The Lower Manhattan Development Corporation was formed in July, after the September 11 attacks to plan the reconstruction of Lower Manhattan and distribute nearly $10 billion in federal funds aimed at rebuilding downtown Manhattan.
It was founded by then-Governor George Pataki and then-Mayor Rudolph Giuliani. The LMDC is a joint State-City corporation governed by a 16-member Board of Directors, half appointed by the Governor of New York and half by the Mayor of New York. As a result, Pataki and Giuliani appointees dominate the LMDC. Its original chairman was John C. Whitehead, a former Deputy Secretary of State and head of Goldman Sachs. Spitzer has had a longstanding feud with LMDC chairman John Whitehead.
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