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(Washington Post)   J.P. Morgan to invest $100 million in Detroit. Apparently their tax accountants told them they needed a quick way to write off $100 million   (washingtonpost.com) divider line 18
    More: Interesting, JPMorgan Chase & Co., Detroit, Jamie Dimon, equity stake, outer wall  
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620 clicks; posted to Business » on 19 Aug 2014 at 9:48 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



18 Comments   (+0 »)
   
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2014-08-19 09:10:26 AM  
img9.uploadhouse.com

/It's all coming true
 
2014-08-19 09:55:51 AM  
Does Detroit have $100 million worth of stuff to invest in?
 
2014-08-19 10:00:01 AM  
Sounds like JPM has found one end of its barbell investment strategy.

And how bad do you have to be when someone says, "we need to find our own version of Ghana... hey, I've got it!"? (That is a rhetorical question.)
 
2014-08-19 11:09:59 AM  
SE Michigan has a ton of money and educated people.  The border with Canada is one of the busiest international commerce crossings in the world.  Detroit still has a lot of industrial cachet.  Someone is gonna figure out how to make it all work.  I doubt it's these guys, but eventually something will take hold.
 
2014-08-19 11:17:01 AM  
I should send them my hooker and booze proposal.
 
hej
2014-08-19 11:41:09 AM  
$100 million would buy up most of Detroit.
 
2014-08-19 01:27:05 PM  

hej: $100 million would buy up most of Detroit.


--Actually a good idea.  The article says the center is doing ok, but dragged down by all the single houses spread out in neighborhoods that look like WWII Germany.

They need to spend money buying out the stubborn people in the dead neighborhoods and completely bulldoze those areas wholesale.  No abandoned houses for crackheads, nothing to catch fire and force a small compact city.
 
2014-08-19 01:37:00 PM  
Mark my words, these guys are vultures. They've found a corpse to pick apart and get whatever meat is left.
 
2014-08-19 03:38:39 PM  

natgab: hej: $100 million would buy up most of Detroit.

--Actually a good idea.  The article says the center is doing ok, but dragged down by all the single houses spread out in neighborhoods that look like WWII Germany.

They need to spend money buying out the stubborn people in the dead neighborhoods and completely bulldoze those areas wholesale.  No abandoned houses for crackheads, nothing to catch fire and force a small compact city.


That's pretty much what they want to do, concentrate the population into a few core areas of the city. That way city services are covering an area commensurate with Detroit's 700,000 population/tax base instead of it's peak 2 million population, as they are now. Detroit's footprint is so big you could fit Boston, San Francisco, and Manhattan inside its city limits and still have room left over.

And downtown Detroit is really turning around. There are people who are choosing to live downtown and commute to jobs in the suburbs.
 
2014-08-19 03:39:15 PM  

BMFPitt: Does Detroit have $100 million worth of stuff to invest in?


See Gilbert, Dan.
 
2014-08-19 04:30:08 PM  
It probably wasn't a quick write off, but... goddammit you're probably right, Subby.
 
2014-08-19 05:10:44 PM  
So in other news, JP Morgan bought 85% of Detroit?
 
2014-08-19 05:27:57 PM  

Polish Hussar: natgab: hej: $100 million would buy up most of Detroit.

--Actually a good idea.  The article says the center is doing ok, but dragged down by all the single houses spread out in neighborhoods that look like WWII Germany.

They need to spend money buying out the stubborn people in the dead neighborhoods and completely bulldoze those areas wholesale.  No abandoned houses for crackheads, nothing to catch fire and force a small compact city.

That's pretty much what they want to do, concentrate the population into a few core areas of the city. That way city services are covering an area commensurate with Detroit's 700,000 population/tax base instead of it's peak 2 million population, as they are now. Detroit's footprint is so big you could fit Boston, San Francisco, and Manhattan inside its city limits and still have room left over.

And downtown Detroit is really turning around. There are people who are choosing to live downtown and commute to jobs in the suburbs.


--But they really need to make an effort and get those last holdouts ( usually older people) in the single house on a street with 6 empty houses out.
 
2014-08-19 06:01:00 PM  
Cab the ruin the city any more than the unions and racsit liberal mayor have?
 
2014-08-20 07:08:52 AM  

natgab: They need to spend money buying out the stubborn people in the dead neighborhoods and completely bulldoze those areas wholesale. No abandoned houses for crackheads, nothing to catch fire and force a small compact city.


37.media.tumblr.com
 
2014-08-20 08:22:49 AM  
So basically about 90 million of that money will somehow find its way into politician's pockets.
 
2014-08-20 09:20:16 AM  

Nemo's Brother: Cab the ruin the city any more than the unions and racsit liberal mayor have?


Do you have a cold?
 
2014-08-20 04:39:39 PM  

Champion of the Sun: SE Michigan has a ton of money and educated people.  The border with Canada is one of the busiest international commerce crossings in the world.  Detroit still has a lot of industrial cachet.  Someone is gonna figure out how to make it all work.  I doubt it's these guys, but eventually something will take hold.


Yep. If I had money I'd buy land in Detroit.
 
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