Investing in Detroit
JPMorgan Chase with $100 million.
“Financial giant JPMorgan Chase says it will spend $100 million over five years in Detroit to support and accelerate the bankrupt city’s economic recovery,” reports the Associated Press. “JPMorgan Chase CEO Jamie Dimon told reporters that his company is ‘a for-profit institution’ and is investing in Detroit to make money.” Last month, news broke that the federal government is considering $100 million for Detroit, too. If Barack Obama had a city, it would look like Detroit, and therefore it would seem that the Motor City’s horrendous fiscal history would make it a bad investment. But then again, maybe free enterprise is just the cure. More…
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