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

1989

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

$4.8 million
Arthur Andersen 12/4/2000 $4.5 million
BlackRock Financial Management 4/11/2000 $4.5 million
Supreme Chocolate 4/1/2000 $4.4 million
Ziff-Davis Publishing Company 11/14/1997 $4.3 million
About.com 1/3/2000 $4.2 million
SFX Entertainment 3/17/2000 $4.0 million
DoubleClick 2/2/1999 $3.7 million
NYLCare Health Plans 9/20/1995 $3.7 million
Fidelity Investments/National Financial Services Corporation 10/8/1996 $3.6 million
Jupiter Communications 3/19/2000 $3.5 million
Alexander & Alexander Services 11/20/1996 $3.4 million
Madelaine Chocolate 3/19/1997 $3.2 million
Price Waterhouse 5/15/1997 $3.1 million
USWeb/CKS 10/25/1999 $3.0 million
Scient Corporation 4/21/2000 $2.8 million
Agency.com 8/11/1999 $2.7 million
Forest City Hanson (development for the benefit of Bank of New York) 9/10/2002 $2.5 million plus Savings on $113.9 million in Liberty Bonds
StarMedia 6/23/2000 $2.5 million
Spear Leeds and Kellogg 1/1/1994 $2.4 million
Furman Selz 7/18/1997 $2.4 million
Federated Department Stores, Inc. 2/14/2000 $2.3 million
Tullett & Tokyo Forex 6/7/1995 $2.3 million
Barnes & Noble 4/17/1998 $2.1 million
Hyde Park Fine Art of Mouldings 2/4/2000 $2.1 million
IBJ Schroder Bank & Trust 5/1/1997 $2.0 million
Cantor Fitzgerald (second package) 1/29/1997 $2.0 million
P.O.P. Displays 11/13/1998 $2.0 million
Rome Knitting Mills / Orbit Industries 6/8/2001 $2.0 million
Bronnercom (renamed Digitas) 11/22/1999 $1.7 million
Alrue Import Co./RENCO Manufacturing 10/4/2000 $1.6 million
Fahnestock & Company 5/20/1997 $1.6 million
Oxygen Media 4/3/2000 $1.5 million
Cantor Fitzgerald (first package) 4/13/1995 $1.4 million
General Motors 2/21/1995 $1.4 million
Banco Popular 1/10/1997 $1.2 million
Mana Products 4/8/1997 $1.2 million
theGlobe.com 2/22/1999 $1.0 million
Forest City Myrtle Associates (development for the benefit of Empire HealthChoice, Inc.)
*post 9/11 retention deal for displaced firm		 2/12/2002 Savings on $145 million in discounted financing

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

Good Jobs New York  - May 25, 2001