  Iheartthed Member Username: Iheartthed Post Number: 3013 Registered: 04-2006 |
quote: http://freep.com/apps/pbcs.dll /article?AID=/20080417/BUSINES S07/80417039 Comerica, would you like a little salt on that foot? | ||
Johnlodge Member Username: Johnlodge Post Number: 6167 Registered: 10-2003 |
Suck on that, bitches. | ||
Detroitnerd Member Username: Detroitnerd Post Number: 2168 Registered: 07-2004 |
Awww, poor babies! "They took their flight, But money's tight *CLAP*CLAP*CLAP*CLAP* Deep in the heart of Texas!"  | ||
Mackinaw Member Username: Mackinaw Post Number: 4634 Registered: 02-2005 |
Of course we don't want Comerica to hurt too much because they are a major player in the Detroit market, and they maintain many offices still downtown, but yeah, I'm loving the fact that there gameplan is not working out so far. | ||
Hudkina Member Username: Hudkina Post Number: 174 Registered: 12-2004 |
Yay! I love it. | ||
Jt1 Member Username: Jt1 Post Number: 11503 Registered: 10-2003 |
While I am displeased with Comerica's senior leadership for leaving Detroit the simple fact of the matter is that there are far many more jobs here than they took to Texas. The Texas HQ is nothing more than a shelter for executive's money. Being happy that Comerica is tanking is the same as being happy that people in Michigan will certainly be losing their Comerica jobs in the future which is what this news implies. I do not like Comerica leadership's decision (even if it makes fiscal sense) and I do no business with Comerica. That does not change the fact that bad news for Comerica is bad news for Michigan and Michigan jobs. How does the saying go "Careful what you wish for...." | ||
Johnlodge Member Username: Johnlodge Post Number: 6170 Registered: 10-2003 |
You are right, of course, Jt1. But I think Michiganders are all allowed one quick:  Before going back to reality. | ||
Jt1 Member Username: Jt1 Post Number: 11504 Registered: 10-2003 |
Very true and that was my first reaction. | ||
1953 Member Username: 1953 Post Number: 1561 Registered: 12-2004 |
Ha-ha! | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 1094 Registered: 01-2005 |
Because Comerica is HQ'd down here in TX, shouldn't this be a "non-Detroit" thread? | ||
Iheartthed Member Username: Iheartthed Post Number: 3015 Registered: 04-2006 |
>Jt1 Yeah, I get what you're saying... but if Comerica was truly serious about refocusing their attention to the "high growth" areas of the Sun Belt then those jobs are to eventually follow anyway. I don't buy that this reasoning was their purpose for leaving, but to take them at their word means to accept the loss of these jobs as what is to follow. This to me just blows a big gaping hole in their reasoning for abandoning Detroit. Too bad it didn't happen before the move was completed. I haven't looked at their business model, but it seems that if they took such a big loss out west in mortgages AND 71% of their revenues came from Michigan (which has a bit of a mortgage problem itself) then their customer base must be most diversified in Michigan. Michigan is the only thing keeping them afloat right now... | ||
Mackinaw Member Username: Mackinaw Post Number: 4635 Registered: 02-2005 |
Well that's true, Iheart, especially if the Sunbelt doesn't recover well over the coming months and years. And this could very well be the case. With increasing fuel costs and the costs of building new homes increasing, and the general long-term effects of the credit scare we just got through (i.e. it will be more appropriately difficult to get mortgages), the sunbelt's pace of growth may lessen substantially. However, employers are still moving there, and in general, people follow. But, I'm sure Comerica's well-trained economists/analysts knew that the SW market was going to weaken, and indeed that blows a gaping hole in their alleged motive for leaving Detroit. Like Jt1 was getting at, it was all about taxes, corporate earnings, and the bottom line for the execs. They should have just sought incorportation out of Delaware while remaining in Detroit, no? There's just something fishy when part of their corporate profile is: "After more than a century and a half in Detroit, the company announced the relocation of its corporate headquarters to Dallas on March 6, 2007." 1849-2007 in Detroit, followed by a departure. If it was simply the preferences of the execs, I still don't get it. Here they had the chance to claim a stake a one of America's major cities' turnaround; here they were part of a downtown which is becoming one of the better downtowns in America, and they had gotten through the roughest days over the last two decades. I also don't understand how, in this information age that we are in, they needed to move their execs to the SW in order to more readily capitalize on a supposedly growing market. It doesn't seem to follow. It would be really nice to get something off-the-record from these guys. | ||
Alan55 Member Username: Alan55 Post Number: 1543 Registered: 09-2005 |
I have always found it amusing when I read the marketing brochures that small manufacturing companies put out. More than one will have a phrase to the effect, "We have offices in Gary, Indiana and West Palm Beach, Florida." Gee, it's probably coincidental that the owner of the manufacturing company also has a golf condo in West Palm Beach, isn't it? I suspect that the behind-the-scenes information would tell you that the CEO of Comerica really wanted to live in Texas. All of the "sound business reasons" were created to rationalize what was essentially a personal choice. | ||
Patrick Member Username: Patrick Post Number: 5340 Registered: 10-2003 |
They left for Dallas because Ralph Babb wanted to bring the bacon home to the mother land...no joke. He was courted by Staubach and other dipshiats down there because Dallas didn't have a "hometown" bank at the time. Had Babb not ben from the Sunbelt, the move probably would not have happened. The guy hated Detroit and that was really no secret. Of course, pissing off board members isnt the way to get things done. So what happens when Dallas or Texas for that matter gets 1986'd again? | ||
Johnlodge Member Username: Johnlodge Post Number: 6172 Registered: 10-2003 |
I think you guys are off the mark. The board wanted the move to happen. Based on interviews by Babb, I don't think he was happy about it, but had no choice. | ||
Alan55 Member Username: Alan55 Post Number: 1545 Registered: 09-2005 |
The only thing left for Detroiters to do is to start switching any business they have with Comerica to locally-headquartered banks. | ||
Johnlodge Member Username: Johnlodge Post Number: 6173 Registered: 10-2003 |
quote: Which is why he poured tons of money into Detroit on a yearly basis? Look at the board of directors and shareholders if you want to know why this happened. | ||
Mackinaw Member Username: Mackinaw Post Number: 4638 Registered: 02-2005 |
Well the board was surely persuaded. When we're talking about corporate politics, there are a lot of things the CEO can do to influence his subordinates. | ||
Detroitnerd Member Username: Detroitnerd Post Number: 2170 Registered: 07-2004 |
Don't be fooled, Johnlodge. Comerica poured money into Detroit for the PR and the write-offs. As a rule, don't be too quick to praise philanthropists who hire PR companies to tout their "good works." | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 915 Registered: 11-2006 |
you have no idea what babb said to the board, mackinaw. Dont pretend you do. they still have over 6000 workers in Michigan, and most of them in downtown detroit. they are still a company that invests in the downtown - and sorry to say, but your claim that downtown detroit is one of the best in the country simply isnt true at this point | ||
Johnlodge Member Username: Johnlodge Post Number: 6174 Registered: 10-2003 |
Detroitnerd, so it's OK to badmouth the man without evidence, but not OK to defend him based on interviews he's given? I guess this is what is meant by class warfare. | ||
Detroitnerd Member Username: Detroitnerd Post Number: 2171 Registered: 07-2004 |
No, I have a friend close to the situation, that's all. Don't want to out them, though. | ||
Iheartthed Member Username: Iheartthed Post Number: 3016 Registered: 04-2006 |
Babb was certainly posturing in his interviews. I read somewhere that he's the one who originally pushed the idea. | ||
Sstashmoo Member Username: Sstashmoo Post Number: 1281 Registered: 02-2007 |
Comerica still has a large group of Michigan employees. Headquartered here or not, this is not good news for us. It's certain they knew this was coming and would rather release that news in Texas rather than here. | ||
Mackinaw Member Username: Mackinaw Post Number: 4639 Registered: 02-2005 |
You're right, SoD, they have 6000 workers here still, which goes back to my first post. We can't wish them too much difficulty, because they can still hurt us a lot more. None of us except Dnerd know what Babb said, I just wanted to raise a possibility in response to the fact that the board supported the move. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 916 Registered: 11-2006 |
agreed | ||
Detroitrise Member Username: Detroitrise Post Number: 1960 Registered: 09-2007 |
I love how every time a Detroit, MI company re-locates, it encounters even more issues. | ||
Thnk2mch Member Username: Thnk2mch Post Number: 1185 Registered: 02-2006 |
So everyone is happy that a company employing thousands of Michganders has a bad report, but welcomes and begs a company that RUINS thousands of peoples lives to relocate to downtown. I don't get it. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 5897 Registered: 10-2004 |
^^ penis envy, most likely... There are far worse elements in Detroit than Comerica. I find Comerica not be be a villain at all. And the owner of the other company (Quicken Loans) worked through Kilpatrick, supposedly. That alone should make one ponder. And its former adman/spokesman (David Hall) allegedly attempted a mutiny there wrt Rock Financial. Hmm... Yet all one hears about that from the usual sycophants on DY is crickets. | ||
Lowell Board Administrator Username: Lowell Post Number: 4753 Registered: 10-2003 |
Thank you for that refreshing cup of gall. One wonders how you can condescend to post up in such an inferior setting. "...should make one ponder..." "...allegedly attempted a mutiny... " What does that mean? Maybe that is why the sycophants are all crickety -- they don't want waste time on what they don't know. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 5898 Registered: 10-2004 |
quote:People talk, and sometimes was is said is true... Fact: David Hall was at the Rock Financial component of Quicken Loans. Fact? The financial press stated that David Hall, formerly of Rock Financial is no longer employed there. Hall out at Rock, but no one will say why Rumors as to why: Rock Financial's David Hall Leaves Lender Yet more potential BS: I'm David Hall (no longer with Rock Financial) And some material from a site that's somewhat anti-QL--The Ripoff Report | ||
Danny Member Username: Danny Post Number: 7294 Registered: 02-2004 |
That's what they get they moved their World Headquarters to Redneckopolis! | ||
Mayor_sekou Member Username: Mayor_sekou Post Number: 2272 Registered: 09-2006 |
So how many of you actually closed your Comerica account because of their move? | ||
Hagglerock Member Username: Hagglerock Post Number: 488 Registered: 03-2005 |
Mayor, My wife closed her account right after they moved. Although it was because we found a better bank, not because they left MI. | ||
Lowell Board Administrator Username: Lowell Post Number: 4756 Registered: 10-2003 |
Interesting rumors LY with only one no-brainer fact, but all that still needs two bucks to buy to a cup of coffee at Starbucks. I'm with the others enjoying the moment of glee and schadenfruede even though the local impact will be next to nothing. Comerica will survive. My long time silent protest has been to never refer to the Tigers Ball park as -------- Park, but that is because I thought the City of Detroit and State deserved the payment of naming rights since they had donated $100 million plus to the project. | ||
Iheartthed Member Username: Iheartthed Post Number: 3017 Registered: 04-2006 |
quote: I closed mine. Comerica doesn't have a presence in NYC so it was inconvenient to do my banking with them. After they moved their HQ from Detroit there was really no incentive for me to keep the account open. | ||
Iheartthed Member Username: Iheartthed Post Number: 3018 Registered: 04-2006 |
Oh yeah, I came across our buddy David Hall while doing something for work. He's doing something in the St. Louis area but I can't remember if it was mortgage related. | ||
Spacemonkey Member Username: Spacemonkey Post Number: 428 Registered: 03-2006 |
If banks are hurting right now, how come there are new banks being built on practically every corner around town these days? | ||
Johnlodge Member Username: Johnlodge Post Number: 6196 Registered: 10-2003 |
quote: I got quotes from Quicken when I was shopping for a mortgage. I didn't like what they had to offer. Yes, they could be pushy. Here's how I got around having my "life ruined". I said, "No thanks, I've had better offers than this." Or, "I'm shopping for fixed rates only." Granted, it was REALLY hard to do, but I did manage to not have my life ruined by Quicken. | ||
Umcs Member Username: Umcs Post Number: 501 Registered: 06-2007 |
Recent CEO recruitment from a Detroit based corp: "...company is open to relocation to another major city with easy access to all major areas in the U. S. and in an area desirable to employees... CEO will influence that decision." Comerica may have moved for any number of reasons. We will never know exactly how or why it occurred. Corporate HQ's are important for business development and relationships though. Detroit has to stop losing major corporations. | ||
Darwinism Member Username: Darwinism Post Number: 728 Registered: 06-2005 |
Many financial institutions, including those who are active in the Detroit area, will be facing tough times. National City, with a prominent tower at the corner of Big Beaver and I-75 in Troy, is practically handing over their stock to a private equity firm at 40% discount!! With the credit crisis still playing out its course, unemployment, rising gas prices and so on, our region's car companies, banks, retail stores and etc. are destined to suffer even greater challenges ahead. | ||
Gistok Member Username: Gistok Post Number: 6703 Registered: 08-2004 |
Here's the list of Comerica Board of Directors. Many of these people are current or former Michiganians. ______________________________ _______________ Comerica Incorporated Board of Directors: Ralph W. Babb, Jr. Chairman and Chief Executive Officer Comerica Incorporated and Comerica Bank Lillian Bauder, Ph.D Vice President Masco Corporation Joseph J. Buttigieg, III Vice Chairman Comerica Incorporated and Comerica Bank James F. Cordes Retired Executive Vice President The Coastal Corporation Roger A. Cregg Executive Vice President and Chief Financial Officer Pulte Homes, Inc. Peter D. Cummings Chairman Ram Realty Services T. Kevin DeNicola Senior Vice President and Chief Financial Officer Lyondell Chemical Company Anthony F. Earley, Jr. Chairman and Chief Executive Officer DTE Energy Company Alfred A. Piergallini Chairman, President and Chief Executive Officer Wisconsin Cheese Group, Inc.; Consultant, Desert Trail Consulting Robert S. Taubman Chairman, President and Chief Executive Officer The Taubman Company Reginald M. Turner, Jr. Member Clark Hill PLC William P. Vititoe ** Retired Chairman, President and Chief Executive Officer Washington Energy Company Kenneth L. Way Retired Chairman and Chief Executive Officer Lear Corporation ______________________________ _________ ** Note: William P. Vititoe used to be "Vice President - Data Processing & Comptroller" at Michigan Bell back in the 1980's. |
