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JPMorgan Committing $100 Million Over 5 Years to Aid Revitalization in Detroit
NY TIMES ^ | 5/20/14 | STEVEN YACCINO and JESSICA SILVER-GREEENBERG

Posted on 05/21/2014 5:00:06 AM PDT by SoFloFreeper

JPMorgan Chase, the nation’s biggest bank, will provide $100 million to help debt-ridden Detroit with housing repairs, blight removal, job training and economic development projects over the next five years, according to two people with direct knowledge of the plans.

The investment, a mix of loans and grants, will add to a growing pile of money from outside private institutions as the city nears the final, painful stages of the nation’s largest municipal bankruptcy proceeding. Detroit filed for bankruptcy protection in July, with an estimated $18 billion in long-term debt. This summer, a federal judge will decide whether to approve a plan that would allow the city to exit bankruptcy court by mid-October.

(Excerpt) Read more at mobile.nytimes.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Michigan
KEYWORDS: foolandhismoney; newfallujah; waste
See there, boys and girls? Even RICH people can do stupid things.

Seriously, I don't want to be a constant naysayer...if Morgan takes ownership and tries to create an oasis of prosperity in New Fallujah, then the actions MIGHT encourage a new spirit there....but I believe a new mentality among the population will be a long, hard slog.

1 posted on 05/21/2014 5:00:06 AM PDT by SoFloFreeper
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To: SoFloFreeper

Sure beats dumping it on the taxpayers.


2 posted on 05/21/2014 5:02:08 AM PDT by cripplecreek (Remember the River Raisin.)
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Comment #3 Removed by Moderator

To: SoFloFreeper

Al Sharpton must have extorted this “contribution.”


4 posted on 05/21/2014 5:04:41 AM PDT by BlueStateRightist (Government is best which governs least.)
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To: SoFloFreeper

$100 million is peanuts. You can’t even build a single decent-sized skyscraper with that amount.


5 posted on 05/21/2014 5:04:54 AM PDT by fieldmarshaldj (Resist We Much)
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To: fieldmarshaldj

It’s a pee-hole in the snow.


6 posted on 05/21/2014 5:06:17 AM PDT by samtheman
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To: SoFloFreeper

20 million per yer for 5 years?

what’s that going to buy? (oh-yeah, politicians)


7 posted on 05/21/2014 5:10:50 AM PDT by Mr. K (If you like your constitution, you can keep it...Period. PALIN/CRUZ 2016)
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To: SoFloFreeper

Yep, if Michigan needs an enema, it has to through DETROIT. All these liberals, socialists and communists keep “TWEEKING” the DETROIT economy, hoping against hope, that one of their “TWEEKS” will work. They are loath to admit that the only thing that will help DETROIT is for the government to get out of the way and allow private enterprises to turn that city around. Yet we see the same thing happening all over this country. Pretty soon, we will all be like “DETROIT”, and there will come a time when the world needs an enema, it will have to go through WASHINGTON.


8 posted on 05/21/2014 5:13:37 AM PDT by gingerbread
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To: the anti-mahdi

The most valuable use of that money would be to buy up all the derelict buildings in the entire city, raze them to the ground, and plant the entire area with agricultural field crops, used to feed the surrounding communities and provide employment for the few remaining residents of Detroit.

Make a great demonstration plot for GMO crops and mechanization of harvest. Henry Ford might even approve of such a plan.


9 posted on 05/21/2014 5:14:55 AM PDT by alloysteel (Selective and willful ignorance spells doom, to both victim and perpetrator - mostly the perp.)
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To: SoFloFreeper
100 million is a drop in the bucket. Must be some political motive at work here, maybe laundering a payoff to some one.
10 posted on 05/21/2014 5:15:33 AM PDT by hinckley buzzard
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To: SoFloFreeper
Remember, it's tax-deductible..so the actual cost to JPM is about $55 mill...

Detroit won't sell the art..

11 posted on 05/21/2014 5:16:40 AM PDT by ken5050 ("One useless man is a shame, two are a law firm, three or more are a Congress".. John Adams)
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To: hinckley buzzard

Ya think?


12 posted on 05/21/2014 5:17:39 AM PDT by dfwgator
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To: alloysteel
This plan will not work unless JP Morgan gets to “own” Detroit, fire the parasites who sit on the Detroit City Council and completely TAKE OVER the entire city including social services, the police force and other basic services.

If they do not go “all the way”, then it is a losing scheme. It's like pouring concrete into Chernobyl and waiting for the radioactive half-life to dwindle.

I grew up in Detroit and there is no hope whatsoever there until the crime rate is reduced to zero. Indeed, Robocop can come back to the city of his birth and reclaim it for those who hope to improve the lot of the inhabitants.

The alternative is to nuke the city with Neutron bombs and start all over with the Agregrarian revolution.

13 posted on 05/21/2014 5:24:05 AM PDT by Netz
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To: alloysteel
Make a great demonstration plot for GMO crops and mechanization of harvest.

Especially when you consider all the profit to be made off federal soil restoration grants.
14 posted on 05/21/2014 5:25:57 AM PDT by cripplecreek (Remember the River Raisin.)
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To: SoFloFreeper

It’s JPM’s money. Let them give it the old college try. I doubt much will happen. You first have to change the mindset of the people there before positive things can happen.


15 posted on 05/21/2014 5:27:19 AM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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To: hinckley buzzard

I like your response the best of those offered. Anytime Detroit or Democrats are mentioned in conjunction with money, be it public or private, there are bribes and pay offs afoot. Build anything you want in Detroit and you get nothing. No real skills pool, an Islamist world view and a welfare work ethic.


16 posted on 05/21/2014 5:27:47 AM PDT by Lion Den Dan
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To: cripplecreek

Uh...well...did you read the part about “grants and loans”. Trust me...these people haven’t been in business for a hundred plus years for no reason. Follow the money trail if you can...it will lead directly to the suckers (like me) who pay taxes.


17 posted on 05/21/2014 5:30:56 AM PDT by gr8eman (There's no "R" in Warshington!)
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To: SoFloFreeper

The money would be better spent on bulldozers and replanting forest in it’s place.


18 posted on 05/21/2014 5:31:25 AM PDT by EricT. (Everything not forbidden is compulsory.)
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To: EricT.

MONEY___THROWN___DOWN___RATHOLE___!!!!!


19 posted on 05/21/2014 5:32:26 AM PDT by dennisw (The first principle is to find out who you are then you can achieve anything -- Buddhist monk)
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To: alloysteel

“The most valuable use of that money would be to buy up all the derelict buildings in the entire city, raze them to the ground, and plant the entire area with agricultural field crops”

Won’t work with the ancient buildings filled with toxic materials, asbestos, lead etc, the land would be unusable for crops.


20 posted on 05/21/2014 5:33:55 AM PDT by FreedomGuru (Time for torches and pitchforks.)
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To: EricT.

Totally agree. The forest animals and fungus growing under the rocks would be more productive than the current occupants of Detroit.


21 posted on 05/21/2014 5:34:27 AM PDT by Roman_War_Criminal (Bible Summary in a few verses: John 14:6, John 6:29, Romans 10:9-10)
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To: SoFloFreeper; SpinnerWebb
 photo bernake.gif
22 posted on 05/21/2014 5:35:18 AM PDT by tx_eggman (Liberalism is only possible in that moment when a man chooses Barabas over Christ.)
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To: Jack Hydrazine
Yours is certainly the most Reaganesque comment. Personally I miss the days when conservatives were builders and makers. Fortunately its not just JP Morgan alone who are stepping up.

Ronald Reagan 1980 Republican National Convention Acceptance Address delivered 17 July 1980, Detroit, MI

The major issue of this campaign is the direct political, personal, and moral responsibility of Democratic Party leadership, in the White House and in the Congress, for this unprecedented calamity which has befallen us. They tell us they've done the most that could humanly be done. They say that the United States has had it’s day in the sun, that our nation has passed its zenith. They expect you to tell your children that the American people no longer have the will to cope with their problems, that the future will be one of sacrifice and few opportunities.

My fellow citizens, I utterly reject that view.

The American people -- The American people the most generous on earth, who created the highest standard of living, are not going to accept the notion that we can only make a better world for others by moving backward ourselves. And those who believe we can have no business leading this nation.

I will not stand by and watch this great country destroy itself under mediocre leadership that drifts from one crisis to the next, eroding our national will and purpose. We have come together here because the American people deserve better from those to whom they entrust our nation's highest offices, and we stand united -- we stand united in our resolve to do something about it.

23 posted on 05/21/2014 5:35:43 AM PDT by cripplecreek (Remember the River Raisin.)
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To: cripplecreek; All

Probably the funds will be used to relocate the population, raze the buildings, maybe update some infrastructure....to prepare it for the Chinese.


24 posted on 05/21/2014 5:38:18 AM PDT by PenguinM
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To: SoFloFreeper
$100 Million Over 5 Years to Aid Revitalization in Detroit

Money and wealth is the product of Civilization not its progenitor. Civilization is the cumulative efforts of a group of people living their lives everyday. Detriot is what it is because of how the people there live their lives everyday. Money can't change that. The fact is nothing can. There is only one way to bring Civilization back to Detriot but it would be "RACIST!"

25 posted on 05/21/2014 5:39:33 AM PDT by Count of Monte Fisto (The foundation of modern society is the denial of reality.)
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To: cripplecreek

I see small, positive things happening in Detroit that will help it rebuild, but it is going to take time.


26 posted on 05/21/2014 5:40:19 AM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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To: SoFloFreeper

I wonder how many hands will be in that $100 million over the next five years.

Prediction: the money will accomplish nothing but feather a lot of nests.

A lot of Democrat nests.


27 posted on 05/21/2014 5:42:33 AM PDT by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: cripplecreek
Sure beats dumping it on the taxpayers.

On CNBC this morning, they commented that JPM could have done a lot more if it hadn't been shaken down by the government for $20 billion. Shake down is apt here, because the government sued them for the wrongdoings at Bear Stearns before they owned it. But, the government begged JPM to take Bear over!

28 posted on 05/21/2014 5:48:23 AM PDT by Pearls Before Swine
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To: Jack Hydrazine; 1rudeboy

Yeah, there is a reason these big companies are moving so many of their people and operations to Detroit. Part of the reason is the growing communism of the east coast while its fading here in the midwest. Detroit is also the second busiest trade crossing on the continent. Canada is also dumping money into Detroit because they need it to succeed.

Conservatives should be optimists and builders, not emulating democrats and their worship of destruction.


29 posted on 05/21/2014 5:52:51 AM PDT by cripplecreek (Remember the River Raisin.)
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To: Netz
This plan will not work unless JP Morgan gets to “own” Detroit,

You mean like these guys?


30 posted on 05/21/2014 5:55:01 AM PDT by dfwgator
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To: SoFloFreeper

$20M/year, that won’t even cover the graft.


31 posted on 05/21/2014 5:59:12 AM PDT by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: SoFloFreeper

Detroiters have found a new teat.


32 posted on 05/21/2014 6:01:36 AM PDT by moovova
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To: alloysteel

Yea, then they can use all the poor black folk of the inner city to plant the crops and harvest the crops. That should work out swell.(sarc)


33 posted on 05/21/2014 6:02:27 AM PDT by woodbutcher1963
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To: cripplecreek

We ship a tremendous amount of lumber via the CN railroad through both Detroit and Buffalo. The CN gives incentive rates to those two points where they own reload locations. The reload is where we send in railcars of lumber and ship out trucks. It helps them consolidate traffic from BC back to these points in the eastern US. In this way, it is similar to the oil trains where 100 cars start in one place and ship to one place 1500 miles away with no stops in between. From these two reload locations, we then ship trucks as far south as SC & TN.


34 posted on 05/21/2014 6:10:50 AM PDT by woodbutcher1963
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To: woodbutcher1963

I know a lot of oil moves through Detroit and Port Huron by rail and pipeline.


35 posted on 05/21/2014 6:14:26 AM PDT by cripplecreek (Remember the River Raisin.)
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To: EricT.

They need a write off!


36 posted on 05/21/2014 6:26:54 AM PDT by jimmyo57
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To: SoFloFreeper

Or you could just have an annual bonfire.


37 posted on 05/21/2014 6:28:28 AM PDT by mykroar (We fight, get beat, rise, and fight again. - Nathanael Greene)
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To: cripplecreek

Do you really think the taxpayers won’t be on the hook for this in the future?


38 posted on 05/21/2014 7:57:49 AM PDT by KGeorge (Till we're together again, Gypsy girl. May 28, 1998- June 3, 2013)
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To: KGeorge

If they are, its only because conservatives are pathetic yapping chihuahuas who don’t have the brains to avoid another democrat trap.


39 posted on 05/21/2014 8:05:19 AM PDT by cripplecreek (Remember the River Raisin.)
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To: SoFloFreeper

Getting rid of all the Liberal/Democrats would do more good.


40 posted on 05/21/2014 8:26:54 AM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: cripplecreek

Maybe not so much conservatives, but GOPe, definitely. These aren’t ironies they’re spewing. They are outright lies.


41 posted on 05/21/2014 9:43:13 AM PDT by KGeorge (Till we're together again, Gypsy girl. May 28, 1998- June 3, 2013)
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To: KGeorge

Look around FR, I see a whole lot of “conservatives” who clearly want nothing but destruction.

Reagan would be disgusted by them.


42 posted on 05/21/2014 9:47:16 AM PDT by cripplecreek (Remember the River Raisin.)
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To: cripplecreek

You must mean the “worse is better” mindset, because (I guess) it will bring the reset sooner. I agree that President Reagan would highly disapprove. Boy, none of us could have imagined these days.
We have neglected our duty too long.


43 posted on 05/21/2014 6:41:26 PM PDT by KGeorge (Till we're together again, Gypsy girl. May 28, 1998- June 3, 2013)
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To: cripplecreek

Why would Canada be so concerned about Detroit?


44 posted on 05/21/2014 8:01:47 PM PDT by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; We need a second party!)
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To: Jack Hydrazine

Because its the second busiest freight crossing on the continent and it buts right up against Canada’s industrial region.

There’s also the fact that they have a fair number of business interests of their own in Detroit and around Michigan. A canadian company owns the salt mine under Detroit, Canadian companies also own other mines, stone quarries, and factories around Michigan.


45 posted on 05/21/2014 8:20:34 PM PDT by cripplecreek (Remember the River Raisin.)
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