Wall Street

Wall Street - a street in New York City, in the southern part of Manhattan - Lower Manhattan. It stretches from the South Broadway Street at the East River, through the historical center of the Financial District. Wall Street was the first place where the  New York Stock Exchange permanently settled.

 This street brings together the major US financial institutions, among them the New York Stock Exchange (NYSE), NASDAQ, AMEX - American Stock Exchange, NYMEX - Commerce and the New York Stock Exchange NYBOT - the New York Trade Commission. Many New York financial firms no longer has its headquarters on Wall Street, but Midtown Manhattan, Long Island, New Jersey and Fairfield County.

THE HISTORY OF THE NAME:

There were many attempts to explain the origin of the name. Probably, it  was derived from a wall on the northern boundary of the New Amsterdam settlement, perhaps to protect against Native Americans. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal. Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families. The Dutch word "wal" can be translated as "rampart." However, even some English maps show the name as Waal Straat, and not as Wal Straat.

The phrase "Wall Street" is also used to refer to the entire US financial market. 

Today, when we say that a joint stock company is a company on Wall Street, it does not mean that it is physically there. It means, rather, that the company is listed on the NYSE. Such companies may have their offices around the globe. Today, a large part of the workforce Wall Street consists of specialists working in the field of law, finance, employed by medium or large corporations. Many of the nearby businesses are local companies and chain stores to meet the needs of employees of Wall Street. Most of the people employed in the financial district commute to work from Long Island, Connecticut, Pennsylvania and the lower Hudson Valley.

WALL STREET'S CULTURE

Wall Street's culture is often criticized for rigidity. Looking back on a few decades stereotype stems from condescension to their own interests, which guided the founders of Wall Street. The  recent criticism focused on structural problems and lack of willingness to change old habits. New York also has a reputation as a very bureaucratic city, which even prevents entrepreneurs from the middle class  come  onto the market.

Over the years, certain elite persons associated with Wall Street became a celebrity, and even legendary. Although the fame of these persons is limited to community brokers and bankers, some achieved international fame. Some won it, using its financial capacity, reporting, creating investment strategies, others were remembered for their greed.

 TASK: 

Create a list of the main advantges and benefits as well as threats and drawbacks, which the Wall Street and financial market may offer for the bankers, lawyers, brokers and other people connected with it.