The place which is as evil as it is awesome, Wall Street holds fascination for many and is the most popular money institution around the globe. Originally known as ‘de Waal Straat’, this place possess several interesting traits.
This place used to be settled by the Dutch and called New Amsterdam. Why “Wall”? The history has a version, the Dutch allegedly built the wall to protect their settlement from the British, so later the place started to be called Wall Street.
Wall Street is the source of a considerable portion of all NY earnings. It deals not only with finance, but also insurance and real estate, altogether amounting to 35% of total NY city income.
The earnings of a Wall Street employee is shockingly higher than of an average one in America. An average Wall Street employee makes $363,000 (bonuses included) compared to an average American Doctor of Science with $81,400 not to mention those who have not achieved this much.
The financial bailout program of the U.S. costs much more than you could ever imagine, $4.62 trillion. It is more than the Marshall Plan, purchase of Louisiana, flight to the Moon, S&L bailout, Korean War, New Deal, wars in Iraq and Vietnam and NASA’s lifetime budget combined.
Wall Street’s history as of the center of business and finance began under a buttonwood tree. It’s where twenty four traders signed an agreement to trade stocks with each other and initiate the NY Stock and Exchange Board.
Wall Street is not actually the world coolest financial center. Its position is second in the list, the first one belongs to London (according to the Global Financial Centres Index).