The 2008 Financial Crisis Tour – Where it Happened
The ramifications of the 2008 recession are still being felt throughout the world. But how did this disaster come to pass? Our Financial Crisis Tour doesn’t skimp on detail. From CDOs to CDSs, this tour is an education in what not to do in the markets.
Our founder, Andrew Luan, discusses the events that led to the creation of the tour in the following video.
The Charging Bull has become a symbol of the American Stock Market. It is also one of the most popular sights in New York City. Tourists journey from all around to see the bronze beast, striking poses and snapping pictures in front of it.
The creator of the Charging Bull, Arturo Di Modica, is an Italian-American artist born in Sicily in 1941. Di Modica started sculpting in his teen years and quickly began to get recognized for it. By the age of 19, he moved to Florence. Within 12 years he became known throughout Italy for his sculptures. In the early 70’s, Di Modica moved to New York and opened a studio on Grand Street.
Di Modica created the Charging Bull using $360,000 of his own money. The sculpture weighs over 7,000 pounds and is 11 feet tall. You can find the Bull in Bowling Green near Battery Park and Wall Street. However, this was not the original location of the Bull. On December 15th, 1989, Di Modica set out during the early hours of the morning to place the statue. With the help of the Bedi Makky Art Foundry, they found a home for the Bull right outside of the New York Stock Exchange on Broad Street.
The Charging Bull still enjoys an immense degree of popularity, and made headlines when Kristen Visbal’s Fearless Girl was placed in front of it. Di Modica put the statue up for sale in 2004 under the condition that it remain in the same place. However, he still owns the copyright for the piece.
Before Washington D.C., the nation’s capital was New York City. In the early days of America, the Founding Fathers met at Federal Hall to propose, debate, and argue ideas and legislation that would ultimately shape the new country’s future.
Before Federal Hall, there was City Hall at 26 Wall Street. Some significant moments of colonial American history happened there, including the meeting of the Stamp Act Congress, which protested “taxation without representation.” Once the Thirteen Colonies won independence from Great Britain, the Continental Congress convened at City Hall.
At the time of the Constitution’s ratification in 1788, New York City was still the country’s capital. Remodeled for the new government, City Hall became Federal Hall. The First Congress met and wrote the Bill of Rights there, and it was where George Washington was inaugurated as the nation’s first President.
In 1790, the capital moved to Philadelphia, and city government once again occupied Federal Hall. It was demolished in 1812.
The current structure now known as Federal Hall opened as a Customs House in 1842. When Customs moved to 55 Wall Street in 1862, the building became the US Sub-Treasury, which was then replaced by the Federal Reserve Bank in 1920.
Alexander Hamilton is and was many things: an immigrant, a Founding Father, the face on the $10 bill, and the creator of the Federalist Party, the United States Coast Guard, and The New York Post newspaper. He was also the nation’s first Secretary of the Treasury and, as such, was responsible for designing the American financial system (i.e., the Bank of the United States). His contributions have not only been celebrated, but also commemorated throughout the Financial District.
57 Wall Street – Hamilton’s Home and Office
Hamilton practiced law at his home and office on 57 Wall St. before moving to 69 Stone Street, and then Exchange Place.
Just before their infamous duel on July 11, 1804, Alexander Hamilton and Aaron Burr had their last social meeting at the Fraunces Tavern.
57 Maiden Lane
One of the biggest scandals of the day was the Compromise of 1790, also known as the “Dinner Table Bargain.” Hamilton wanted the national government to assume and pay state debts, and Thomas Jefferson and James Madison, who would be future Presidents, wanted to move the nation’s capital from New York to Washington D.C. The three politicians met at Jefferson’s New York City residence at 57 Maiden Lane. The house is no longer there but there is a plaque in its place.
After Alexander Hamilton became Secretary of the Treasury in 1789, he attended two sessions held by Congress which met at Federal Hall. There, Hamilton submitted reports that eventually became legislation, including the Tariff Act of 1790. As a lawyer, Hamilton also argued cases at Federal Hall, including the “Manhattan Murder Trial” in 1804.
Hamilton’s funeral was on July 14, 1804 at Trinity Church. He is buried there, along with his wife, Eliza, and his first son, Philip.