JPMorgan Committing $100 Million Over 5 Years to Aid Revitalization in Detroit

NY TIMES ^ | 5/20/14 | STEVEN YACCINO and JESSICA SILVER-GREEENBERG

[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.

[Roman_War_Criminal]

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

[tx_eggman]

[cripplecreek]

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.

[PenguinM]

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

[Count of Monte Fisto]

$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!"

[Jack Hydrazine]

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

[exit82]

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.

[Pearls Before Swine]

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!

[cripplecreek]

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.

[dfwgator]

This plan will not work unless JP Morgan gets to “own” Detroit,

You mean like these guys?

[PLMerite]

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

[moovova]

Detroiters have found a new teat.

[woodbutcher1963]

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)

[woodbutcher1963]

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.

[cripplecreek]

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

[jimmyo57]

They need a write off!

[mykroar]

Or you could just have an annual bonfire.

[KGeorge]

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

[cripplecreek]

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

[SandRat]

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