceutical Group[53] (Acq 2007) CovX[54] (Acq 2007) Encysive Pharmaceuticals Inc[55] (Acq 2008) Wyeth American Home Products Wyeth (Acq 1931) Chef Boyardee S.M.A. Corporation Ayerst Laboratories (Acq 1943) Fort Dodge Serum Company (Acq 1945) Bristol-Myers (Animal Health div) Parke-Davis (Animal Health div) A.H. Robins Sherwood Medical (Acq 1982) American Cyanamid (Acq 1994) Lederle Laboratories Solvay (Acq 1995, Animal Health div) Genetics Institute, Inc. (Acq 1992) King Pharmaceuticals (Acq 2010) Monarch Pharmaceuticals, Inc. King Pharmaceuticals Research and Development, Inc. Meridian Medical Technologies, Inc. Parkedale Pharmaceuticals, Inc. King Pharmaceuticals Canada Inc. Monarch Pharmaceuticals Ireland Limited Synbiotics Corporation[56] (Acq 2011) Icagen[57] (Acq 2011) Ferrosan[58] (Consumer Health Business, Acq 2011) Excaliard Pharmaceuticals[59] (Acq 2011) Alacer Corp[60] (Acq 2012) NextWave Pharmaceuticals, Inc[61] (Acq 2012) Zoetis (Spun off 2013) Innopharma (Acq 2014) Redvax GmbH (Acq 2015) Hospira (Acq 2015) Hospira (Spun off from Abbott Laboratories, 2004) Mayne Pharma Ltd (Acq 2007) Pliva-Croatia Orchid Chemicals & Pharmaceuticals Ltd. (Acq 2009, Generics & Injectables div) Javelin Pharmaceuticals, Inc. (Acq 2010) TheraDoc (Acq 2010) Operations[edit] The headquarters of Pfizer Japan in Tokyo Pfizer is organised into nine principal operating divisions: Primary Care, Specialty Care, Oncology, Emerging Markets, Established Products, Consumer Healthcare, Nutrition, Animal Health, and Capsugel.[62] Partnerships[edit] In May 2015, Pfizer and a Bar-Ilan University laboratory announced a partnership based on the development of medical DNA nanotechnology.[63] Research and development[edit] Pfizer's research and development activities are organised into two principal groups: the PharmaTherapeutics Research & Development Group, which focuses on the discovery of small molecules and related modalities; and the BioTherapeutics Research & Development Group, which focuses on large-molecule research, including vaccines.[62] In 2007, Pfizer invested $8.1 billion in research and development, the largest R&D investment in the pharmaceutical industry.[64] Pfizer has R&D facilities in the following locations: Groton, Connecticut; La Jolla, California (around 1,000 staff, focused on cancer drugs);[65] South San Francisco, California; Cambridge, Massachusetts; Kalamazoo, Michigan; St. Louis, Missouri; Sandwich, United Kingdom; and Cambridge, United Kingdom. In 2007, Pfizer announced plans to close or sell the Loughbeg API facility, located at Loughbeg, Ringaskiddy Co. Cork Ireland by mid to end of 2008. In 2007, Pfizer announced plans to completely close the Ann Arbor, Nagoya and Amboise Research facilities by the end of 2008, eliminating 2,160 jobs and idling the $300-million dollar Michigan facility, which had seen millions of dollars of expansion in recent years.[66] Azad Zal Bachtyar Ali Bakhtiar Sajjadi Cankurd Celal Baskale Choman Hardi Cigerxwîn Dildar Emînê Evdal Eskerê Boyîk Evdile Koçer Fadil Öztürk Farhad Shakely Farhad Pirbal Faqi Tayran Fawaz Hussain Firat Cewerî Haji Qadir Koyi Hecîyê Cindî Helîm Yûsiv Hemin Mukriyani Hesenê Metê Hussein Khaliqi Ibrahim Ahmad Jalal Barzanji Kajal Ahmad Kamal Qadir Karim Hisami Khalil Duhoki Khana Qubadi Keça Kurd Latif Halmat Latif Yahia Lokman Polat Mahabad Qaradaghi Mahmud Baksi Mahwi Malaye Jaziri Mariwan Halabjaee Mastoureh Ardalan Mawlawi Tawagozi Mehemed Malmîsanij Mehmed Emin Bozarslan Mehmed Uzun Misbaholdiwan Adab Muhamad Salih Dilan Mustafa Aydogan Musa Anter Nado Makhmudov Najiba Ahmad Nalî Nazand Begikhani Nezami Ganjavi Nuri 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Skrastina born – actress Mommy Dearest Deer Hunter Viktors Alksnis born – Soviet military officer and Russian communist politician known as "the Black Colonel" Juris Alunans writer and philologist Ingrida Andrina – actress Iveta Apkalna born – organist Fricis Apšenieks – – chess player Vija Artmane – – actress Aspazija pen name of Elza Pliekšane poet and playwright Gunars Astra – – dissident fighter for human rights Auseklis see Mikelis Krogzems B edit Ainars Bagatskis born – basketball player Helmuts Balderis born – ice hockey player forward Janis Balodis – – army officer and politician Janis Balodis born – Latvian Australian playwright Karlis Balodis – – notable economist financist statistician and demographist Krišjanis Barons – – "the father of Latvian folk songs" who compiled and edited the first publication of Latvian folk song texts "Latvju Dainas" – Mihails Barišnikovs born – ballet dancer Karlis Baumanis – – composer author of the national anthem of the Republic of Latvia "Dievs sveti Latviju " God bless Latvia Vizma Belševica – – author candidate for Nobel Prize in Literature Eduards Berklavs – – politician leader of Latvian national communists Krišjanis Berkis – – general Dairis Bertans born – basketball player Isaiah Berlin Jesaja Berlins – – philosopher Eduards Berzinš – – soldier in the Red Army later Head of Dalstroy the Kolyma forced labour camps in North Eastern Siberia Kaspars Berzinš born – basketball player Karlis Betinš – – chess player Andris Biedrinš born – basketball player Gunars Birkerts born – architect Miervaldis Birze – – writer Ernests Blanks – – Latvian publicist writer historian the first to publicly advocate for Latvia s independence Rudolfs Blaumanis – – writer and playwright Himans Blums – – painter Janis Blums born – basketball player Arons Bogolubovs born – Olympic medalist judoka Baiba Broka born – actress Inguna Butane – fashion model C edit Valters Caps – – designed first Minox x photocameras Aleksandrs Cauna born – footballer Gustavs Celminš – – fascist politician leader of Perkonkrusts movement Vija Celmins born – American painter born in Latvia C edit Maris Caklais – poet Aleksandrs Caks – – poet Janis Cakste – – first Latvian president Tanhum Cohen Mintz Latvian born Israeli basketball player D edit Roberts Dambitis – – general and politician Janis Dalinš – – athlete race walker Emils Darzinš – – composer Kaspars Daugavinš born – ice hockey player Jacob Davis – – inventor of denim Johans Aleksandrs Heinrihs Klapje de Kolongs – – naval engineer Eliass Eliezers Desslers – – Orthodox rabbi Talmudic scholar and Jewish philosopher Leor Dimant born – the DJ for the rap metal group Limp Bizkit Anatols Dinbergs – – diplomat Aleksis Dreimanis born – geologist Inga Drozdova born – model and actress Olgerts Dunkers – – actor and film director E edit Mihails Eizenšteins – – architect Sergejs Eizenšteins – – film director Modris Eksteins born – Canadian historian and writer Andrievs Ezergailis born – historian of the Holocaust F edit Movša Feigins – – chess player Gregors Fitelbergs – – conductor composer and violinist Vesels fon Freitags Loringhofens – – colonel and member of the German resistance against German dictator Adolf Hitler Laila Freivalds born – former Swedish Minister of Foreign Affairs G edit Inese Galante born – opera singer soprano Gints Gabrans born – artist Elina Garanca born – opera singer mezzo soprano Karlis Goppers – – general founder of Latvian Boy Scouts Andrejs Grants born – photographer Ernests Gulbis born – tennis player Natalija Gulbis born – Latvian descent LPGA golfer G edit Uldis Germanis – – historian under the alias of Ulafs Jansons a social commentator Aivars Gipslis – – chess player H edit Moriss Halle born – linguist Filips Halsmans – – Latvian American photographer Juris Hartmanis born – computer scientist Turing Award winner Uvis Helmanis – basketball player I edit Arturs Irbe born – ice hockey player goalkeeper Karlis Irbitis – – aviation inventor engineer designer J edit Gatis Jahovics – basketball player Mariss Jansons born – conductor Inese Jaunzeme born – athlete Rashida Jones born Latvian American actress K edit Aivars Kalejs born organist composer Sandra Kalniete born – politician diplomat former Latvia s EU commissioner Bruno Kalninš – – Saeima member Red Army General Imants Kalninš born – composer politician Oskars Kalpaks – – colonel first Commander of Latvian National Armed Forces Kaspars Kambala born – basketball player Martinš Karsums born – ice hockey player Reinis Kaudzite writer and journalist Renars Kaupers – musician Jekabs Ketlers – – Duke of the Duchy of Courland and Semigallia Gustavs Klucis – – painter and graphic designer Aleksandrs Koblencs – – chess player Abrams Izaks Kuks – – chief rabbi Jewish thinker statesman diplomat mediator and a renowned scholar Aleksandrs Kovalevskis – – zoologist Gidons Kremers born – violinist and conductor Mikelis Krogzems – – poet author and translator of German poets Juris Kronbergs born – poet writer free lance journalist translator Atis Kronvalds – – teacher and journalist reformed the Latvian language organized the first Latvian Song and Dance Festival Dainis Kula born – athlete Olympic gold medal in javelin Alberts Kviesis – – president of Latvia L edit Aleksandrs Laime – – explorer Vilis Lacis – – author and politician Ginta Lapina born – fashion model Natalija Lašenova – gymnastics Olympic champion team Ed Leedskalnin Edvards Liedskalninš – – builder of Coral Castle in Florida claimed to have discovered the ancient magnetic levitation secrets used to construct the Egyptian pyramids Jekabs Mihaels Reinholds Lencs – – author Marija Leiko – – actress Aleksandrs Liepa – – inventor artist Maris Liepa – – ballet dancer Maksims Lihacovs born – professional football player Peggy Lipton born Latvian American actress Nikolajs Loskis – – philosopher Janis Lusis born – athlete Olympic champion L edit Jevgenija Lisicina born – organist M edit Maris Martinsons born film director producer screenwriter and film editor Hermanis Matisons – – chess player Zenta Maurina – – writer literary scholar culture philosopher Juris Maters – – author lawyer and journalist translated laws to Latvian and created the foundation for Latvian law Janis Medenis poet Arnis Mednis singer Zigfrids Anna Meierovics – – first Latvian Minister of Foreign Affairs Leo Mihelsons – – artist Arnolds Mikelsons – – artist Jevgenijs Millers – – czarist Russian general Karlis Milenbahs – – linguist N edit Arkadijs Naidics born – chess player now resident in Germany Andris Nelsons born – conductor of The Boston Symphony Orchestra Andrievs Niedra – – pastor writer prime minister of German puppet government Arons Nimcovics – – influential chess player Reinis Nitišs born World Rallycross driver Fred Norris born – Radio personality The Howard Stern Show O edit Stanislavs Olijars born – athlete European champion in m Hurdles Vilhelms Ostvalds – – received the Nobel Prize in Chemistry in for his work on catalysis chemical equilibria and reaction velocities Elvira Ozolina born – athlete Olympic gold medal in javelin Sandis Ozolinš born – ice hockey player defense Valdemars Ozolinš – – composer conductor P edit Artis Pabriks born – Minister of Foreign Affairs – Karlis Padegs – – Graphic artist painter Marians Pahars born – soccer player Raimonds Pauls born – popular composer widely known in Russia Lucija Peka – – Artist of the Latvian Diaspora Jekabs Peterss – – revolutionary and Soviet Cheka leader Brita Petersone – American model Kaspars Petrovs born – serial killer Vladimirs Petrovs – – chess player Oskars Perro – Latvian soldier and writer Andris Piebalgs born – politician diplomat European Commissioner for Energy Janis Pliekšans – – distinguished Latvian writer author of a number of poetry collections Juris Podnieks – – film director producer Nikolajs Polakovs – – Coco the Clown Janis Poruks writer Rosa von Praunheim born – film director author painter and gay rights activist Sandis Prusis born – athlete bobsleigh Uldis Pucitis actor director Janis Pujats born – Roman Catholic cardinal Andrejs Pumpurs – – poet author of Latvian national epic Lacplesis R edit Rainis pseudonym of Janis Pliekšans poet and playwright Dans Rapoports American financier and philanthropist Lauris Reiniks – singer songwriter actor and TV personality Einars Repše born – politician Lolita Ritmanis born – orchestrator composer Ilja Ripss born inventor of the Bible Code Fricis Rokpelnis – – author Marks Rotko – – abstract expressionist painter Elza Rozenberga – – poet playwright married to Janis Pliekšans Juris Rubenis born – famous Lutheran pastor Martinš Rubenis born – athlete bronze medalist at the Winter Olympics in Turin Brunis Rubess born – businessman Inta Ruka born – photographer Tana Rusova born – pornographic actress S edit Rudolfs Saule born ballet master performer with the Latvian National Ballet Uljana Semjonova born – basketball player Haralds Silovs – short track and long track speed skater Karlis Skalbe – – poet Karlis Skrastinš – – ice hockey player Baiba Skride born – violinist Konstantins Sokolskis – – romance and tango singer Ksenia Solo born Latvian Canadian actress Serge Sorokko born art dealer and publisher Raimonds Staprans born – Latvian American painter Janis Šteinhauers – – Latvian industrialist entrepreneur and civil rights activist Gotthard Friedrich Stender – the first Latvian grammarian Lina Šterna – – biologist and social activist Roze Stiebra born animator Henrijs Stolovs – – stamp dealer Janis Streics born – film director screenwriter actor Janis Strelnieks born – basketball player Peteris Stucka – – author translator editor jurist and educator Janis Sudrabkalns poet and journalist Jevgenijs Svešnikovs born – prominent chess player Stanislavs Svjanevics – – economist and historian Š edit Viktors Šcerbatihs born – athlete weightlifter Pauls Šimanis – – Baltic German journalist politician activist defending and preserving European minority cultures Vestards Šimkus born – pianist Aleksejs Širovs born – chess player Andris Škele born – politician Prime Minister of Latvia Armands Škele – basketball player Ksenia Solo born – actress Ernests Štalbergs – – architect ensemble of the Freedom Monument Izaks Nahmans Šteinbergs – – politician lawyer and author Maris Štrombergs – BMX cyclist gold medal winner at and Olympics T edit Esther Takeuchi born – materials scientist and chemical engineer Mihails Tals – – the th World Chess Champion Janis Roberts Tilbergs – – painter sculptor U edit Guntis Ulmanis born – president of Latvia Karlis Ulmanis – – prime minister and president of Latvia


abby-lane abby-rode abigail-clayton ada-tauler addie-juniper addison-cain adele-wiesenthal adeline-lange adeline-pollicina adriana-amante adrianna-laurenti adrianna-russo agnes agnes-ardant agnes-zalontai aimee-addison aisha-sun aja aleena-ferari alessandra-schiavo aletta-ocean alexandra-nice alexandria-cass alexa-parks alex-dane alex-foxe alexia-knight alexis-devell alexis-firestone alexis-greco alexis-payne alexis-x alex-storm alex-white aliana-love alice-springs alicia-alighatti alicia-monet alicia-rio alicyn-sterling alighiera-olena ali-moore aline-santos alissa-ashley allysin-chaynes alysin-embers alyssa-love alyssa-reece amanda-addams amanda-blake amanda-blue amanda-jane-adams amanda-rae amanda-stone amanda-tyler amber-hunt amberlina-lynn amber-lynn amber-michaels amber-peach amber-wild amber-woods ambrosia-fox amia-miley ami-rodgers amy-allison amy-brooke amy-rose amy-starz anastasia-christ anastasia-sands andrea-adams andrea-brittian andrea-lange andrea-true andy angel angela-baron angela-summers angel-barrett angel-cash angel-cruz angel-cummings angel-ducharme angelica-sin angelika-reschner angelina-brasini angelina-korrs angelina-valentine angel-kelly angel-long angel-west angie-knight anita-andic anita-blond anita-cannibal anita-dark anna-belle anna-malle anna-nikova anna-pierce anna-ventura anna-veruska anne-bie-warburg anne-libert anne-magle anne-sand annette-haven annie-sprinkle ann-kiray ann-marie-michelle antonia-dorian april-flowers april-may april-west arcadia-lake ariana-bali ariana-jollee arlana-blue ashley-anne ashley-brooks ashley-coda ashley-fires ashley-lauren ashley-long ashley-marie ashley-nicole ashley-perk ashley-renee ashley-robbins ashley-welles ashley-wells ashley-winger ashlyn-gere astrid-bone athena-star aubrey-nichols aurora aurora-snow autumn-bliss autumn-rayne ava-devine ava-lauren avalon ava-marteens avy-lee-roth bailey-monroe bambi-allen barbara-bourbon barbara-boutet barbara-dare barbara-doll barbara-moose barbarella barbie-angel barbie-doll barett-moore bea-fiedler beata beatrice-poggi beatrice-valle becky-savage becky-sunshine belinda-butterfield bella-donna bethany-sweet beverly-bliss beverly-glen biggi-stenzhorn bionca black-widow blond-cat blondi blue-angel bobbi-bliss bobbi-dean bobbie-burns bonnie-holiday brandee brandi-edwards brandy-alexandre brandy-dean brandy-lee brandy-smile brandy-wine bree-anthony breezy-lane brenda-basse briana-blair bridgette-belle bridgette-monet bridgette-monroe bridget-waters brigitte-lahaie brigitte-monnin brigitte-verbecq brittany brittany-stryker britt-corvin britt-morgan bronze brooke-bennett brooke-fields brooke-haven brooke-west brook-van-buuren buffy-davis bunnie-blake bunny-bleu bunny-hatton busty-belle cali-caramel calisyn-heart cameo cameron-love camila-sampaio camilla-rhodes camille-morgan camrie-foxxx candace-daley candi candida-royalle candie-evens candi-summers candy-apples candy-barr candy-hill candy-samples candy-stanton cara-lott caressa-savage carmel-nougat carmen-blonde carmen-de-la-torre carmen-moore carmen-rose carol-connors carol-cross carol-cummings carole-dubois carole-gire carole-pierac carol-titian carolyn-connoly carolyn-monroe carrie-cruise cassandra-leigh cassidy cassie-courtland cataline-bullock catherine-count catherine-crystal catherine-ringer catherine-tailleferre cathy-delorme cathy-menard cathy-stewart celeste-fox celine-gallone chanel-preston chanel-price chantal-virapin chanta-rose chantelle-stevens charisma charisma-cole charlie-latour charlie-waters charlotte-de-castille charmane-star chasey-lain chayse-manhattan chaz-vincent chelsea-sinclaire chennin-blanc cheri-janvier cheri-taylor cherry-hill chessie-moore cheyenne-hunter cheyenne-silver china-lee china-leigh china-moon chloe-cruize chloe-dior chloe-kez chloe-stevens chris-collins chris-jordan chris-petersen chrissie-beauchamp christa-abel christa-ludwig christie-ford christi-lake christina-berg christina-blond christina-evol christina-skye christine-black christine-chavert christine-neona christine-rigoler christy-canyon cicciolina cindi-stephens cindy-carver cindy-crawford cindy-more cindy-shepard cindy-wong cinthya-marinho clair-dia claire-robbins claude-janna claudia-jackson claudia-jamsson claudia-mehringer claudia-nero claudia-van-statt claudia-zante claudine-beccarie clea-carson cleo-nichole cleo-patra cody-lane cody-love cody-nicole coffee-brown colleen-brennan connie-bennett connie-peterson constance-money copper-penny coreena corey-everson corinne-lemoine corneliah cory-everson cory-wolf courtney courtney-cummz courtney-james cris-cassidy crissy-moran cris-taliana crystal-breeze crystal-dawn crystal-holland crystal-knight crystal-lake crystal-lovin crystal-sync csilla-kalnay cuban-bee cynara-fox cyndee-summers cynthia-black cynthia-brooks cynthia-hammers cynthia-lavigne dagmar-lost daisy-layne dallas-miko dana-dylan dana-lynn danica-rhea daniela-nanou daniela-schiffer daniele-troeger daniella daniella-schiffer danielle danielle-foxxx danielle-rodgers danny-ricci danyel-cheeks daphne daphne-rosen darby-lloyd-rains darla-crane darla-delovely davia-ardell dayton-rain debbie-northrup debbie-revenge debbie-van-gils debi-diamond debi-jointed debra-lynn deidra-hopkins deidre-holland delania-raffino delia-moore delphine-thail delta-force delta-white demi-moor denice-klarskov denise-derringer denise-dior denise-sloan desiree-cousteau desiree-foxx desiree-lane desiree-west deva-station devin-devasquez devinn-lane devon-shire dia diana-holt diana-kisabonyi diana-siefert diana-stevenson diane-dubois diane-richards diane-sloan diane-suresne dido-angel dillan-lauren dina-deville dina-jewel dina-pearl ditty-blue diva divinity-love djiana dolly-darkley dominique dominique-dewitt dominique-saint-claire donna-hart donna-marie dorle-buchner dorothy-lemay dorothy-onan drea drimla dru-berrymore dusty-rose dyanna-lauren ebony-ayes edina-blond edita-ungerova edwige-faillel eileen-wells elaine-southern elena-berkova elena-maria-ricci eleonore-melzer elisabeth-bure elis-black elise elise-di-medici elle-devyne elle-rio elodie-delage elsa-maroussia elza-brown emili-doll emily-evermoore emily-george emily-jewel emmanuelle-pareze envy-mi erica-boyer erica-eaton erica-havens erica-idol erica-lauren erika-bella erika-cool erika-heaven erika-lockett esme-monroe eva-allen eva-angel eva-dionisio eva-gross eva-kleber eva-lux eva-uettori eve-laurence evelyne-lang evie-delatosso fabiana-venturi faith-stevens fallon fanny-garreau fanny-steel faye-runaway flame flick-shagwell flore-soller flower france-lomay france-quenie francoise frankie-leigh gabriella gabriella-mirelba gabriella-vincze gail-force gail-palmer gail-sterling georgette-saunders georgia-peach georgina-spelvin gia-givanna gianna-lynn gili-sky gina-carrera gina-gianetti gina-janssen gina-lee gina-martell gina-valentino ginger-jay ginger-lee ginger-lynn ginny-noack giovanna gisela-schwarz giselle-monet gladys-laroche gloria-leonard gloria-todd golden-jade greta-carlson greta-milos guia-lauri-filzi gwenda-farnel hare-krane harley-raine hayley-jade hazel-young heather-deeley heather-ellis heather-hart heather-lere heather-lyn heather-manfield heather-thomas heather-torrance heather-wayne heather-young helen-madigan helen-thomas helga-sven helga-wild hillary-summers holly-hollywood holly-joy holly-page holly-ryder honey-winter hottie-hollie hyapatia-lee ida-fabry ildiko-smits illana-moor ines-ridere ingrid-choray isabella-dior isabella-soprano isabelle-allay isabelle-brell isabelle-marchall isobel-wren iveta ivette-blanche jackie-right jacqueline-lorians jacy-allen jada-stevens jade-east jade-hsu jade-marcela jade-summers jade-wong jahn-gold jamie-brooks jamie-james jamie-summers jana-irrova jana-mrazkova jane-baker jane-darling jane-iwanoff jane-lindsay jane-lixx janet-jacme janey-robbins jasmine-delatori jayden-simone jaylyn-rose jayna-woods jazella-moore jazmin-luna-gold jean-afrique jeanette-littledove jeanie-marie-sullivan jean-jennings jeanna-fine jeannie-pepper jenna-jameson jenna-jane jenna-presley jenna-wells jennifer-haussmann jennifer-janes jennifer-jordan jennifer-morante jennifer-noxt jennifer-stewart jennifer-welles jennifer-west jenny jenny-feeling jenny-fields jenny-wings jersey-jaxin jesie-st-james jesse-capelli jessica-bangkok jessica-bogart jessica-darlin jessica-fiorentino jessica-gabriel jessica-laine jessica-may jessica-road jessica-wylde jessi-foster jill-ferari jill-kelly joana-redgrave joan-devlon joanna-storm joanna-sweet jody-maxwell joelle-lequement joelle-petinot johnni-black jordana-james jordan-green jordan-nevaeh jordan-star josephine-carrington joslyn-james julia-chanel julia-dal-fuoco juliana-grandi julia-paes julia-parton julia-perrin julia-swen julia-thomas julie-meadows julie-rage julie-simone juliet-anderson juliet-graham juliette-carelton kacey-jordan kagney-linn-karter kaitlyn-ashley kalena-rios kami-andrews kamila-smith kandee-licks kandi-barbour kapri-styles kara-nox karen-summer kari-foxx karine-gambier karin-schubert karli-sweet karmen-kennedy karol-castro kascha kassi-nova kat kate-frost kate-jones kathia-nobili kathleen-gentry kathleen-white kathy-divan kathy-harcourt kathy-heart kathy-kash katie-cummings katja-love kat-langer katrina-isis katrina-kraven katy-borman katy-caro kaycee-dean kayla-kupcakes kay-parker k-c-valentine keama-kim keira-moon keisha keli-richards kelli-tyler kelly-adams kelly-blue kelly-broox kelly-hearn kelly-kay kelly-kline kelly-nichols kelly-royce kelly-skyline kendra-kay kenzi-marie keri-windsor ketthy-divan kianna-dior kiley-heart kim-alexis kimber-blake kimberly-carson kimberly-kane kimberly-kyle kim-de-place kim-holland kimi-gee kimkim-de kim-kitaine kimmie-lee kimmy-nipples kina-kara kira-eggers kira-red kirsty-waay kitty-langdon kitty-lynxxx kitty-marie kitty-shayne kitty-yung kora-cummings kris-lara krista-lane krista-maze kristara-barrington kristarah-knight kristi-klenot kristina-blonde kristina-king kristina-klevits kristina-soderszk kristine-heller kristin-steen krisztina-ventura krystal-de-boor krystal-steal kylee-karr kylee-nash kylie-brooks kylie-channel kylie-haze kylie-wylde kym-wilde kyoto-sun lachelle-marie lacy-rose lady-amanda-wyldefyre lady-stephanie laetitia-bisset lana-burner lana-cox lana-wood lara-amour lara-roxx lara-stevens lataya-roxx latoya laura-clair laura-lazare laura-lion laura-may laura-orsolya laura-paouck laura-zanzibar lauren-black laurence-boutin lauren-montgomery laurien-dominique laurien-wilde laurie-smith lauryl-canyon lauryn-may leah-wilde lea-magic lea-martini leanna-foxxx lee-caroll leigh-livingston leilani lenora-bruce leslie-winston lesllie-bovee letizia-bruni lexi-lane lexi-matthews lezley-zen lia-fire liliane-gray liliane-lemieuvre lili-marlene lily-gilder lily-labeau lily-rodgers lily-valentine linda-shaw linda-vale linda-wong linnea-quigley lisa-bright lisa-de-leeuw lisa-k-loring lisa-lake lisa-melendez lisa-sue-corey lise-pinson little-oral-annie liza-dwyer liza-harper lizzy-borden logan-labrent lois-ayres lola-cait long-jean-silver loni-bunny loni-sanders loona-luxx lorelei-lee lorelei-rand lorena-sanchez lori-alexia lori-blue lorrie-lovett luci-diamond lucie-doll lucie-theodorova lucy-van-dam lydia-baum lynn-franciss lynn-lemay lynn-ray lynn-stevens lynx-canon lysa-thatcher madelina-ray madison-parker magdalena-lynn maggie-randall mai-lin mandi-wine mandy-bright mandy-malone mandy-may mandy-mistery mandy-starr marcia-minor maren margit-ojetz margitta-hofer margo-stevens margot-mahler mariah-cherry marianne-aubert maria-tortuga marie-anne marie-christine-chireix marie-christine-veroda marie-claude-moreau marie-dominique-cabannes marie-france-morel marie-luise-lusewitz marie-sharp marilyn-chambers marilyne-leroy marilyn-gee marilyn-jess marilyn-martyn marilyn-star marina-hedman marion-webb marita-ekberg marita-kemper marlena marlene-willoughby marry-queen martine-grimaud martine-schultz maryanne-fisher mary-hubay mary-ramunno mary-stuart mascha-mouton maud-kennedy mauvais-denoir maxine-tyler maya-black maya-france megan-leigh megan-martinez megan-reece mei-ling melanie-hotlips melanie-scott melba-cruz melinda-russell melissa-bonsardo melissa-del-prado melissa-golden melissa-martinez melissa-melendez melissa-monet mercedes-dragon mercedes-lynn merle-michaels mesha-lynn mia-beck mia-lina mia-smiles michele-raven michelle-aston michelle-ferrari michelle-greco michelle-maren michelle-maylene michelle-monroe micki-lynn mika-barthel mika-tan mikki-taylor mimi-morgan mindy-rae ming-toy miranda-stevens miss-bunny miss-meadow miss-pomodoro missy missy-graham missy-stone missy-vega misti-jane mistress-candice misty-anderson misty-dawn misty-rain misty-regan mona-lisa mona-page moni monica-baal monica-swinn monika-peta monika-sandmayr monika-unco monique-bruno monique-cardin monique-charell monique-demoan monique-gabrielle monique-la-belle morgan-fairlane morrigan-hel moxxie-maddron mulani-rivera mysti-may nadege-arnaud nadia-styles nadine-bronx nadine-proutnal nadine-roussial nadi-phuket nanci-suiter nancy-hoffman nancy-vee natacha-delyro natalia-wood natalli-diangelo natascha-throat natasha-skyler naudia-nyce nessa-devil nessy-grant nesty nicki-hunter nicky-reed nicole-berg nicole-bernard nicole-black nicole-grey nicole-london nicole-parks nicole-scott nicole-taylor nicolette-fauludi nicole-west nika-blond nika-mamic niki-cole nikita-love nikita-rush nikki-charm nikki-grand nikki-king nikki-knight nikki-randall nikki-rhodes nikki-santana nikki-steele nikki-wilde niko nina-cherry nina-deponca nina-hartley nina-preta oana-efria obaya-roberts olesja-derevko olga-cabaeva olga-conti olga-pechova olga-petrova olivia-alize olivia-del-rio olivia-flores olivia-la-roche olivia-outre ophelia-tozzi orchidea-keresztes orsolya-blonde paige-turner paisley-hunter pamela-bocchi pamela-jennings pamela-mann pamela-stanford pamela-stealt pandora paola-albini pascale-vital pat-manning pat-rhea patricia-dale patricia-diamond patricia-kennedy patricia-rhomberg patrizia-predan patti-cakes patti-petite paula-brasile paula-harlow paula-morton paula-price paula-winters pauline-teutscher penelope-pumpkins penelope-valentin petra-hermanova petra-lamas peyton-lafferty phaedra-grant pia-snow piper-fawn pipi-anderson porsche-lynn porsha-carrera precious-silver priscillia-lenn purple-passion queeny-love rachel-ashley rachel-love rachel-luv rachel-roxxx rachel-ryan rachel-ryder racquel-darrian rane-revere raven reagan-maddux rebecca-bardoux regan-anthony regine-bardot regula-mertens reina-leone reka-gabor renae-cruz renee-foxx renee-lovins renee-morgan renee-perez renee-summers renee-tiffany rhonda-jo-petty rikki-blake riley-ray rio-mariah rita-ricardo roberta-gemma roberta-pedon robin-byrd robin-cannes robin-everett robin-sane rochell-starr rosa-lee-kimball rosemarie roxanne-blaze roxanne-hall roxanne-rollan ruby-richards sabina-k sabre sabrina-chimaera sabrina-dawn sabrina-jade sabrina-johnson sabrina-love-cox sabrina-mastrolorenzi sabrina-rose sabrina-scott sabrina-summers sacha-davril sahara sahara-sands sai-tai-tiger samantha-fox samantha-ryan samantha-sterlyng samantha-strong samueline-de-la-rosa sandra-cardinale sandra-de-marco sandra-kalermen sandra-russo sandy-lee sandy-pinney sandy-reed sandy-samuel sandy-style sandy-summers sara-brandy-canyon sara-faye sarah-bernard sarah-cabrera sarah-hevyn sarah-mills sarah-shine sara-sloane sasha sasha-hollander sasha-ligaya sasha-rose satine-phoenix satin-summer savannah-stern savanna-jane scarlet-scarleau scarlet-windsor seka selena serena serena-south severine-amoux shana-evans shanna-mccullough shannon-kelly shannon-rush shantell-day sharon-da-vale sharon-kane sharon-mitchell shaun-michelle shawna-sexton shawnee-cates shay-hendrix shayne-ryder sheena-horne sheer-delight shelby-star shelby-stevens shelly-berlin shelly-lyons sheri-st-clair sheyla-cats shonna-lynn shyla-foxxx shy-love sierra-sinn sierra-skye sigrun-theil silver-starr silvia-bella silvia-saint silvie-de-lux silvy-taylor simone-west sindee-coxx sindy-lange sindy-shy siobhan-hunter skylar-knight skylar-price skyler-dupree smokie-flame smoking-mary-jane solange-shannon sonya-summers sophia-santi sophie-call sophie-duflot sophie-evans sophie-guers stacey-donovan stacy-lords stacy-moran stacy-nichols stacy-silver stacy-thorn starla-fox starr-wood stefania-bruni stella-virgin stephanie-duvalle stephanie-rage stephanie-renee stevie-taylor summer-knight summer-rose sunny-day sunset-thomas sunshine-seiber susan-hart susanne-brend susan-nero susi-hotkiss suzanne-mcbain suzan-nielsen suzie-bartlett suzie-carina suzi-sparks sweet-nice sweety-pie sybille-rossani sylvia-benedict sylvia-bourdon sylvia-brand sylvia-engelmann syreeta-taylor syren-de-mer syvette szabina-black szilvia-lauren tai-ellis taija-rae taisa-banx talia-james tamara-lee tamara-longley tamara-n-joy tamara-west tami-white 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On June 18, 2007 Pfizer announced that it would move the Animal Health Research (VMRD) division based in Sandwich, England to Kalamazoo, Michigan.[67] On February 1, 2011 Pfizer announced the closure of the Research and Development centre in Sandwich, with the loss of 2,400 jobs.[68] Pfizer subsequently announced that it would maintain a significant presence at Sandwich, with around 650 staff continuing to be based at the site.[69] On September 1, 2011 Pfizer announced that it had agreed to a 10-year lease of more than 180,000 square feet of research space from MIT in a building to be constructed at 610 Main Street South, just north of the MIT campus in Cambridge, Massachusetts, US. The space will house Pfizer’s Cardiovascular, Metabolic and Endocrine Disease Research Unit and its Neuroscience Research Unit — and Pfizer anticipates moving into the space once it is completed in late 2013.[70] Products currently[when?] in Pfizer's development pipeline include dimebon and tanezumab. Board of directors[edit] As of November 2014, the members of the board of directors of Pfizer are:[71] Dennis Ausiello W. Don Cornwell Frances D. Fergusson Helen Hobbs Constance Horner Ian Read (chairman) James M. Kilts George Lorch Suzanne Nora Johnson Shantanu Narayen Stephen Sanger James C. Smith Marc Tessier-Lavigne Senior management[edit] Chief Executive Officer (CEO) and Chairman of the Board: Ian Read[72] Chief Financial Officer (CFO) and Executive Vice President: Frank A. D'Amelio Strategy and Business Development and Executive Vice President: Laurie Olsen Chief Compliance & Risk Officer and Executive Vice President: Rady Johnson Chief Medical Officer and Executive Vice President: Freda Lewis Hall General Counsel and Executive Vice President: Doug Lankler Chief Communications Officer and Executive Vice President: Sally Susman President of Global R&D: Mikael Dolsten President – Pfizer Global Manufacturing: Anthony Maddaluna Executive Vice President – Worldwide Human Resources: Chuck Hill President and General Manager, Global Innovative Pharmaceuticals: Geno Germano President and General Manager, Global Established Pharmaceuticals: John Young President and General Manager, Vaccines, Oncology and Consumer: Albert Bourla Products[edit] Pharmaceutical products[edit] United States incidence of invasive pneumococcal disease before and after introduction of the 7-valent and 13-valent pneumococcal vaccines. United States incidence of invasive pneumococcal disease before and after introduction of the 7-valent and 13-valent pneumococcal vaccines.[73] Key current and historical Pfizer products include: Lipitor (atorvastatin), a statin for the treatment of hypercholesterolemia. Lipitor was developed by Pfizer legacy company Warner-Lambert and first marketed in 1996.[74] Although atorvastatin was the fifth drug in the class of statins to be developed, clinical trials showed that atorvastatin caused a more dramatic reduction in LDL-C than the other statin drugs. From 1996 to 2012 under the trade name Lipitor, atorvastatin became the world's best-selling drug of all time, with more than $125 billion in sales over approximately 14.5 years.[75] Prevnar (13-valent conjugate pneumococcal vaccine) is a vaccine for the prevention of invasive pneumococcal infections. The introduction of the original, 7-valent version of the vaccine in 1999 led to a 75% reduction in the incidence of invasive pneumococcal infections among children under age 5 in the United States. An improved version of the vaccine, providing coverage of 13 bacterial variants, was introduced in early 2010. As of 2012 the rate of invasive infections among children under age 5 has been reduced by an additional 50%.[73] Norvasc (amlodipine), an antihypertensive drug of the dihydropyridine class. Amlodipine is on the World Health Organization's List of Essential Medicines, a list of the most important medication needed in a basic health system.[76] Diflucan (fluconazole), the first orally available treatment for severe fungal infections. Fluconazole is recommended as a first-line treatment in invasive candidiasis[77] and is widely used in the prophylaxis of severe fungal infections in premature infants.[78] Fluconazole is on the World Health Organization's List of Essential Medicines.[76] Zithromax (azithromycin), a macrolide antibiotic that is recommended by the Infectious Disease Society of America as a first line treatment for certain cases of community-acquired pneumonia.[79] Flagyl (metronidazole) is a nitroimidazole antibiotic medication used particularly for anaerobic bacteria and protozoa. It is antibacterial against anaerobic organisms, an amoebicide, and an antiprotozoal.[80] It is the drug of choice for first episodes of mild-to-moderate Clostridium difficile infection.[81] It is on the World Health Organization's List of Essential Medicines.[76] Zoloft (sertraline), is an antidepressant of the selective serotonin reuptake inhibitor (SSRI) class. It was introduced to the market by Pfizer in 1991. Sertraline is primarily prescribed for major depressive disorder in adult outpatients as well as obsessive–compulsive, panic, and social anxiety disorders in both adults and children. In 2011, it was the second-most prescribed antidepressant on the U.S. retail market, with 37 million prescriptions.[82] Selzentry (maraviroc), an HIV entry inhibitor useful for the treatment of multi-drug resistant HIV infection.[83] Zyvox (linezolid), an antibiotic for the treatment of severe, multi-drug resistant bacterial infections.[84] Xanax (alprazolam) 2 mg tri-score tablets Bottles of the antidepressant Zoloft Lyrica (pregabalin) for neuropathic pain. Sales of Lyrica were $4.6 billion in 2013; the US patent on Lyrica was challenged by generic manufacturers and was upheld in 2014, giving Pfizer exclusivity for Lyrica in the US until 2018.[85] Palbociclib, for the treatment of breast cancer.[86] Pfizer's other pharmaceutical products include:[87] Accupril (quinapril) for hypertension treatment. Accuretic (quinapril) Advil (ibuprofen) for pain and fever. Alavert (loratadine) Aldactazide (spironolactone) Aldactone (spironolactone) Alesse (levonorgestrel/ethinylestradiol) an oral contraceptive. Alsuma (sumatriptan) Aricept (donepezil) for Alzheimer's disease. Aromasin (exemestane) for the prevention of breast cancer and the prevention of osteoporosis and menopause for women. Arthrotec (diclofenac/misoprostol) an anti-inflammatory. Ativan (lorazepam) for anxiety and panic disorders. Bextra (Valdecoxib) for arthritis. Caduet (amlodipine) and (atorvastatin) for cholesterol and hypertension. Camptosar (irinotecan) for cancer and Chemotherapeutic agents. Celebrex (celecoxib) for arthritis. Chantix/Champix (Varenicline) for Nicotinic agonists, and anti nicotine drugs. Cefobid a cephalosporin antibiotic. Cyklokapron (tranexamic acid) for menorrhea. Depo-Medrol (methylprednisolone) for asthma. Solu-Medrol (methylprednisolone) for asthma. Depo Provera for birth control. Detrol and Detrol LA (tolterodine) for overactive bladder (OAB). Ellence (epirubicin) for cancer and a chemotherapy drug. Eraxis (anidulafungin) an antifungal drug. Eryc (erythromycin) an antibiotic. Exubera (inhalable insulin) for diabetes, and insulin therapies. Flagyl (metronidazole) for bacterial and protozoal infections. Genotropin (Growth hormone) for growth failure due to an inadequate secretion of endogenous growth hormone. Geodon (ziprasidone) for schizophrenia and bipolar disorder. Inspra (eplerenone) for diuretics. Lipitor, Sortis (atorvastatin) for cholesterol. Macugen (pegaptanib) for wet age-related macular degeneration Neurontin (gabapentin) for neuropathic pain. Preparation H for hemorrhoids Relpax (eletriptan) for including the sulfonamide group of migraine. Rescriptor (delavirdine) for HIV. Somavert (pegvisomant) for Acromegaly. Sutent (sunitinib) for cancer and a chemotherapy drug. Toviaz (fesoterodine) for overactive bladder (OAB). Tikosyn (dofetilide) for atrial fibrillation and flutter. Vfend (voriconazole) an antifungal drug. Viagra (sildenafil) for erectile dysfunction. Viracept (nelfinavir) for AIDS. Xalatan (latanoprost) for glaucoma Xalacom latanoprost and timolol Medication for glaucoma. Xanax and Xanax XR (alprazolam) for anxiety and panic disorders. In addition to marketing branded pharmaceuticals, Pfizer is involved in the manufacture and sale of generics. In the US it does this through its Greenstone subsidiary which it acquired as part of the acquisition of Pharmacia.[88] Pfizer also has a licensing deal in place with Aurobindo which grants the former access to a variety of oral solid generic products.[89] Consumer healthcare products[edit] ChapStick Pfizer's consumer healthcare products include: ChapStick, a lip balm. Dimetapp for the common cold. Robitussin for coughs and colds. Promotional practices[edit] See also: List of largest pharmaceutical settlements and Franklin v. Parke-Davis Access to Wyeth internal documents has revealed marketing strategies used to promote Neurontin for off-label use.[90] In 1993, the U.S. Food and Drug Administration (FDA) approved gabapentin (Neurontin, Pfizer) only for treatment of seizures. Warner–Lambert, which merged with Pfizer in 2000, used activities not usually associated with sales promotion, including continuing medical education and research, sponsored articles about the drug for the medical literature, and alleged suppression of unfavorable study results, to promote gabapentin. Within 5 years the drug was being widely used for the off-label treatment of pain and psychiatric conditions. Warner–Lambert admitted to charges that it violated FDA regulations by promoting the drug for pain, psychiatric conditions, migraine, and other unapproved uses, and paid $430 million to resolve criminal and civil health care liability charges.[91][92] A recent Cochrane review concluded that gabapentin is ineffective in migraine prophylaxis.[93] The American Academy of Neurology rates it as having unproven efficy, while the Canadian Headache Society and the European Federation of Neurological Societies rate its use as being supported by moderate and low-quality evidence, respectively.[94] In September 2009, Pfizer agreed to pay $2.3 billion to settle civil and criminal allegations that it had illegally marketed four drugs—Bextra, Geodon, Zyvox, and Lyrica—"for non-approved uses; it was Pfizer's fourth such settlement in a decade.[9][10][95] The payment included $1.3 billion in criminal penalties for felony violations of the Food, Drug and Cosmetic Act, and $1 billion to settle allegations it had illegally promoted the drugs for uses that were not approved by the U.S. Food and Drug Administration (FDA) and caused false claims to be submitted to Federal and State programs. The criminal fine was the largest ever assessed in the United States up to that time.[96] Pfizer has entered an extensive corporate integrity agreement (CIA) with the Office of Inspector General and will be required to make substantial structural reforms within the company, and maintain the Pfizer website (www.pfizer.com/pmc) to track the company's post marketing commitments. Pfizer must also put a searchable database of all payments to physicians the company has made on the Pfizer website by March 31, 2010.[97] Peter Rost was vice president in charge of the endocrinology division at Pharmacia before and during its acquisition by Pfizer. During that time he raised concerns internally about kickbacks and off-label marketing of Genotropin, Pharmacia's human growth hormone drug. Pfizer reported the Pharmacia marketing practices to the FDA and Department of Justice; Rost was unaware of this and filed an FCA lawsuit against Pfizer. Pfizer kept him on, but isolated him until the FCA suit was unsealed in 2005. The Justice Department declined to intervene, and Pfizer fired him, and he filed a wrongful termination suit against Pfizer.[98] A "whistleblower suit" was filed in 2005 against Wyeth, which was acquired by Pfizer, alleging that the company illegally marketed their drug Rapamune. Wyeth is targeted in the suit for off-label marketing, targeting specific doctors and medical facilities to increase sales of Rapamune, trying to get current transplant patients to change from their current transplant drugs to Rapamune and for specifically targeting African-Americans. According to the whistleblowers, Wyeth also provided doctors and hospitals with kickbacks to prescribe the drug in the form of grants, donations and other money.[99][100] In 2013, the company pleaded guilty to criminal mis-branding violations under the Food, Drug and cosmetic act. By August 2014 it had paid $491 million in civil and criminal penalties.[101] According to Harper's Magazine publisher John MacArthur, Pfizer withdrew "between $400,000 and a million dollars" worth of ads from their magazine following an unflattering article on depression medication.[102] Litigation[edit] Pfizer is party to a number of suits stemming from its pharmaceutical products as well as practices of various companies it has acquired or merged with.[9][10][95] Kelo case[edit] Pfizer's interest in obtaining property in New London, Connecticut, for expanded facilities led to the Kelo v. New London case before the U.S. Supreme Court. The Supreme Court's 2005 decision in Kelo v. City of New London handed local governments the right to seize private property for economic development,[103] i.e., offices and a hotel, to enhance Pfizer Inc.'s nearby corporate facility. However, following the completion of the aforementioned Wyeth merger, Pfizer announced it would close its research and development headquarters in New London, Connecticut, moving employees to nearby Groton. The property is now owned and operated by Electric Boat. Quigley Co.[edit] Pfizer acquired Quigley in 1968, and the division sold asbestos-containing insulation products until the early 1970s.[104] Asbestos victims and Pfizer have been negotiating a settlement deal which calls for Pfizer to pay $430 million to 80 percent of existing plaintiffs. It will also place an additional $535 million into an asbestos settlement trust that will compensate future plaintiffs as well as the remaining 20 percent of current plaintiffs with claims against Pfizer and Quigley. The compensation deal is worth $965 million all up. Of that $535 million, $405 million is in a 40-year note from Pfizer, while $100 million will come from insurance policies. Bjork–Shiley heart valve[edit] Pfizer purchased Shiley in 1979 at the onset of its Convexo-Concave valve ordeal, involving the Bjork–Shiley heart valve. Approximately 500 people died when defective valves failed and, in 1994, the United States ruled against Pfizer for ~$200 million.[105][106] Abdullahi v. Pfizer, Inc.[edit] Main article: Abdullahi v. Pfizer, Inc. In 1996, an outbreak of measles, cholera, and bacterial meningitis occurred in Nigeria. Pfizer representatives traveled to Kano, Nigeria to administer an experimental antibiotic, trovafloxacin, to approximately 200 children. Local Kano officials report that more than 50 children died in the experiment, while many others developed mental and physical deformities.[107] The nature and frequency of both fatalities and other adverse outcomes were similar to those historically found among pediatric patients treated for meningitis in sub-Saharan Africa.[108] In 2001, families of the children, as well as the governments of Kano and Nigeria, filed lawsuits regarding the treatment.[109] According to the news program Democracy Now!, "[r]esearchers did not obtain signed consent forms, and medical personnel said Pfizer did not tell parents their children were getting the experimental drug."[110] The lawsuits also accuse Pfizer of using the outbreak to perform unapproved human testing, as well as allegedly under-dosing a control group being treated with traditional antibiotics in order to skew the results of the trial in favor of Trovan. While the specific facts of the case remain in dispute, both Nigerian medical personnel and at least one Pfizer physician have stated that the trial was conducted without regulatory approval.[111][112] In 2007, Pfizer published a Statement of Defense letter.[113] The letter states that the drug's oral form was safer and easier to administer, that Trovan had been used safely in over 5000 Americans prior to the Nigerian trial, that mortality in the patients treated by Pfizer was lower than that observed historically in African meningitis epidemics, and that no unusual side effects, unrelated to meningitis, were observed after 4 weeks. In June 2010, the US Supreme Court rejected Pfizer's appeal against a ruling allowing lawsuits by the Nigerian families to proceed.[114] In December 2010, WikiLeaks released US diplomatic cables, which indicate that Pfizer had hired investigators to find evidence of corruption against Nigerian attorney general Aondoakaa to persuade him to drop legal action.[115] Washington Post reporter Joe Stephens, who helped break the story in 2000, called these actions "dangerously close to blackmail."[110] In response, the company has released a press statement describing the allegations as "preposterous" and stating that they acted in good faith.[116] Aondoakka, who had allegedly demanded bribes from Pfizer in return for a settlement of the case,[117] was declared unfit for office and had his U.S. visa revoked in association with corruption charges in 2010.[118][119] GMO virus[edit] A scientist claims she was infected by a genetically modified virus while working for Pfizer. In her federal lawsuit she says she has been intermittently paralyzed by the Pfizer-designed virus. "McClain, of Deep River, suspects she was inadvertently exposed, through work by a former Pfizer colleague in 2002 or 2003, to an engineered form of the lentivirus, a virus similar to the one that can lead to acquired immune deficiency syndrome, or AIDS."[120] The court found that McClain failed to demonstrate that her illness was caused by exposure to the lentivirus,[121] but also that Pfizer violated whistleblower laws.[122] Blue Cross Blue Shield[edit] Health insurance company Blue Cross Blue Shield (BCBS) filed a lawsuit against Pfizer for reportedly illegally marketing their drugs Bextra, Geodon and Lyrica. BCBS is reporting that Pfizer used "kickbacks" and wrongly persuaded doctors to prescribe the drugs.[123][124] FiercePharma reported that "According to the suit, the drugmaker not only handed out those "misleading" materials on off-label uses, but sent doctors on Caribbean junkets and paid them $2,000 honoraria in return for their listening to lectures about Bextra. More than 5,000 healthcare professionals were entertained at meetings in Bahamas, Virgin Islands, and across the U.S., the suit alleges."[125][126] The case was settled in 2014 for $325M.[127] Brigham Young University[edit] Controversy arose over the drug "Celebrex." Brigham Young University (BYU) said that a professor of chemistry, Dr. Daniel Simmons, discovered an enzyme in the 1990s which would later lead towards the development of Celebrex. BYU was originally seeking 15% royalty on sales which would equate to $9.7 billion. The court filings show that a research agreement was made with Monsanto, whose pharmaceutical business was later acquired by Pfizer, to develop a better aspirin. The enzyme that Dr. Simmons claims to have discovered would induce pain and inflammation while causing gastrointestinal problems, which Celebrex is used to reduce those issues. A battle ensued, lasting over six years, because BYU claimed that Pfizer did not give him credit or compensation while Pfizer claims it had met all obligations regarding the Monsanto agreement. This culminated in a $450 million amicable settlement without going to trial. Pfizer said it would take a $450 million charge against first quarter earnings to settle.[128] Environmental record[edit] Between 2002 and 2008, Pfizer reduced its greenhouse emissions by 20%,[129] and committed to reducing emissions by an additional 20% by 2012. In 2012 the company was named to the Carbon Disclosure Project's Carbon Leadership Index in recognition of its efforts to reduced greenhouse gas emissions.[130] Pfizer has inherited Wyeth's liabilities in the American Cyanamid site in Bridgewater, New Jersey. This site is highly toxic and an EPA declared Superfund site. Pfizer has since attempted to remediate this land in order to clean and develop it for future profits and potential public uses.[131] The Sierra Club and the Edison Wetlands Association have come out in opposition to the cleanup plan, arguing that the area is subject to flooding, which could cause pollutants to leach. The EPA considers the plan the most reasonable from considerations of safety and cost-effectiveness, arguing that an alternative plan involving trucking contaminated soil off site could expose cleanup workers. The EPA's position is backed by the environmental watchdog group CRISIS.[132] In June 2002, a chemical explosion at the Groton plant injured seven people and caused the evacuation of over 100 homes in the surrounding area.[133] Tax inversion[edit] In 2014 when Pfizer proposed to invert to the U.K. through a takeover of AstraZeneca, public attention was drawn to tax inversion or corporate inversion.[134][135] On November 19, 2015 the US Treasury Department announced new rules that would "restrain U.S. companies from putting their addresses in foreign countries to reduce tax through a tax inversion.[136] By November 2015 the Wall Street Journal reported that "Allergan, plc and Pfizer Inc. are considering structuring a merger of the drug companies so that it is an acquisition of Allergan by Pfizer."[137] The article described how,[137] "However the deal is technically structured, the much larger Pfizer will effectively be buying the Dublin-based Allergan and assuming a lower offshore tax jurisdiction. Allergan shareholders would receive a premium and end up with 40% to 45% of the combined company, some of the people said. The deal is expected to be mainly in stock, but it could contain a small cash component." —?Wall Street Journal Political lobbying[edit] Pfizer is a leading member of the U.S. Global Leadership Coalition, a Washington D.C.-based coalition of over 400 major companies and NGOs that advocates for a larger International Affairs Budget, which funds American diplomatic, humanitarian, and development efforts abroad.[138] Employment and diversity[edit] Pfizer received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report. In 2007, Pfizer's Canadian division was named one of Canada's Top 100 Employers, as published in Maclean's magazine, the only research-based pharmaceutical company to receive this honor.[139] Involvement in Developing World Health Issues[edit] Pfizer provides the antifungal drug fluconazole without charge to governmental and non-governmental organizations in developing countries with >1% HIV and AIDS prevalence.[140][141][142] The company has also pledged to provide up to 480 million doses of its anti-pneumococcal vaccine at deeply discounted rates to children and infants in developing countries in collaboration with the GAVI Alliance.[143] In 2012 Pfizer and the Gates Foundation announced a joint effort to provide 3 million women in the developing world with affordable access to Pfizer's long lasting injectable contraceptive, medroxyprogesterone acetate.[144] See also[edit] Portal icon New York City portal Portal icon Companies portal atorvastatin Fluconazole Linezolid The Goldman Sachs Group, Inc. is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients. Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in the Lower Manhattan area of New York City, with additional offices in international financial centers. The firm provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which include corporations, governments and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the United States Treasury security market. Former Goldman executives who moved on to government positions include: Robert Rubin and Henry Paulson who served as United States Secretary of the Treasury under Presidents Bill Clinton and George W. Bush, respectively; Mario Draghi, President of the European Central Bank; Mark Carney, Governor of the Bank of Canada 2008–13 and Governor of the Bank of England from July 2013 and Malcolm Turnbull, Prime Minister of Australia. Contents [hide] 1 History 1.1 1869–1930 1.2 1930–1980 1.3 1980–1999 1.4 Since 1999 1.4.1 Actions in the 2007–2008 mortgage crisis 1.4.2 TARP and Berkshire Hathaway investment 1.4.3 Use of Federal Reserve's Emergency Liquidity Programs 1.4.4 Apple corporate bond sale 1.4.5 Twitter IPO 1.4.6 Increased reliance on deposits as a source of funding 2 Corporate affairs 2.1 Organization 2.1.1 Investment banking 2.1.2 Trading and principal investments 2.1.2.1 Distressed-debt investment 2.1.3 Asset management and securities services 2.1.4 GS Capital Partners 2.1.4.1 Major private equity assets 2.2 Predictions regarding emerging markets 2.3 Corporate citizenship 2.4 Social impact bonds 2.5 Tax obligation 3 Third Basel Accord 4 Controversies 4.1 Sale of Dragon Systems to Lernout & Hauspie 4.2 Involvement in the European sovereign debt crisis 4.3 Employee's Views 4.3.1 Greg Smith resignation letter 4.3.2 What Happened to Goldman Sachs by Steven Mandis 4.3.3 Cristina Chen-Oster and Shanna Orlich Lawsuit 4.4 California bonds 4.5 Personnel "revolving-door" with US government 4.5.1 Former New York Fed Chairman's ties to the firm 4.6 Insider trading cases 4.7 First Quarter 2009 and December 2008 financial results 4.8 Involvement with the bailout of AIG 4.8.1 Firm's response to criticism of AIG payments 4.8.2 Final AIG meetings on September 15 at the New York Federal Reserve 4.9 $60 million settlement for Massachusetts subprime mortgages 4.10 Abacus mortgage-backed CDOs 4.10.1 2010 SEC civil fraud lawsuit 4.11 Other prosecutorial actions 4.12 Alleged commodity price manipulation 4.12.1 Goldman Sachs Commodity Index and the 2005–2008 Food Bubble 4.12.2 Aluminum price and supply 4.13 Oil futures speculation 4.14 Initial public offering kickback bribes 4.15 Taylor-related civil and criminal cases 4.16 Danish utility sale 4.17 Libya investment losses 5 List of officers and directors 6 Headquarters and other major offices 7 Goldman Sachs research papers 8 See also 9 References 10 Further reading 11 External links History[edit] 1869–1930[edit] See also: Goldman–Sachs family Goldman Sachs was founded in New York in 1869 by Marcus Goldman.[2][3] In 1882, Goldman's son-in-law Samuel Sachs joined the firm.[4] In 1885, Goldman took his son Henry and his son-in-law Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs & Co.[5] The company made a name for itself pioneering the use of commercial paper for entrepreneurs and joined the New York Stock Exchange (NYSE) in 1896.[6] By 1898, the firm's capital stood at $1.6 million, and was growing rapidly.[6] Goldman entered the IPO market in 1906 when it took Sears, Roebuck and Company public.[6] The deal occurred due to Henry Goldman's personal friendship with the owner of Sears, Julius Rosenwald.[6] Other IPOs followed, including F. W. Woolworth and Continental Can.[6] In 1912, Henry S. Bowers became the first non-family member and non-Jew to become partner.[6] In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned.[6] Control of the firm was now in the hands of the Sachs family.[6] Waddill Catchings joined the company in 1918.[6] In 1920, the firm moved from 60 Wall Street to $1.5 million 12-storey premises on 30-32 Pine Street.[6] By 1928, Catchings was the Goldman partner with the single largest stake in the firm.[6] On December 4, 1928, the firm launched the Goldman Sachs Trading Corp. a closed-end fund. The fund failed during the Stock Market Crash of 1929, amid accusations that Goldman had engaged in share price manipulation and insider trading.[6] Fortunately for the firm, insider trading would not be made illegal in the United States until 1934.[6] 1930–1980[edit] In 1930, the firm ousted Catchings, and Sidney Weinberg assumed the role of senior partner and shifted Goldman's focus away from trading and towards investment banking.[6] It was Weinberg's actions that helped to restore some of Goldman's tarnished reputation. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the firm also started an investment research division and a municipal bond department. It also was at this time that the firm became an early innovator in risk arbitrage. Gus Levy joined the firm in the 1950s as a securities trader, which started a trend at Goldman where there would be two powers generally vying for supremacy, one from investment banking and one from securities trading. For most of the 1950s and 1960s, this would be Weinberg and Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence at the firm, it formed an investment banking division in 1956 in an attempt to spread around influence and not focus it all on Weinberg. In 1969, Levy took over as Senior Partner from Weinberg, and built Goldman's trading franchise once again. It is Levy who is credited with Goldman's famous philosophy of being "long-term greedy", which implied that as long as money is made over the long term, trading losses in the short term were not to be worried about. At the same time, partners reinvested almost all of their earnings in the firm, so the focus was always on the future.[7] That same year, Weinberg retired from the firm. Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued through Goldman Sachs. The bankruptcy was large, and the resulting lawsuits, notably by the SEC, threatened the partnership capital, life and reputation of the firm.[8] It was this bankruptcy that resulted in credit ratings being created for every issuer of commercial paper today by several credit rating services.[9] During the 1970s, the firm also expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970, and created a private wealth division along with a fixed income division in 1972. It also pioneered the "white knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival Morgan Stanley.[10] This action would boost the firm's reputation as an investment Other edit Wolfgang Haas born Archbishop of Vaduz former Bishop of Chur Peter Kaiser October February Historian statesman John Latenser Sr Architect Waled Mhadeb Rabe Al Msellati Jehad Muntasser Arafa Nakuaa Walid Ali Osman Ali Rahuma Marei Al Ramly Arts edit Architecture and sculpture edit Laurynas Gucevicius considered to be the first professional Lithuanian architectMain article List of Lithuanian architects Robertas Antinis Jr – sculptor and artist Gediminas Baravykas – one of the best known Soviet architects Vytautas Bredikis – lt Vytautas Bredikis planner of Antakalnis and Lazdynai microdistricts in Vilnius Algimantas Bublys lt Algimantas Bublys well known for his modern architecture both in Lithuania and the U S Vincas Grybas – one of the influential early monumental sculptors Laurynas Gucevicius – architect of Vilnius Cathedral Juozas Kalinauskas professional sculptor and medalist Gintaras Karosas – sculptor founder of Europos Parkas Vytautas Landsbergis Žemkalnis – lt Vytautas Landsbergis Žemkalnis one of the famous architects in the interwar Lithuania Juozas Mikenas – lt Juozas Mikenas sculptor Algimantas Nasvytis – architect Minister of Construction and Urbanism Kestutis Pempe – lt Kestutis Pempe architect chairman of the Architects Association of Lithuania Bronius Pundzius – lt Bronius Pundzius sculptor citation needed Petras Rimša – one of the first professional sculptors in Lithuania Juozas Zikaras – sculptor and designer the interwar years Lithuanian litas Literature edit First Lithuanian book The Simple Words of Catechism published in by Martynas Mažvydas Portrait of Salomeja Neris one of the best known Lithuanian female writersMain article List of Lithuanian authors Jurgis Baltrušaitis – poet and diplomat the first Symbolist poet Antanas Baranauskas – priest and poet author of The Pine Groove of Anykšciai Lithuanian Anykšciu šilelis Kazys Binkis – poet and playwright leader of Lithuanian Futurism movement Bernardas Brazdžionis – influential romantic poet Petras Cvirka – short story writer and active supporter of communism Kristijonas Donelaitis – Lithuanian Lutheran pastor and poet author of The Seasons Lithuanian Metai Juozas Glinskis – writer playwright pioneer of Lithuanian "theatre of cruelty" Leah Goldberg – Israeli poet Romualdas Granauskas – writer about the identity crisis during the Soviet times Juozas Grušas – one of the most productive writers and playwrights under the Soviet rule Jurga Ivanauskaite – the best known modern female writer Vincas Kudirka – writer and poet author of the national anthem of Lithuania Vytautas V Landsbergis – lt Vytautas V Landsbergis writer published many children s books Maironis real name Jonas Maciulis – priest and poet best known patriotic poet Justinas Marcinkevicius – one of the most prominent poets during the Soviet rule Marcelijus Martinaitis – lt Marcelijus Martinaitis writer famous for The Ballads of Kukutis a mock epic Martynas Mažvydas – author of the first book in Lithuanian language Icchokas Meras – Lithuanian Jewish writer about the Holocaust Vincas Kreve Mickevicius – writer and playwright author of major interwar plays Oskaras Milašius – French Lithuanian writer and diplomat Czeslaw Milosz – recipient of the Nobel Prize for Literature was born in Šeteniai Imperial Russia now Lithuania Vincas Mykolaitis Putinas – writer and poet one of the best known Symbolist poets author of the novel In the Shadows of the Altars Lithuanian Altoriu šešely Salomeja Neris real name Salomeja Bacinskaite Buciene – the best known female poet during the interwar period Alfonsas Nyka Niliunas – lt Alfonsas Nyka Niliunas poet living in the United States Henrikas Radauskas – poet one of the major figures of Lithuanian literature in exile Šatrijos Ragana real name Marija Peckauskaite – female writer Balys Sruoga – writer poet playwright author of the novel The Forest of Gods Lithuanian Dievu miškas about his experience in the Stutthof concentration camp Antanas Strazdas – priest and poet signed in Polish as Antoni Drozdowski the best known work was Pulkim ant Keliu Let Us Fall On Our Knees and the poem The Thrush Antanas Škema – writer in exile author of surrealistic novel The White Cloth Lithuanian Balta drobule Yemima Tchernovitz Avidar – Israeli author Judita Vaiciunaite – lt Judita Vaiciunaite modern female poet exploring urban settings Juozas Tumas Vaižgantas real name Juozas Tumas – writer Indre Valantinaite born poet Tomas Venclova – poet political activist Antanas Vienuolis real name Žukauskas – writer a major figure in Lithuanian prose Vydunas real name Vilius Storostas – Lithuanian writer and philosopher leader of Lithuanian cultural movement in the Lithuania Minor at the beginning of the th century Žemaite real name Julija Beniuševiciute Žymantiene – one of the best known female writers Theater and cinema edit See also List of Lithuanian actors Regimantas Adomaitis – theatre and film actor successful both in Lithuania and Russia Donatas Banionis – actor and star of Tarkovsky s Solaris Arturas Barysas – "counter culture" actor singer photographer and filmmaker known as the father of modern Lithuanian avant garde Šarunas Bartas – modern film director Ingeborga Dapkunaite – internationally successful actress Gediminas Girdvainis – lt Gediminas Girdvainis prolific theatre and movie actor Rolandas Kazlas – well known comedy actor Oskaras Koršunovas – best known modern theater director Jurgis Maciunas – initiator of Fluxus movement Vaiva Mainelyte – lt Vaiva Mainelyte popular actress remembered for the leading role in Bride of the Devil Lithuanian Velnio nuotaka Arunas Matelis – acclaimed documentary director Adolfas Mekas film director writer editor actor educator Jonas Mekas – filmmaker the godfather of American avant garde cinema Aurelija Mikušauskaite – television and theatre actress Juozas Miltinis – theater director from Panevežys Nijole Narmontaite – lt Nijole Narmontaite actress Eimuntas Nekrošius – theater director Algimantas Puipa – lt Algimantas Puipa film director Kostas Smoriginas – lt Kostas Smoriginas popular actor and singer Jonas Vaitkus – theater director director of Utterly Alone Adolfas Vecerskis – theatre and film actor director of theatre Arunas Žebriunas – lt Arunas Žebriunas one of the most prominent film directors during the Soviet rule Vytautas Šapranauskas – lt Vytautas Šapranauskas theater and film actor television presenter humorist Žilvinas Tratas actor and model Džiugas Siaurusaitis lt Džiugas Siaurusaitis actor television presenter humorist Sakalas Uždavinys lt Sakalas Uždavinys theater and film actor director Marius Jampolskis actor and TV host Ballet and Dance edit Egle Špokaite soloist of Lithuanian National Opera and Ballet Theatre – Actress art director Edita Daniute Professional Ballroom Dancer and World DanceSport Champion Iveta Lukosiute Professional Ballroom Dancer and World Dance Champion Music edit Soprano vocalist Violeta Urmanaviciute Urmana Pop singer Violeta RiaubiškyteSee also List of Lithuanian singers Linas Adomaitis – pop singer participant in the Eurovision Song Contest Ilja Aksionovas lt Ilja Aksionovas pop and opera singer boy soprano Osvaldas Balakauskas – ambassador and classical composer Alanas Chošnau – singer member of former music group Naktines Personos Egidijus Dragunas – lt Egidijus Dragunas leader of Sel one of the first hip hop bands in Lithuania Justas Dvarionas – lt Justas Dvarionas pianist educator Mikalojus Konstantinas Ciurlionis – painter and composer Balys Dvarionas – composer conductor pianist professor Gintare Jautakaite pop artist signed with EMI and Sony Music Entertainment in Gintaras Januševicius internationally acclaimed pianist Algirdas Kaušpedas architect and lead singer of Antis Nomeda Kazlauskaite Kazlaus opera singer dramatic soprano appearing internationally Vytautas Kernagis – one of the most popular bards Algis Kizys – long time bass player of post punk no wave band Swans Andrius Mamontovas – rock singer co founder of Foje and LT United Marijonas Mikutavicius – singer author of Trys Milijonai the unofficial sports anthem in Lithuania Vincas Niekus – lt Vincas Niekus composer Virgilijus Noreika – one of the most successful opera singers tenor Mykolas Kleopas Oginskis – one of the best composer of the late th century Kipras Petrauskas – lt Kipras Petrauskas popular early opera singer tenor Stasys Povilaitis – one of the popular singers during the Soviet period Violeta Riaubiškyte – pop singer TV show host Mindaugas Rojus opera singer tenor baritone Ceslovas Sasnauskas – composer Rasa Serra – lt Rasa Serra real name Rasa Veretenceviene singer Traditional folk A cappella jazz POP Audrone Simonaityte Gaižiuniene – lt Audrone Gaižiuniene Simonaityte one of the more popular female opera singers soprano Virgis Stakenas – lt Virgis Stakenas singer of country folk music Antanas Šabaniauskas – lt Antanas Šabaniauskas singer tenor Jurga Šeduikyte – art rock musician won the Best Female Act and the Best Album of in the Lithuanian Bravo Awards and the Best Baltic Act at the MTV Europe Music Awards Jonas Švedas – composer Michael Tchaban composer singer and songwriter Violeta Urmanaviciute Urmana opera singer soprano mezzosoprano appearing internationally Painters and graphic artists edit See also List of Lithuanian artists Robertas Antinis – sculptor Vytautas Ciplijauskas lt Vytautas Ciplijauskas painter Jonas Ceponis – lt Jonas Ceponis painter Mikalojus Konstantinas Ciurlionis – painter and composer Asteroid Ciurlionis is named for him Kostas Dereškevicius lt Kostas Dereškevicius painter Vladimiras Dubeneckis painter architect Stasys Eidrigevicius graphic artist Pranas Gailius lt Pranas Gailius painter Paulius Galaune Petronele Gerlikiene – self taught Lithuanian American artist Algirdas Griškevicius lt Algirdas Griškevicius Vincas Grybas – sculptor Leonardas Gutauskas lt Leonardas Gutauskas painter writer Vytautas Kairiukštis – lt Vytautas Kairiukštis painter art critic Vytautas Kasiulis – lt Vytautas Kasiulis painter graphic artist stage designer Petras Kalpokas painter Rimtas Kalpokas – lt Rimtas Kalpokas painter graphic artist Leonas Katinas – lt Leonas Katinas painter Povilas Kaupas – lt Povilas Kaupas Algimantas Kezys Lithuanian American photographer Vincas Kisarauskas – lt Vincas Kisarauskas painter graphic artist stage designer Saulute Stanislava Kisarauskiene – lt Saulute Stanislava Kisarauskiene graphic artist painter Stasys Krasauskas – lt Stasys Krasauskas graphic artist Stanislovas Kuzma – lt Stanislovas Kuzma sculptor Antanas Martinaitis – lt Antanas Martinaitis painter Jonas Rimša – lt Jonas Rimša painter Jan Rustem painter Antanas Samuolis – lt Antanas Samuolis painter Šarunas Sauka painter Boris Schatz – sculptor and founder of the Bezalel Academy Irena Sibley née Pauliukonis – Children s book author and illustrator Algis Skackauskas – painter Antanas Žmuidzinavicius – painter Franciszek Smuglewicz – painter Yehezkel Streichman Israeli painter Kazys Šimonis – painter Algimantas Švegžda – lt Algimantas Švegžda painter Otis Tamašauskas Lithographer Print Maker Graphic Artist Adolfas Valeška – painter and graphic artist Adomas Varnas – painter Kazys Varnelis – artist Vladas Vildžiunas lt Vladas Vildžiunas sculptor Mikalojus Povilas Vilutis lt Mikalojus Povilas Vilutis graphic artist Viktoras Vizgirda – painter William Zorach – Modern artist who died in Bath Maine Antanas Žmuidzinavicius – painter Kazimieras Leonardas Žoromskis – painter Politics edit President Valdas Adamkus right chatting with Vice President Dick Cheney left See also List of Lithuanian rulers Mindaugas – the first and only King of Lithuania – Gediminas – the ruler of Lithuania – Algirdas – the ruler together with Kestutis of Lithuania – Kestutis – the ruler together with Algirdas of Lithuania – Vytautas – the ruler of Lithuania – together with Jogaila Jogaila – the ruler of Lithuania – from to together with Vytautas the king of Poland – Jonušas Radvila – the field hetman of Grand Duchy of Lithuania – Dalia Grybauskaite – current President of Lithuania since Valdas Adamkus – President of Lithuania till Jonas Basanavicius – "father" of the Act of Independence of Algirdas Brazauskas – the former First secretary of Central Committee of Communist Party of Lithuanian SSR the former president of Lithuania after and former Prime Minister of Lithuania Joe Fine – mayor of Marquette Michigan – Kazys Grinius – politician third President of Lithuania Mykolas Krupavicius – priest behind the land reform in interwar Lithuania Vytautas Landsbergis – politician professor leader of Sajudis the independence movement former speaker of Seimas member of European Parliament Stasys Lozoraitis – diplomat and leader of Lithuanian government in exile – Stasys Lozoraitis junior – politician diplomat succeeded his father as leader of Lithuanian government in exile – Antanas Merkys – the last Prime Minister of interwar Lithuania Rolandas Paksas – former President removed from the office after impeachment Justas Paleckis – journalist and politician puppet Prime Minister after Soviet occupation Kazimiera Prunskiene – the first female Prime Minister Mykolas Sleževicius – three times Prime Minister organized

advisor because it pledged to no longer participate in hostile takeovers. John L. Weinberg (the son of Sidney Weinberg), and John C. Whitehead assumed roles of co-senior partners in 1976, once again emphasizing the co-leadership at the firm. One of their initiatives[11] was the establishment of 14 business principles that the firm still claims to apply.[12] 1980–1999[edit] On November 16, 1981, the firm acquired J. Aron & Company, a commodities trading firm which merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. J. Aron was a player in the coffee and gold markets, and the current CEO of Goldman, Lloyd Blankfein, joined the firm as a result of this merger. In 1985 it underwrote the public offering of the real estate investment trust that owned Rockefeller Center, then the largest REIT offering in history. In accordance with the beginning of the dissolution of the Soviet Union, the firm also became involved in facilitating the global privatization movement by advising companies that were spinning off from their parent governments. In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds today. In the same year, the firm also underwrote the IPO of Microsoft, advised General Electric on its acquisition of RCA and joined the London and Tokyo stock exchanges. 1986 also was the year when Goldman became the first United States bank to rank in the top 10 of mergers and acquisitions in the United Kingdom. During the 1980s the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount bond. Robert Rubin and Stephen Friedman assumed the Co-Senior Partnership in 1990 and pledged to focus on globalization of the firm and strengthening the Merger & Acquisition and Trading business lines. During their reign, the firm introduced paperless trading to the New York Stock Exchange and lead-managed the first-ever global debt offering by a U.S. corporation. It also launched the Goldman Sachs Commodity Index (GSCI) and opened a Beijing office in 1994. Also in 1994, Jon Corzine assumed leadership of the firm as CEO, following the departure of Rubin and Friedman. Another momentous event in Goldman's history was the Mexican bailout of 1995. Rubin drew criticism in Congress for using a Treasury Department account under his personal control to distribute $20 billion to bail out Mexican bonds, of which Goldman was a key distributor.[13] On November 22, 1994, the Mexican Bolsa stock market had admitted Goldman Sachs and one other firm to operate on that market.[14] The 1994 economic crisis in Mexico threatened to wipe out the value of Mexico's bonds held by Goldman Sachs. The firm joined David Rockefeller and partners in a 50–50 joint ownership of Rockefeller Center during 1994, but later sold the shares to Tishman Speyer in 2000. In 1996, Goldman was lead underwriter of the Yahoo! IPO and in 1998 it was global coordinator of the NTT DoCoMo IPO. In 1999, Henry Paulson took over as Senior Partner. Since 1999[edit] One of the largest events in the firm's history was its own IPO in 1999. The decision to go public was one that the partners debated for decades. In the end, Goldman decided to offer only a small portion of the company to the public, with some 48% still held by the partnership pool.[15] 22% of the company was held by non-partner employees, and 18% was held by retired Goldman partners and two longtime investors, Sumitomo Bank Ltd. and Hawaii's Kamehameha Activities Assn (the investing arm of Kamehameha Schools). This left approximately 12% of the company as being held by the public. With the firm's 1999 IPO, Paulson became Chairman and CEO of the firm. As of 2009, after further stock offerings to the public, Goldman is 67% owned by institutions (such as pension funds and other banks).[16] In 1999, Goldman acquired Hull Trading Company, one of the world's premier market-making firms, for $531 million. More recently, the firm has been busy both in investment banking and in trading activities. It purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $6.3 billion in September 2000. It also advised on a debt offering for the Government of China and the first electronic offering for the World Bank. In 2003 it took a 45% stake in a joint venture with JBWere, the Australian investment bank. In 2009 The Private Wealth Management arm of JBWere was sold into a joint venture with National Australia Bank. Goldman opened a full-service broker-dealer in Brazil in 2007, after having set up an investment banking office in 1996. It expanded its investments in companies to include Burger King, McJunkin Corporation,[17] and in January 2007, Alliance Atlantis alongside CanWest Global Communications to own sole broadcast rights to the all three CSI series. The firm is also heavily involved in energy trading, including oil, on both a principal and agent basis. In May 2006, Paulson left the firm to serve as U.S. Treasury Secretary, and Lloyd C. Blankfein was promoted to Chairman and Chief Executive Officer. Former Goldman employees have headed the New York Stock Exchange, the World Bank, the U.S. Treasury Department, the White House staff, and firms such as Citigroup and Merrill Lynch. Actions in the 2007–2008 mortgage crisis[edit] During the 2007 subprime mortgage crisis, Goldman was able to profit from the collapse in subprime mortgage bonds in the summer of 2007 by short-selling subprime mortgage-backed securities. Two Goldman traders, Michael Swenson and Josh Birnbaum, are credited with being responsible for the firm's large profits during the crisis.[18][19] The pair, members of Goldman's structured products group in New York, made a profit of $4 billion by "betting" on a collapse in the sub-prime market, and shorting mortgage-related securities. By summer 2007, they persuaded colleagues to see their point of view and convinced skeptical risk management executives.[20] The firm initially avoided large subprime writedowns, and achieved a net profit due to significant losses on non-prime securitized loans being offset by gains on short mortgage positions. The firm's viability was later called into question as the crisis intensified in September 2008. On October 15, 2007, as the crisis had begun to unravel, Allan Sloan, a senior editor for Fortune magazine, said:[21] So let's reduce this macro story to human scale. Meet GSAMP Trust 2006-S3, a $494 million drop in the junk-mortgage bucket, part of the more than half-a-trillion dollars of mortgage-backed securities issued last year. We found this issue by asking mortgage mavens to pick the worst deal they knew of that had been floated by a top-tier firm – and this one's pretty bad. It was sold by Goldman Sachs – GSAMP originally stood for Goldman Sachs Alternative Mortgage Products but now has become a name itself, like AT&T and 3M. This issue, which is backed by ultra-risky second-mortgage loans, contains all the elements that facilitated the housing bubble and bust. It's got speculators searching for quick gains in hot housing markets; it's got loans that seem to have been made with little or no serious analysis by lenders; and finally, it's got Wall Street, which churned out mortgage "product" because buyers wanted it. As they say on the Street, "When the ducks quack, feed them." On September 21, 2008, Goldman Sachs and Morgan Stanley, the last two major investment banks in the United States, both confirmed that they would become traditional bank holding companies, bringing an end to the era of investment banking on Wall Street.[22][23] The Federal Reserve's approval of their bid to become banks ended the ascendancy of the securities firms, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.[24][25] According to a 2009 BrandAsset Valuator survey taken of 17,000 people nationwide, the firm's reputation suffered in 2008 and 2009, and rival Morgan Stanley was respected more than Goldman Sachs, a reversal of the sentiment in 2006. Goldman refused to comment on the findings.[26] TARP and Berkshire Hathaway investment[edit] On September 23, 2008, Berkshire Hathaway agreed to purchase $5 billion in Goldman's preferred stock, and also received warrants to buy another $5 billion in Goldman's common stock, exercisable for a five-year term.[27] Goldman also received a $10 billion preferred stock investment from the U.S. Treasury in October 2008, as part of the Troubled Asset Relief Program (TARP).[28] Andrew Cuomo, then Attorney General of New York, questioned Goldman's decision to pay 953 employees bonuses of at least $1 million each after it received TARP funds in 2008.[29] That same period, however, CEO Lloyd Blankfein and six other senior executives opted to forgo bonuses, stating they believed it was the right thing to do, in light of "the fact that we are part of an industry that's directly associated with the ongoing economic distress".[30] Cuomo called the move "appropriate and prudent", and urged the executives of other banks to follow the firm's lead and refuse bonus payments. In June 2009, Goldman Sachs repaid the U.S. Treasury’s TARP investment, with 23% interest (in the form of $318 million in preferred dividend payments and $1.418 billion in warrant redemptions).[31] On March 18, 2011, Goldman Sachs acquired Federal Reserve approval to buy back Berkshire's preferred stock in Goldman.[32] In December 2009, Goldman announced their top 30 executives will be paid year-end bonuses in restricted stock, with clawback provisions, that must go unsold for five years.[33][34] Use of Federal Reserve's Emergency Liquidity Programs[edit] During the 2008 Financial Crisis, the Federal Reserve introduced a number of short-term credit and liquidity facilities to help stabilize markets. Some of the transactions under these facilities provided liquidity to institutions whose disorderly failure could have severely stressed an already fragile financial system.[35] Goldman Sachs was one of the heaviest users of these loan facilities, taking out numerous loans from March 18, 2008 – April 22, 2009. The Primary Dealer Credit Facility (PDCF), the first Fed facility ever to provide overnight loans to investment banks, loaned Goldman Sachs a total of $589 billion against collateral such as corporate market instruments and mortgage-backed securities.[36] The Term Securities Lending Facility (TSLF), which allows primary dealers to borrow liquid Treasury securities for one month in exchange for less liquid collateral, loaned Goldman Sachs a total of $193 billion.[37] Goldman Sachs's borrowings totaled $782 billion in hundreds of transactions over these months.[38] This number is a total of all transactions over time and not the outstanding loan balance. The loans have been fully repaid in accordance with the terms of the facilities.[39][40] Apple corporate bond sale[edit] In April 2013, Goldman Sachs Group Inc. together with Deutsche Bank led Apple's largest corporate-bond deal in Apple Inc.'s history.[41] The $17 billion offering, which was the largest bond sale on record,[42] was Apple’s first since 1996. Goldman Sachs managed both of Apple’s previous bond offerings in the 1990s.[42] Twitter IPO[edit] Goldman Sachs was the lead underwriter (lead left) for Twitter’s initial public offering in 2013. At the time, Goldman’s position as lead underwriter was considered “one of the biggest tech prizes around”.[43] On November 6, 2013, the day before Twitter was to be first traded on the NYSE, Goldman Sachs, as the lead left bank, issued 70 million shares of Twitter priced at $26 per share.[44] Twitter’s shares closed on the first day of trading at $44.90 per share, up 73%. This gave Twitter a company valuation of about $31 billion.[45] According to regulatory filings the underwriting banks received 3.25 percent of the $1.82 billion raised by Twitter’s IPO. That came to approximately $59.2 million which was shared among the underwriters, which left lead bank, Goldman Sachs, receiving a larger, proportionate share. Of the 70 million shares offered on November 7 in Twitter’s IPO, Goldman Sachs was responsible for placing 27 million, entitling them to 39 percent of the entire fee pool, or about $22.8 million. Chief economist and strategist at ZT Wealth said, “Goldman being the first name on the S-1 has little to do with fees. This is about Goldman rebalancing itself as a serious leader and competing with Morgan Stanley’s dominant position in technology.”[46] Increased reliance on deposits as a source of funding[edit] In August 2015, Goldman Sachs agreed to acquire General Electric Co.'s GE Capital Bank on-line deposit platform. Terms of the transaction were not disclosed, but the purchase includes USD $8-billion of on-line deposits and another USD $8-billion of brokered certificates of deposit. The purchase allows Goldman Sachs to access a stable and inexpensive pool of source of funding.[47] Corporate affairs[edit] Goldman Sachs Tower, at 30 Hudson Street, in Jersey City. As of 2013, Goldman Sachs employed 31,700 people worldwide.[33] In 2013, the firm reported earnings of $9.34 billion and record earnings per share of $160.66.[48] It was reported that the average total compensation per employee in 2006 was $622,000.[49] Also, the average compensation paid by Goldman, Sachs & Co. to each employee in the first three months of 2013 was $135,594.[50] However, these numbers represent the arithmetic mean of total compensation and is highly skewed upwards as several hundred of the top recipients command the majority of the Bonus Pools, leaving the median that most employees receive well below this number.[51] In Business Week's recent release of the Best Places to Launch a Career 2008, Goldman Sachs was ranked No.4 out of 119 total companies on the list.[52] The current Chief Executive Officer is Lloyd C. Blankfein. The company ranks No.1 in Annual Net Income when compared with 86 peers in the Investment Services sector. Blankfein received a $67.9 million bonus in his first year. He chose to receive "some" cash unlike his predecessor, Paulson, who chose to take his bonus entirely in company stock.[53] Investors have been complaining that the bank has near 11,000 more staffers than it did in 2005, but performances of workers were drastically in decline. In 2011, Goldman's 33,300 employees generated $28.8 billion in revenue and $2.5 billion in profit, but it represents a 25 percent decline in revenue per worker and a 71 percent decline in profit per worker compared with 2005. The staff cuts in its trading and investment banking divisions are possible as the company continues to reduce costs to raise profitability. In 2011, the company reduced its workforce by 2,400 positions.[54] On April 30, 2002, Goldman Sachs Group Inc was charged because extended the fraud-on-the-market doctrine of Basic Inc. v. Levinson, and one of analysts' misrepresentations affecting the market price of securities.,[55] and paid $12,500,000 for settlement. On July 15, 2003, Goldman Sachs & Co had a lawsuit for artificially inflating the RSL's stock price by issuing untrue or materially misleading statements in research analyst reports, and paid $3,380,000.00 for settlement. Goldman Sachs is divided into three businesses units: Investment Banking, Trading and Principal Investments, and Asset Management and Securities Services.[56] Organization[edit] Investment banking[edit] Investment banking is divided into two divisions and includes Financial Advisory (mergers and acquisitions, investitures, corporate defense activities, restructuring and spin-offs) and Underwriting (public offerings and private placements of equity, equity-related and debt instruments). Goldman Sachs is one of the leading M&A advisory firms, often topping the league tables in terms of transaction size. The firm gained a reputation as a white knight in the mergers and acquisitions sector by advising clients on how to avoid hostile takeovers, moves generally viewed as unfriendly to shareholders of targeted companies. Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile takeover, which increased the firm's reputation immensely among sitting management teams at the time. The investment banking segment accounts for around 17 percent of Goldman Sachs's revenues.[57] The firm has been involved in brokering deals to privatize major highways by selling them to foreign investors, in addition to advising state and local governments – including Indiana, Texas, and Chicago – on privatization projects.[58] Trading and principal investments[edit] Trading and Principal Investments is the largest of the three segments, and is the company's profit center.[59] The segment is divided into four divisions and includes Fixed Income (The trading of interest rate and credit products, mortgage-backed securities, insurance-linked securities and structured and derivative products), Currency and Commodities (The trading of currencies and commodities), Equities (The trading of equities, equity derivatives, structured products, options, and futures contracts), and Principal Investments (merchant banking investments and funds). This segment consists of the revenues and profit gained from the Bank's trading activities, both on behalf of its clients (known as flow trading) and for its own account (known as proprietary trading). On average, around 68 percent of Goldman's revenues and profits are derived from trading.[59] Upon its IPO, Goldman predicted that this segment would not grow as fast as its Investment Banking division and would be responsible for a shrinking proportion of earnings. The opposite has been true however, resulting in now-CEO Blankfein's appointment to President and Chief Operating Officer after John Thain's departure to run the NYSE and John L. Thornton's departure for an academic position in China. Distressed-debt investment[edit] In June 2013, Goldman Sachs's Special Situations Group, the proprietary investment unit of the investment bank, purchased a $863 million portion of Brisbane-based Suncorp Group Limited's loan portfolio.[60] The finance, insurance, and banking corporation is one of Australia's largest banks (by combined lending and deposits) and its largest general insurance group.[61] In 2013, distressed-debt investors, seeking investment opportunities in the Asia-Pacific region, particularly in Australia, acquired discounted bonds or bank loans of companies facing distressed debt, with the potential of profitable returns if the companies' performance or their debt-linked assets improves. In 2013, Australia was one of the biggest markets for distressed-debt investors in the region.[60] Asset management and securities services[edit] Goldman Sachs Headquarters, at 200 West Street, in Manhattan. As the name suggests, the firm's Asset Management and Securities Services segment is divided into two components: Asset Management and Securities Services. The Asset Management division provides investment advisory and financial planning services and offers investment products (primarily through separately managed accounts and commingled vehicles) across all major asset classes to a diverse group of institutions and individuals worldwide.[62] The unit primarily generates revenues in the form of management and incentive fees. The Securities Services division provides clearing, financing, custody, securities lending, and reporting services to institutional clients, including hedge funds, mutual funds, and pension funds. The division generates revenues primarily in the form of interest rate spreads or fees.[62] In 2009, the Goldman Sachs Asset Management hedge fund was the 9th largest in the United States, with $20.58 billion under management.[63] This was down from $32.5 billion in 2007, after client redemptions and weaker investment performance.[64][65] On September 14, 2011, Goldman Sachs stated it was shutting down the Global Alpha fund, once the firm's largest hedge fund. The announcement followed a reported decline in fund balances to less than $1.7 billion in June 2011 from $11 billion in 2007. The decline was caused by investors withdrawing from the fund following earlier substantial market losses. The firm said it expected most of the fund assets to be liquidated by mid-October 2011.[66] In September 2013, Goldman Sachs Asset Management announced it had entered into an agreement with Deutsche Asset & Wealth Management to acquire its stable value business, with total assets under supervision of $21.6 billion as of June 30, 2013.[67] GS Capital Partners[edit] Main article: Goldman Sachs Capital Partners GS Capital Partners is the private equity arm of Goldman Sachs. It has invested over $17 billion in the 20 years from 1986 to 2006. One of the most prominent funds is the GS Capital Partners V fund, which comprises over $8.5 billion of equity.[68] On April 23, 2007, Goldman closed GS Capital Partners VI with $20 billion in committed capital, $11 billion from qualified institutional and high-net-worth clients and $9 billion from the firm and its employees. GS Capital Partners VI is the current primary investment vehicle for Goldman Sachs to make large, privately negotiated equity investments.[69] Major private equity assets[edit] Hongshi Cement (Cement) The Ayco Company, L.P. (Financial Advisory) Cogentrix Energy (Energy) American Casino & Entertainment Properties (Casinos) CH James Restaurant Holdings (Quick Service Restaurant) USI Holdings Corporation (Insurance & Finance) East Coast Power LLC (Energy) Queens Moat Houses (Hotels) Sequoia Credit Consolidation (Finance) Shineway Industrial Group (Meat Processing) Equity Inns, Inc. (Hotels) Arcandor (former KarstadtQuelle property group – Retailer) Medfinders Inc. (formerly Nursefinders Inc. – Healthcare) Latin Force Group, LLC (Media) Archon Hospitality Japan (Hotels) CMC Markets (Financial trading)[70] Predictions regarding emerging markets[edit] In December 2005, four years after its report on the emerging "BRIC" economies (Brazil, Russia, India, and China), Goldman Sachs named its "Next Eleven"[71] list of countries, using macroeconomic stability, political maturity, openness of trade and investment policies and quality of education as criteria: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam.[72] According to Thomson Reuters league table data, Goldman Sachs was the most successful foreign investment bank in Malaysia from 2011-2013. In 2013, the bank took a 21 percent market share in Malaysia's investment banking segment, double that of its nearest rival.[73] Corporate citizenship[edit] During 2001-2009, the Goldman Sachs Global Leaders Program (GSGLP) identified 1,050 exceptional undergraduate students from 100 participating universities and colleges around the globe, awarded them "Global Leaders" in recognition of their academic excellence and leadership potential. Global Leaders study a diverse range of fields from economics to medical science. GSGLP alumni have gone on to win Rhodes, Truman, Marshall, Gates and Cambridge scholarships and Fulbright Fellowships.[74] Goldman Sachs has received favorable press coverage for conducting business and implementing internal policies related to reversing global climate change.[75] According to the company website, the Goldman Sachs Foundation has given $114 million in grants since 1999, with the goal of promoting youth education worldwide.[76] The company also has been on Fortune Magazine's 100 Best Companies to Work For list since the list was launched in 1998, with emphasis placed on its support for employee philanthropic efforts.[77] The 2013 list cited the reason that the reported average annual compensation for an employee was more than $300,000.[78] In November 2007, Goldman Sachs established a donor advised fund called Goldman Sachs Gives that donates to charitable organizations around the world, while increasing their maximum employee donation match to $20,000.[79] The firm's Community TeamWorks is an annual, global volunteering initiative that in 2007 gave over 20,000 Goldman employees a day off work from May through August to volunteer in a team-based project organized with a local nonprofit organization.[80] In March 2008, Goldman launched the 10,000 Women initiative to train 10,000 women from predominantly developing countries in business and management.[81] In November 2009, Goldman pledged $500 million to aid small businesses in their newly created 10,000 Small Businesses initiative. The initiative aims to provide 10,000 small businesses with assistance – ranging from business and management education and mentoring to lending and philanthropic support. The networking will be offered through partnerships with national and local business organizations, as well as employees of Goldman Sachs.[82] In addition to Goldman CEO Lloyd Blankfein, Berkshire Hathaway's Warren Buffett and Harvard Business School professor Michael Porter will chair the program's advisory council.[81] Goldman Sachs employees have been noted as highly loyal to their organization.[80][83] In 2013, Goldman Sachs developed a “junior banker task force” of executives from around the world to improve analysts’ work environment and career development.[84] Goldman underwrote and managed the Grand Parkway System Toll Revenue Bond for the Houston, Texas area in 2013. The bond was valued at $2.9 billion and was issued to finance the Grand Parkway System which will join suburban communities to major roads. The improved parkway system will insure that the Houston area will be able to accommodate what is the fastest growing metropolitan area in the country.[85][86] Goldman invested $16 million to help build a 45,000 square-foot campus for 1,000 middle-school and high-school students in Lincoln Heights in Los Angeles for the Alliance College-Ready Public Schools charter system. The school opened in the fall of 2012.[87][88] The CEO of the Global Impact Investing Network (GIIN), Luther Ragin, wrote in an article published in Investment Europe, that impact investing is meeting financial and philanthropic expectations, and that during 2014 Goldman Sachs sponsored a $250 million Social Impact Fund.[89] Returns on the fund, which will be launched by the Urban Investment Group, are linked to the success of a variety of projects with high social value, including affordable housing projects, pre-school education, and an educational project for prisoners designed to reduce recidivism.[90] Between 2001 and 2014 over $3 billion of Goldman Sachs capital has been utilized for impact investing.[91] Social impact bonds[edit] In August 2012, Goldman Sachs created the first social impact bond in the United States. The “bond” is actually a $9.6 million loan to support the delivery of therapeutic services to 16- 18-year-olds incarcerated on Rikers Island. The loan will be repaid based on the actual and projected cost savings realized by the New York City Department of Correction as a result of the expected decrease in recidivism.[92][93] In June 2013, Goldman Sachs launched its second social impact bond. This bond is a loan of up to $4.6 million for a childhood education program in Salt Lake City, Utah. The United Way of Salt Lake said that the investment deal, by Goldman Sachs and J.B. Pritzker, could potentially benefit up to 3,700 children over multiple years and save state and local government millions of additional dollars.[94][95][96] Tax obligation[edit] Goldman Sachs expected in December 2008 to pay $14 million in taxes worldwide for 2008 compared with $6 billion the previous year, after making $2.3 billion profit and paying $10.9 billion in employee pay and benefits. The company’s effective tax rate dropped to 1% from 34.1% in 2007, due to tax credits and, according to Goldman Sachs, "changes in geographic earnings mix" thus reducing the company's tax obligation.[97][98] Many critics argue that the reduction in Goldman Sach's tax rate was achieved by shifting its earnings to subsidiaries in low- or no-tax nations. Goldman Sachs had 28 such subsidiaries at the time, including 15 in the Cayman Islands.[99] Third Basel Accord[edit] Large American and European banks, including Goldman Sachs, Morgan Stanley, and Deutsche Bank are part of the Washington D.C.-based Institute of International Finance. They argued against Basel III claiming it would hurt them and economic growth. The OECD estimated that implementation of Basel III would decrease annual GDP growth by 0.05–0.15%,[100][101] blaming regulation as responsible for slow recovery from the late-2000s financial crisis.[100][102] Basel III was also criticized as negatively affecting the stability of the financial system by increasing incentives of banks to game the regulatory framework.[103] The American Banker's Association,[104] community banks organized in the Independent Community Bankers of America, and some of the most liberal Democrats in the U.S. Congress, including the entire Maryland congressional delegation with Democratic Sens. Cardin and Mikulski and Reps. Van Hollen and Cummings, voiced opposition to Basel III in their comments submitted to FDIC,[105] saying that the Basel III proposals, if implemented, would hurt small banks by increasing "their capital holdings dramatically on mortgage and small business loans."[106] Others have argued that Basel III did not go far enough to regulate banks as inadequate regulation was a cause of the financial crisis.[107] On January 6, 2013 the global banking sector won a significant easing of Basel III Rules, when the Basel Committee on Banking Supervision extended not only the implementation schedule to 2019, but broadened the definition of liquid assets.[108] Controversies[edit] Goldman has received Global Finance's Global Award as the world's "Best Investment Bank" in 2012.[109] It has been described by business journalists Bethany McLean and Joe Nocera as the investment bank that "always seemed to be in the sweet spot of every market", so successful that it aroused the envy of other investment bankers.[110] In the 1980s its prestige was such that business school students thought of being hired by the firm "as the ultimate accomplishment", (according to Floyd Harris, the chief financial correspondent of the New York Times[111]), and "up to the 1990s", Goldman's reputation was "very high", to the point that "they were believed to be able to outperform everyone else in every way." (according to Suzanne McGee,[112] author of Chasing Goldman Sachs,[113]) But it has also been harshly criticized, particularly in the aftermath of the 2007–2012 global financial crisis where some alleged that it misled its investors and profited from the collapse of the mortgage market. That time — "one of the darkest chapters" in Goldman's history (according to the New York Times[114]) — brought investigations from the Congress, the Justice Department, and a lawsuit from the SEC[115][116]—to whom it agreed to pay $550 million to settle.[117] It was "excoriated by the press and the public" (according to journalists McLean and Nocera[118]) -- this despite the non-retail nature of its business that would normally have kept it out of the public eye.[119][120] Visibility and antagonism came from the $12.9 billion Goldman received—more than any other firm—from AIG counterparty payments provided by the New York Federal Reserve bailout; the $10 billion in TARP money it received from the government (though the firm paid this back to the government); and a record $11.4 billion set aside for employee bonuses in the first half of 2009.[121][122] While all the investment banks were scolded by congressional investigations, the company was subject to "a solo hearing in front of the Senate Permanent Subcommitee on Investigations" and a quite critical report.[119][123] In a widely publicized story,[124] Matt Taibbi in Rolling Stone characterized the firm as a "great vampire squid" sucking money instead of blood, allegedly engineering "every major market manipulation since the Great Depression ... from tech stocks to high gas prices"[124][125][126][127] Goldman Sachs has denied wrongdoing. It has stated that its customers were aware of its bets against the mortgage-related security products it was selling to them, and that it only used those bets to hedge against losses,[128] and was simply a market maker. The firm also promised a "comprehensive examination of our business standards and practices", more disclosure and better relationships with clients.[129] Goldman has also been accused of an assortment of other misdeeds, varying from a general decline in ethical standards,[130][131] working with dictatorial regimes,[132] cozy relationships with the US federal government, via a "revolving door" of former employees[133] insider trading by some of its traders,[134] and driving up prices of commodities through futures speculation.[135] Goldman has denied wrongdoing in these cases. Sale of Dragon Systems to Lernout & Hauspie[edit] In 2000, Goldman Sachs advised Dragon Systems on its sale to the Belgian company, Lernout & Hauspie. L&H later collapsed due to accounting fraud. Jim and Janet Baker, founders and together 50% owners of Dragon, filed a lawsuit against Goldman Sachs, alleging that the firm did not warn Dragon or the Bakers of the accounting problems of the acquirer, and that this led to the loss of their portion of the sale price of $580 million, which was paid entirely in the form of the acquirer's stock. On January 23, 2013 a federal jury rejected the Bakers’ claims and found Goldman Sachs not liable to the Bakers for negligence, intentional and negligent misrepresentation, and breach of fiduciary duty.[136] Involvement in the European sovereign debt crisis[edit] Goldman is being criticized for its involvement in the 2010 European sovereign debt crisis. Goldman Sachs is reported to have systematically helped the Greek government mask the true facts concerning its national debt between the years 1998 and 2009.[137] In September 2009, Goldman Sachs, among others, created a special credit default swap (CDS) index to cover the high risk of Greece's national debt.[138] The interest-rates of Greek national bonds have soared to a very high level, leading the Greek economy very close to bankruptcy in March and May 2010 and again in June 2011.[139] Lucas Papademos, Greece's former prime minister, ran the Central Bank of Greece at the time of the controversial derivatives deals with Goldman Sachs that enabled Greece to hide the size of its debt.[140] Petros Christodoulou, General Manager of the Public Debt Management Agency of Greece is a former employee of Goldman Sachs.[140] Mario Monti, Italy's former prime minister and finance minister, who headed the new government that took over after Berlusconi's resignation, is an international adviser to Goldman Sachs.[140] So is Otmar Issing, former board member of the Bundesbank and the Executive Board of the European Bank.[140] Mario Draghi, the new head of the European Central Bank, is the former managing director of Goldman Sachs International.[140] António Borges, Head of the European Department of the International Monetary Fund in 2010–2011 and responsible for most of enterprise privatizations in Portugal since 2011, is the former Vice Chairman of Goldman Sachs International.[140] Carlos Moedas, a former Goldman Sachs employee, is the current Secretary of State to the Prime Minister of Portugal and Director of ESAME, the agency created to monitor and control the implementation of the structural reforms agreed by the government of Portugal and the troika composed of the European Commission, the European Central Bank and the International Monetary Fund. Peter Sutherland, former Attorney General of Ireland is a non-executive director of Goldman Sachs International. These ties between Goldman Sachs and European leaders are an ongoing source of controversy.[140] Employee's Views[edit] Greg Smith resignation letter[edit] In his March 2012 resignation letter, printed as an op-ed in The New York Times, the former head of Goldman Sachs US equity derivatives business in Europe, the Middle East and Africa (EMEA) attacked the company's CEO and president for losing the company's culture, which he described as "the secret sauce that made this place great and allowed us to earn our clients' trust for 143 years". Smith said that advising clients "to do what I believe is right for them" was becoming increasingly unpopular. Instead there was a "toxic and destructive" environment in which "the interests of the client continue to be sidelined", senior management described clients as "muppets" and colleagues callously talked about "ripping their clients off".[130][131] In reply, Goldman Sachs said that "we will only be successful if our clients are successful", claiming "this fundamental truth lies at the heart of how we conduct ourselves" and that "we don't think [Smith's comments] reflect the way we run our business."[141] Later that year, Smith published a book titled Why I left Goldman Sachs.[142] According to the New York Times?' own research after the op-ed was printed, almost all the claims made in Smith's incendiary Op-Ed–about Goldman Sachs's turned out to be "curiously short" on evidence. The New York Times never issued a retraction or admit to any error in judgment in initially publishing Smith's op-ed.[143] What Happened to Goldman Sachs by Steven Mandis[edit] In 2014 a book by former Goldman portfolio manager Steven George Mandis was published entitled What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences.[144][145] Mandis also has a PhD dissertation about Goldman at Columbia University. Mandis left in 2004 after working for the firm for 12 years.[146] In an interview Mandis said, "You read about Goldman Sachs and it's either the bank is the best or the bank is the worst, this is not one of those books—things are never black or white." According to Mandis, there was an "organizational drift" in the company's evolution. Cristina Chen-Oster and Shanna Orlich Lawsuit[edit] In 2010, two former female employees filed a lawsuit against Goldman Sachs for gender discrimination. Cristina Chen-Oster and Shanna Orlich claimed that the firm fostered an "uncorrected culture of sexual harassment and assault" causing women to either be "sexualized or ignored". The suit cited both cultural and pay discrimination including frequent client trips to strip clubs, client golf outings that excluded female employees, and the fact that female vice presidents made 21% less than their male counterparts.[147] California bonds[edit] On November 11, 2008, the Los Angeles Times reported that Goldman Sachs had both earned $25 million from underwriting California bonds, and advised other clients to short those bonds.[148] While some journalists criticized the contradictory actions,[149] others pointed out that the opposite investment decisions undertaken by the underwriting side and the trading side of the bank were normal and in line with regulations regarding Chinese walls, and in fact critics had demanded increased independence between underwriting and trading.[150] Personnel "revolving-door" with US government[edit] During 2008 Goldman Sachs received criticism for an apparent revolving door relationship, in which its employees and consultants have moved in and out of high level U.S. Government positions, creating the potential for conflicts of interest. The large number of former Goldman Sachs employees in the US government has been jokingly referred to "Government Sachs".[133] Former Treasury Secretary Paulson is a former CEO of Goldman Sachs. Additional controversy attended the selection of former Goldman Sachs lobbyist Mark Patterson as chief of staff to Treasury Secretary Timothy Geithner, despite President Barack Obama's campaign promise that he would limit the influence of lobbyists in his administration.[151] In February 2011, the Washington Examiner reported that Goldman Sachs was "the company from which Obama raised the most money in 2008" and that its "CEO Lloyd Blankfein has visited the White House 10 times."[152] Former New York Fed Chairman's ties to the firm[edit] Stephen Friedman, a former director of Goldman Sachs, was named Chairman of the Federal Reserve Bank of New York in January 2008. Although he had retired from Goldman in 1994, Friedman continued to own stock in the firm. Goldman's conversion from a securities firm to a bank holding company in September 2008 meant it was now regulated by the Fed and not the SEC. When it became apparent that Timothy Geithner, then president of the New York Fed, would leave his role there to become Treasury Secretary, Friedman was granted a temporary one-year waiver of a rule that forbids "class C" directors of the Fed from direct interest with those it regulates. Friedman agreed to remain on the board until the end of 2009 to provide continuity in the wake of the turmoil caused by Lehman Brothers' bankruptcy. Had the waiver not been granted, the New York Fed would have lost both its president and its chairman (or Friedman would have had to divest his Goldman shares).[153] This would have been highly disruptive for the New York Fed's role in the capital markets, and Friedman later said he agreed to stay on the NY Fed board out of a sense of public duty, but that his decision was "being mischaracterised as improper".[154] Media reports in May 2009 concerning Friedman's involvement with Goldman, and in particular, his purchase of the firm's stock when it traded at historical lows in the fourth quarter of 2008,[153] fueled controversy and criticism over what was seen as a conflict of interest in Friedman's new role as supervisor and regulator to Goldman Sachs. These events prompted his resignation on May 7, 2009. Although Friedman's purchases of Goldman stock did not violate any Fed rule, statute, or policy, he said that the Fed did not need this distraction. He also stated his purchases, made while approval of a waiver was pending, were motivated by a desire to demonstrate confidence in the company during a time of market distress.[155] Insider trading cases[edit] In 1986, David Brown was convicted of passing inside information to Ivan Boesky on a takeover deal.[156] Robert M. Freeman, who was a senior Partner, who was the Head of Risk Arbitrage, and who was a protégé of Robert Rubin, was also convicted of insider trading, for his own account and for the firm's account.[157] In April 2010, Goldman director Rajat Gupta was named in an insider-trading case. It was said Gupta had "tipped off a hedge-fund billionaire", Raj Rajaratnam of Galleon Group, about the $5 billion Berkshire Hathaway investment in Goldman in September, 2008. According to the report, Gupta had told Goldman the month before his involvement became public that he wouldn't seek re-election as a director.[134] In early 2011, with the delayed Rajaratnam criminal trial about to begin,[158] the United States Securities and Exchange Commission (SEC) announced civil charges against Gupta covering the Berkshire investment as well as confidential quarterly earnings information from Goldman and Procter & Gamble (P&G). Gupta was board member at P&G until voluntarily resigning the day of the SEC announcement, after the charges were announced. "Gupta was an investor in some of the Galleon hedge funds when he passed the information along, and he had other business interests with Rajaratnam that were potentially lucrative.... Rajaratnam used the information from Gupta to illegally profit in hedge fund trades.... The information on Goldman made Rajaratnam's funds $17 million richer.... The Proctor & Gamble data created illegal profits of more than $570,000 for Galleon funds managed by others, the SEC said." Gupta was said to have "vigorously denied the SEC accusations". He is also a board member of AMR Corp.[159] Gupta was convicted in June 2012 on insider trading charges stemming from Galleon Group case on four criminal felony counts of conspiracy and securities fraud. He was sentenced in October 2012 to two years in prison, an additional year on supervised release and ordered to pay $5 million in fines.[160] First Quarter 2009 and December 2008 financial results[edit] In April 2009, there was controversy that Goldman Sachs had "puffed up" its Q1 earnings by creating a December "orphan month" into which it shifted large writedowns, so they did not appear in any "quarterly number"[161]—a notification that was legal but some felt misleading.[111] In its first full quarter as a bank holding company, the firm reported a $780M net loss for the single month of December alongside Q1 net earnings of $1.81B (Jan–Mar)[162][163] The accounting change to a calendar fiscal year, which created the stub month, was required when the firm converted to a bank holding company and declared in Item 5.03 of its Form 8-K U.S. Securities and Exchange Commission (SEC) filing of December 15, 2008.[164] The December loss also included a $850M writedown on loans to bankrupt chemical maker LyondellBasell, as reported in late December (the chemical maker formally declared bankruptcy on January 6 but the loan would have been marked-to-market – it became clear in mid/late-December that Lyondell would not be able to meet its debt obligations).[165][166] Most financial analysts and the mainstream financial press (Bloomberg L.P., Reuters, etc), aware of the accounting change and deteriorating market conditions into December, were unsurprised by the December loss (Merrill Lynch took at least $8.1B of losses in the same period).[167] However, their lack of reaction and reporting of what was a widely expected result may have contributed to the surprise attributing this as a sign that the firm was trying to hide losses in December. On the contrary, the results of December 2008 were discussed up front and in detail by CFO David Viniar in the first few minutes of the firm's Q1 2009 conference call, and were fully declared on page 10 of its earnings release document.[162][168] On April 22, 2009, Morgan Stanley also reported[169] a $1.3B net loss for the single month of December, alongside a $177M loss for the first quarter (Jan–Mar).[170] However, whereas Goldman Sachs's first-quarter earnings (Jan–Mar) were well-above forecasts[171] (which led to the speculation that the firm may have 'conveniently' shifted losses into December), Morgan Stanley's results for the same Jan–Mar period were below consensus estimates.[172] This, in addition to Morgan Stanley's losses in December, would appear to support Goldman's rejection of the notion that they deliberately shifted losses into December.[163] Like Goldman Sachs, Morgan Stanley converted to a bank holding company after the bankruptcy of Lehman Brothers in September 2008. At the end of 2009, the firm was on track to complete its most profitable year since its founding.[34][173] Involvement with the bailout of AIG[edit] American International Group (AIG) was bailed out by the US government in September 2008 after suffering a liquidity crisis, whereby the Federal Reserve initially lent $85 billion to AIG to allow the firm to meet its collateral and cash obligations. In March 2009, it was reported that, in 2008, Goldman Sachs, (alongside other major US and international financial institutions), had received billions of dollars during the unwind of credit default swap (CDS) contracts purchased from AIG, including $12.9 billion from funds provided by the US Federal Reserve to bail out AIG.[174][175][176] (As of April, 2009, US Government loans to AIG totaled over $180 billion). The money was used to repay customers of its security-lending program and was paid as collateral to counterparties under credit insurance contracts purchased from AIG. However, due to the size and nature of the payouts there was considerable controversy in the media and amongst some politicians as to whether banks, including Goldman Sachs, may have benefited materially from the bailout and if they had been overpaid.[111][177] The New York State Attorney General Andrew Cuomo announced in March 2009 that he was investigating whether AIG's trading counterparties improperly received government money.[178] Firm's response to criticism of AIG payments[edit] Goldman Sachs has maintained that its net exposure to AIG was 'not material', and that the firm was protected by hedges (in the form of CDSs with other counterparties) and $7.5 billion of collateral.[179] The firm stated the cost of these hedges to be over $100M.[180] According to Goldman, both the collateral and CDSs would have protected the bank from incurring an economic loss in the event of an AIG bankruptcy (however, because AIG was bailed out and not allowed to fail, these hedges did not pay out.)[181] CFO David Viniar stated that profits related to AIG in Q1 2009 "rounded to zero", and profits in December were not significant. He went on to say that he was "mystified" by the interest the government and investors have shown in the bank's trading relationship with AIG.[182] Considerable speculation remains that Goldman's hedges against their AIG exposure would not have paid out if AIG was allowed to fail. According to a report by the United States Office of the Inspector General of TARP, if AIG had collapsed, it would have made it difficult for Goldman to liquidate its trading positions with AIG, even at discounts, and it also would have put pressure on other counterparties that "might have made it difficult for Goldman Sachs to collect on the credit protection it had purchased against an AIG default."[183] Finally, the report said, an AIG default would have forced Goldman Sachs to bear the risk of declines in the value of billions of dollars in collateral debt obligations. Goldman argues that CDSs are marked to market (i.e. valued at their current market price) and their positions netted between counterparties daily. Thus, as the cost of insuring AIG's obligations against default rose substantially in the lead-up to its bailout, the sellers of the CDS contracts had to post more collateral to Goldman Sachs. The firm claims this meant its hedges were effective and the firm would have been protected against an AIG bankruptcy and the risk of knock-on defaults, had AIG been allowed to fail.[180] However, in practice, the collateral would not protect fully against losses both because protection sellers would not be required to post collateral that covered the complete loss during a bankruptcy and because the value of the collateral would be highly uncertain following the repercussions of an AIG bankruptcy.[citation needed] As with the bankruptcy of Lehman Brothers, wider and longer-term systemic and economic turmoil brought on by an AIG default would probably have affected the firm and all other market participants.[citation needed] Final AIG meetings on September 15 at the New York Federal Reserve[edit] Some have said, incorrectly according to others,[184] that Goldman Sachs received preferential treatment from the government by being the only Wall Street firm to have participated in the crucial September meetings at the New York Fed, which decided AIG's fate. Much of this has stemmed from an inaccurate but often quoted New York Times article.[185] The article was later corrected to state that Blankfein, CEO of Goldman Sachs, was "one of the Wall Street chief executives at the meeting" (emphasis added). Bloomberg has also reported that representatives from other firms were indeed present at the September AIG meetings.[186] Furthermore, Goldman Sachs CFO David Viniar has stated that CEO Blankfein had never "met" with his predecessor and then-US Treasury Secretary Henry Paulson to discuss AIG;[187] However, there were frequent phone calls between the two of them.[188] Paulson was not present at the September meetings at the New York Fed. It is also a lesser known fact that Morgan Stanley was hired by the Federal Reserve to advise them on the AIG bailout.[189] According to the New York Times, Paulson spoke with the CEO of Goldman Sachs two dozen times during the week of the bailout, though he obtained an ethics waiver before doing so.[190] While it is common for regulators to be in contact with market participants to gather valuable industry intelligence, particularly in a crisis, the Times noted he spoke with Goldman's Blankfein more frequently than with other large banks. Federal officials say that although Paulson was involved in decisions to rescue A.I.G, it was the Federal Reserve that played the lead role in shaping and financing the A.I.G. bailout.[190] $60 million settlement for Massachusetts subprime mortgages[edit] On May 10, 2009, the Goldman Sachs Group agreed to pay up to $60 million to end an investigation by the Massachusetts attorney general’s office into whether the firm helped promote unfair home loans in the state. The settlement will be used to reduce the mortgage payments of 714 Massachusetts residents who had secured subprime mortgages funded by Goldman Sachs. Michael DuVally, a spokesman for Goldman, said it was “pleased to have resolved this matter,” and declined to comment further. This settlement may open the door to state government actions against Goldman throughout the United States aimed at securing compensation for predatory mortgage lending practices.[191] Abacus mortgage-backed CDOs[edit] See also: Merrill Lynch § CDO controversies and Magnetar Capital In April 2010, the SEC charged Goldman Sachs and one of its vice presidents, Fabrice Tourre, with securities fraud. The SEC alleged that Goldman had told buyers of one of its investment deals (a type called a "synthetic CDO"), that the underlying assets in the deal had been picked by an independent CDO manager, ACA Management. In fact, a short investor betting that the CDO would default (Paulson & Co. hedge fund group) had played a "significant role" in the selection,[115] and the package of securities turned out to become "one of the worst-performing mortgage deals of the housing crisis".[192] On July 15, 2010, Goldman settled, agreeing to pay the SEC and investors US$550 million.[117] In August 2013 Tourre was found liable on six of seven counts by a federal jury.[193][194] Unlike many investors and investment bankers, Goldman Sachs anticipated the Subprime mortgage crisis that developed in 2007-8.[128] Some of its traders became "bearish" on the housing boom beginning in 2004 and developed mortgage-related securities, originally intended to protect Goldman from investment losses in the housing market. In late 2006, Goldman management changed the firm's overall stance on the mortgage market, from positive to negative. As the market began its downturn, Goldman "created even more of these securities", no longer just hedging or satisfying investor orders but "enabling it to pocket huge profits" from the mortgage defaults, (according to business journalists Gretchen Morgenson, Bethany McLean and Joe Nocera).[195][196] The complex securities were known as synthetic CDOs (collateralized debt obligations). They were called synthetic because unlike regular CDOs, the principle and interest they paid out came not from mortgages or other loans, but from premiums to pay for insurance against mortgage defaults—the insurance known as "credit default swaps". Goldman and some other hedge funds held a "short" position with the securities, paying the premiums, while the investors (insurance companies, pension funds, etc.) receiving the premiums were the "long" position. The longs were responsible for paying the insurance "claim" to Goldman and any other shorts if the mortgages or other loans defaulted. Through April 2007 Goldman issued over 20 CDOs in its "Abacus" series[197] worth a total of US$10.9 billion. All together Goldman packaged, sold, and shorted a total of 47 synthetic CDOs, with an aggregate face value of US$66 billion between July 1, 2004, and May 31, 2007.[198] But while Goldman was praised for its foresight, some argued its bets against the securities it created gave it a vested interest in their failure. These securities performed very poorly (for the long investors) and by April 2010, Bloomberg reported that at least US$5 billion worth of the securities either carried "junk" ratings, or had defaulted.[199] One CDO examined by critics which Goldman bet against, but also sold to investors, was the US$800 million Hudson Mezzanine CDO issued in 2006. Goldman executives stated that the company was trying to remove subprime securities from its books in the Senate Permanent Subcommittee hearings. Unable to sell them directly it included them in the underlying securities of the CDO and took the short side, but critics (McLean and Nocera) complained the CDO prospectus did not explain this but described its contents as "'assets sourced from the Street', making it sound as though Goldman randomly selected the securities, instead of specifically creating a hedge for its own book."[200] The CDO did not perform well and by March 2008—just 18 months after its issue—so many borrowers had defaulted that holders of the security paid out "about US$310 million to Goldman and others who had bet against it".[128] Goldman's head of European fixed-income sales lamented in an email made public by the Senate Permanent Subcommittee on Investigations, the "real bad feeling across European sales about some of the trades we did with clients" who had invested in the CDO. "The damage this has done to our franchise is very significant."[200] Critics also complain that while Goldman's investors were large, ostensibly sophisticated banks and insurers, at least some of the CDO securities and their losses filtered down to small public agencies—"money used to run schools and fix potholes and fund municipal budgets"[201]—via debt sold by a structured investment vehicle of IKB bank, an ABACUS investor.[202] In public statements Goldman claimed that it shorted simply to hedge and was not expecting the CDOs to fail. It also denied that its investors were unaware of Goldman's bets against the products it was selling to them.[128] Elvir Mekic ????? ????? Mizar ????? Jasmina Mukaetova ??????? ????e???? The Malagasy French Malgache are the ethnic group that forms nearly the entire population of Madagascar They are divided into two subgroups the "Highlander" Merina Sihanaka and Betsileo of the central plateau around Antananarivo Alaotra Ambatondrazaka and Fianarantsoa and the "coastal dwellers" elsewhere in the country This division has its roots in historical patterns of settlement The original Austronesian settlers from Borneo arrived between the third and tenth centuries and established a network of principalities in the Central Highlands region conducive to growing the rice they had carried with them on their outrigger canoes Sometime later a large number of settlers arrived from East Africa and established kingdoms along the relatively unpopulated coastlines The difference in ethnic origins remains somewhat evident between the highland and coastal regions In addition to the ethnic distinction between highland and coastal Malagasy one may speak of a political distinction as well Merina monarchs in the late th and early th century united the Merina principalities and brought the neighboring Betsileo people under their administration first They later extended Merina control over the majority of the coastal areas as well The military resistance and eventual defeat of most of the coastal communities assured their subordinate position vis à vis the Merina Betsileo alliance During the th and th centuries the French colonial administration capitalized on and further exacerbated these political inequities by appropriating existing Merina governmental infrastructure to run their colony This legacy of political inequity dogged the people of Madagascar after gaining independence in candidates ethnic and regional identities have often served to help or hinder their success in democratic elections Within these two broad ethnic and political groupings the Malagasy were historically subdivided into specifically named ethnic groups who were primarily distinguished from one another on the basis of cultural practices These were namely agricultural hunting or fishing practices construction style of dwellings music hair and clothing styles and local customs or taboos the latter known in the Malagasy language as fady citation needed The number of such ethnic groups in Madagascar has been debated The practices that distinguished many of these groups are less prevalent in the st century than they were in the past But many Malagasy are proud to proclaim their association with one or several of these groups as part of their own cultural identity "Highlander" ethnic groups Merina Sihanaka Betsileo Zafimaniry Coastal ethnic groups Antaifasy or Antefasy Antaimoro or Temoro or Antemoro Antaisaka or Antesaka Antambahoaka Antandroy or Tandroy Antankarana Antanosy or Tanosy Academia edit Afifi al Akiti Khasnor Johan historian Khoo Kay Kim Jomo Kwame Sundaram Danny Quah Harith Ahmad Architects edit Main article List of Malaysian architects Artists edit Main article List of Malaysian artists Business edit Tan Sri Syed Mokhtar Al Bukhary born Tan Sri Dato Loh Boon Siew – Tan Sri Jeffrey Cheah Tan Sri William Cheng Dato Choong Chin Liang born Tan Sri Dato Tony Fernandes born Lim Goh Tong – Tan Sri Tiong Hiew King Tan Sri Teh Hong Piow born Chung Keng Quee – Tan Sri Ananda Krishnan born Robert Kuok born Tan Sri Quek Leng Chan born Shoba Purushothaman Shah Hakim Zain Halim Saad Tan Sri Mohd Saleh Sulong Tan Sri Vincent Tan born Lillian Too born Tan Sri Dr Francis Yeoh Tun Daim Zainuddin born Tan Sri Kong Hon Kong Designers edit Bernard Chandran fashion designer Jimmy Choo born shoe designer Poesy Liang born artist writer philanthropist jewellery designer industrial designer interior architect music composer Inventors edit Yi Ren Ng inventor of the Lytro Entertainers edit Yasmin Ahmad – film director Stacy Angie Francissca Peter born Jamal Abdillah born Sudirman Arshad – Loganathan Arumugam died Datuk David Arumugam Alleycats Awal Ashaari Alvin Anthons born Asmawi bin Ani born Ahmad Azhar born Ning Baizura born Kasma Booty died Marion Caunter host of One In A Million and the TV Quickie Ella born Erra Fazira born Sean Ghazi born Fauziah Latiff born Angelica Lee born Daniel Lee Chee Hun born Fish Leong born Sheila Majid born Amy Mastura born Mohamad Nasir Mohamad born Shathiyah Kristian born Meor Aziddin Yusof born Ah Niu born Dayang Nurfaizah born Shanon Shah born Siti Nurhaliza born Misha Omar born Hani Mohsin – Aziz M Osman born Azmyl Yunor born P Ramlee born Aziz Sattar born Fasha Sandha born Ku Nazhatul Shima Ku Kamarazzaman born Nicholas Teo born Pete Teo Penny Tai born Hannah Tan born Jaclyn Victor born Chef Wan Adira Suhaimi Michael Wong born Victor Wong born Dato Michelle Yeoh Hollywood actress born James Wan director of Hollywood films like several Saw films Insidious The Conjuring Fast and Furious born Ziana Zain born Zee Avi Shila Amzah Yunalis Zarai Zamil Idris born Military edit Leftenan Adnan – Warrior from mainland Malaya Antanum Warrior from Sabah Borneo Rentap Warrior from Sarawak Syarif Masahor Warrior from Sarawak Monsopiad Warrior from Sabah Borneo Haji Abdul Rahman Limbong Warrior from Telemong Terengganu Mat Salleh Warrior from Sabah Borneo Rosli Dhobi Warrior from Sarawak Politicians edit Parameswara founder of Sultanate of Malacca Tunku Abdul Rahman Putra Al Haj st Prime Minister of independent Malaya Tun Abdul Razak nd Prime Minister V T Sambanthan Founding Fathers of Malaysia along with Tunku Abdul Rahman and Tan Cheng Lock Tun Dato Sir Tan Cheng Lock Founder of MCA Tun Hussein Onn rd Prime Minister Mahathir Mohammad th Prime Minister Father of Modernisation Abdullah Ahmad Badawi th Prime Minister since Najib Tun Razak Current Prime Minister since Dato Seri Ong Ka Ting Dato Seri Anwar Ibrahim Dato Wan Hisham Wan Salleh Nik Aziz Nik Mat Raja Nong Chik Zainal Abidin Federal Territory and Urban Wellbeing Minister Wan Azizah Wan Ismail Karpal Singh Lim Kit Siang Lim Guan Eng Tengku Razaleigh Hamzah Religious edit Antony Selvanayagam Roman Catholic Bishop of the Diocese of Penang Anthony Soter Fernandez Archbishop Emeritus of the Roman Catholic Archdiocese of Kuala Lumpur and Bishop Emeritus of the Diocese of Penang Gregory Yong – Second Roman Catholic Archbishop of Singapore Tan Sri Datuk Murphy Nicholas Xavier Pakiam Metropolitan archbishop of the Roman Catholic Archdiocese of Kuala Lumpur president of the Catholic Bishops Conference of Malaysia Singapore and Brunei and publisher of the Catholic weekly newspaper The Herald Datuk Ng Moon Hing the fourth and current Anglican Bishop of West Malaysia Sportspeople edit Squash edit Datuk Nicol Ann David Ong Beng Hee Azlan Iskandar Low Wee Wern Badminton edit Chan Chong Ming men s doubles Dato Lee Chong Wei Chew Choon Eng men s doubles Wong Choong Hann Chin Eei Hui women s doubles Hafiz Hashim Roslin Hashim Wong Pei Tty women s doubles Choong Tan Fook men s doubles Lee Wan Wah men s doubles Koo Kien Keat men s doubles Tan Boon Heong men s doubles Retired edit Tan Aik Huang Eddy Choong Punch Gunalan Yap Kim Hock Foo Kok Keong Jalani Sidek Misbun Sidek Rashid Sidek Razif Sidek Cheah Soon Kit Lee Wan Wah Football soccer edit Brendan Gan Sydney FC Shaun Maloney Wigan Athletic Akmal Rizal Perak FA Kedah FA RC Strasbourg FCSR Haguenau Norshahrul Idlan Talaha Kelantan FA Khairul Fahmi Che Mat Kelantan FA Mohd Safiq Rahim Selangor FA Mohd Fadzli Saari Selangor FA PBDKT T Team FC SV Wehen Rudie Ramli Selangor FA PKNS F C SV Wehen Mohd Safee Mohd Sali Selangor FA Pelita Jaya Baddrol Bakhtiar Kedah FA Mohd Khyril Muhymeen Zambri Kedah FA Mohd Azmi Muslim Kedah FA Mohd Fadhli Mohd Shas Harimau Muda A FC ViOn Zlaté Moravce Mohd Irfan Fazail Harimau Muda A FC ViOn Zlaté Moravce Wan Zack Haikal Wan Noor Harimau Muda A FC ViOn Zlaté Moravce F C Ryukyu Nazirul Naim Che Hashim Harimau Muda A F C Ryukyu Khairul Izuan Abdullah Sarawak FA Persibo Bojonegoro PDRM FA Stanley Bernard Stephen Samuel Sabah FA Sporting Clube de Goa Nazmi Faiz Harimau Muda A SC Beira Mar Ahmad Fakri Saarani Perlis FA Atlético S C Chun Keng Hong Penang FA Chanthaburi F C Retired edit Serbegeth Singh owner founder of MyTeam Blackburn Rovers F C Global dvisor Mokhtar Dahari former Selangor FA and Malaysian player Lim Teong Kim former Hertha BSC player