Morgan Report

The Morgan Report was an 1894 report concluding an official U.S. Congressional investigation into the events surrounding the overthrow of the Hawaiian Kingdom, including the alleged role of U.S. military troops (both bluejackets and marines) in the overthrow of Queen Liliʻuokalani. Along with the Blount Report submitted in 1893, it is one of the main source documents compiling the testimony of witnesses and participants in the overthrow of the Hawaiian Kingdom in January 1893. The Morgan Report was the final result of an official U.S. Congressional investigation into the overthrow, conducted by the United States Senate Committee on Foreign Relations, whose chairman was Senator John Tyler Morgan, Democrat of Alabama.

The Report is formally named the Senate Report 227 of the 53rd Congress, second session, and dated February 26, 1894. It was printed as part of a large volume containing other government documents: "Reports of Committee on Foreign Relations 1789-1901 Volume 6."

Background

Deutsche Börse

Deutsche Börse AG (German pronunciation: [ˈdɔʏtʃə ˈbœʁzə]) or the Deutsche Börse Group, is a marketplace organizer for the trading of shares and other securities. It is also a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt. As of December 2010, the over 765 companies listed had a combined market capitalization of EUR 1.4 trillion. On 1 October 2014, Deutsche Börse AG became the 14th announced member of the United Nations Sustainable Stock Exchanges initiative.

Company

More than 3,200 employees service customers in Europe, the United States, and Asia. Deutsche Börse has locations in Germany, Luxembourg, Switzerland, Czech Republic, and Spain, as well as representative offices in Beijing, London, Paris, Chicago, New York, Hong Kong, and Dubai.

FWB Frankfurter Wertpapierbörse (Frankfurt Stock Exchange), is one of the world's largest trading centers for securities. With a share in turnover of around 90%, it is the largest of the German stock exchanges. Deutsche Börse AG operates the Frankfurt Stock Exchange.

Stock market

A stock market or equity market or share market is the aggregation of buyers and sellers (a loose network of economic transactions, not a physical facility or discrete entity) of stocks (also called shares); these may include securities listed on a stock exchange as well as those only traded privately.

Size of the market

Stocks can be categorized in various ways. One common way is by the country where the company is domiciled. For example, Nestlé and Novartis are domiciled in Switzerland, so they may be considered as part of the Swiss stock market, although their stock may also be traded at exchanges in other countries.

At the close of 2012, the size of the world stock market (total market capitalisation) was about US$55 trillion. By country, the largest market was the United States (about 34%), followed by Japan (about 6%) and the United Kingdom (about 6%). This went up more in 2013.

Stock exchange

A stock exchange is a place or organization by which stock traders (people and companies) can trade stocks. Companies may want to get their stock listed on a stock exchange. Other stocks may be traded "over the counter", that is, through a dealer. A large company will usually have its stock listed on many exchanges across the world.

NYSE Euronext

NYSE Euronext, Inc. was a Euro-American multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca (formerly known as ArcaEx). NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form the first global equities exchange, with its headquarters in Lower Manhattan. The components were then part of IntercontinentalExchange, although it has now spun off Euronext.

Overview

NYSE Euronext offers a broad and growing array of financial products and services in cash equities, futures, options, exchange-traded products (ETPs), bonds, market data, and commercial technology solutions. Spanning multiple asset classes and six countries, the company's exchanges include the New York Stock Exchange, Liffe, Euronext and NYSE Arca. With more than 8,000 listed issues (which includes 90% of the Dow Jones Industrial Average and 80% of the S&P 500, trading on NYSE Euronext's equity markets represents more than one-third of the world's cash equities volume. The company also manages the leading European derivatives exchange by value of trading.

Bill Ackman

William Albert Ackman (born May 11, 1966), is an American hedge fund manager. He is the founder and CEO of Pershing Square Capital Management LP, a hedge fund management company. Ackman is considered a contrarian investor. He considers himself an activist investor.

Early life

Ackman was raised in Chappaqua, New York, and he is the son of Ronnie I. (née Posner) and Lawrence David Ackman, the chairman of a New York real estate financing firm, Ackman-Ziff Real Estate Group. His family is Jewish.

Education

In 1988, he received a bachelor of arts degree magna cum laude in History from Harvard College. His thesis was "Scaling the Ivy Wall: the Jewish and Asian American Experience in Harvard Admissions." In 1992, he received an MBA from Harvard Business School.

Career

In 1992 Ackman founded the investment firm Gotham Partners with fellow Harvard graduate David P. Berkowitz. This investment firm made small investments in public companies. In 1995, Ackman partnered with the insurance and real estate firm Leucadia National to bid for Rockefeller Center. Although they did not win the deal, the high-profile nature of the bid caused investors to flock to Gotham Partners, growing it to $500 million in assets by 1998.