  Kenp Member Username: Kenp Post Number: 248 Registered: 03-2006 |
Comerica is moving its headquarters to Dallas. I heard this news on WWJ this morning. | ||
Hagglerock Member Username: Hagglerock Post Number: 413 Registered: 03-2005 |
http://www.freep.com/apps/pbcs .dll/article?AID=/20070306/BUS INESS05/70306002 Freep article. They plan to keep a significant presence in Detroit. How much, I wonder. | ||
Mind_field Member Username: Mind_field Post Number: 691 Registered: 10-2003 |
BOOOOOOOOOO!! I am closing my account with them immediately. So comerica tower, will go from being nearly 100% leased during the late 90s to nearly vacant?!? they are losing JWT and now Comerica...seriously what tenants are left in that building? A law firm? (Message edited by mind field on March 06, 2007) | ||
Iheartthed Member Username: Iheartthed Post Number: 465 Registered: 04-2006 |
This is getting kinda scary. Maybe Quicken Loans can take Comerica Tower... that is if they choose to stay in Detroit. If Comerica can move after 150 years then what's stopping Quicken? Damn Detroit, it's really sink or swim now. | ||
Wazootyman Member Username: Wazootyman Post Number: 189 Registered: 02-2006 |
It's all about money, money, money. Forget that the bank has all of its roots in the city of Detroit. This annoys me. We all know what "significant presence" means. | ||
Sticks Member Username: Sticks Post Number: 231 Registered: 08-2005 |
If only this meant that we can finally get rid of that fucking "Comerica Park" name and perhaps name it after a famous Detroiter or Tiger legend. I'm sick of all these new stadiums being named after the large corporations that back them, for whatever reason. | ||
Mind_field Member Username: Mind_field Post Number: 693 Registered: 10-2003 |
Gee, there is a much bigger issue here than why some business decided to buy naming rights to a ballpark. | ||
56packman Member Username: 56packman Post Number: 1080 Registered: 12-2005 |
Gee, remember when they wanted the city to Demo Ford auditorium so they could build their skyscraper on that site? Detroit Bank and Trust park, Baby! | ||
Defendbrooklyn Member Username: Defendbrooklyn Post Number: 23 Registered: 11-2005 |
Detroiters/michiganders unite!!!!!! a boycott is in order! | ||
Rooms222 Member Username: Rooms222 Post Number: 6 Registered: 04-2005 |
Comerica has had a strategy of growth in Sunbelt states, particularly with growing businesses, in the last decade to avoid being taken over by another bank. It appears about 40-50% of profit is now made in outside Michigan. This is a big loss to Detroit because of Comerica's profitable growth. A careful reading of the press releases shows employee recruitment and retention was listed as one of the key two reasons for the move. I have encouraged friends in the Banking industry to consider Comerica and Metro Detroit in their job search, and met resistance to the idea of even thinking about moving here (even among people who have lived in the Midwest and want to move to the region). This move means that the largest Michigan bank will no longer be the $58 billion in assets (top 20) bank named Comerica, but the $14 billion Citizen's Bank from Flint (ranked number 45). It is that size only because of last year's "merger of equals" between Citizens and Republic Bankcorp. What a blow! Comerica was the last major bank headquartered in Michigan. Ohio still has 5th/3rd, Huntington, Key, and National City....all in or around the top 25..... Note: Post edited to correct Citizen's bank assets to be post-merger. (Message edited by rooms222 on March 06, 2007) (Message edited by rooms222 on March 06, 2007) | ||
321brian Member Username: 321brian Post Number: 334 Registered: 02-2006 |
"It's all about money, money, money. Forget that the bank has all of its roots in the city of Detroit." Go figure. A bank interested in the bottom line. | ||
Barnesfoto Member Username: Barnesfoto Post Number: 3126 Registered: 10-2003 |
I sent the pres of Comerica an angry letter and pulled my account when they closed the (always crowded) Vernor and Junction branch. They have been slowly divesting from the city for years. | ||
Bob Member Username: Bob Post Number: 1383 Registered: 11-2003 |
Michigan and Detroit are no longer seen as a major market because our major industry no longer is one. I fear that Pfizer and Comerica are only the tip of the iceburg in terms of major companies leaving Michigan. The next two years are going to be scary in Michigan, and I do not think there is anything our legislature can do to stop. The future is in the south according to business. Even if we put major changes in place, we will still have the perception of being a high-cost labor state of un-educated bumpkins. I fear that an announcement that Quicken will build elsewhere due to the fact that they will want to be closer to where the growth is. I hope I am wrong, but I doubt it. The next thing that will happen is due to all the loss of tax revenue, our universities will start to suffer but lack of investment, and we will lose another strength. | ||
Urbanize Member Username: Urbanize Post Number: 63 Registered: 02-2007 |
Oh wow, the second the region in general is showing some signs of a long term turn around, the companies shove us to the ground. Isn't that wonderful? | ||
Richard_saunders Member Username: Richard_saunders Post Number: 63 Registered: 06-2004 |
Citizens Republic Bancorp has about $14B in assets, not $7.8B. Can't see any reason in the world why Jennifer Granholm shouldn't be recalled. She just heard about this yesterday night?!?!? Way to be on the ball. Unfortunately for her, she can't blame this on George Bush, Tokyo, or currency manipulation. Maybe they wanted to leave because the Gov is pushing to tax banking services. | ||
Barnesfoto Member Username: Barnesfoto Post Number: 3127 Registered: 10-2003 |
Well, La Salle Bank has invested significantly in Detroit by funding new housing, grants and loans and new branches...They opened a branch in Southwest Detroit in 2005...I like to support banks that support my neighborhood and my city. I urge others to do the same. | ||
Fastcarsfreedom Member Username: Fastcarsfreedom Post Number: 137 Registered: 11-2005 |
This is a business decision--it's the result of market forces and Comerica's growth pattern in the sunbelt. With industry consolidation the way it is, I wouldn't expect Comerica to be independent for all the much longer--it will merge or be acquired in much the same way NBD and Michigan National were. Many cities in the country no longer have a "hometown" bank including other prominent towns like Boston. While this may be a legitimate bruise to the city's ego, Comerica will still have in excess of 7000 employees in SE Michigan--and as far as I've heard, will not be leaving Comerica Tower. As for the ballpark, Comerica paid dearly to put it's name on that building--it won't be going anywhere anytime soon. | ||
Rooms222 Member Username: Rooms222 Post Number: 7 Registered: 04-2005 |
>>>>>Citizens Republic Bancorp has about $14B in assets, not $7.8B.-- You are correct...fixed post to show post-merger assets.....Thanks >>>>Can't see any reason in the world why Jennifer Granholm shouldn't be recalled. Have to wait until she has been in office six months, then the recall paperwork can begin. This bill would change that to be even longer: http://www.michiganvotes.org/2 007-SB-190 (Message edited by rooms222 on March 06, 2007) | ||
Danny Member Username: Danny Post Number: 5598 Registered: 02-2004 |
Why Comerica is moving to a big redneck city called Dallas? I would forget about setting an account at any Comerica Bank branches. Let them advertise to those Texans. SCREW YOU COMERICA! GET OUT OF DETROIT AND DON'T COME BACK! | ||
Darwinism Member Username: Darwinism Post Number: 623 Registered: 06-2005 |
Depressing news indeed. It just goes to prove indisputably that businesses and corporations aren't that into Detroit and SE Michigan. The bottom isn't there yet. Imagine losing 200 jobs in downtown ..... and the impact that will have on smaller businesses such as delis, restaurants serving those employees. They may need to close shop too. | ||
Gmich99 Member Username: Gmich99 Post Number: 170 Registered: 11-2005 |
Glad I closed my Comerica account already! | ||
Psewick Member Username: Psewick Post Number: 78 Registered: 03-2006 |
"SCREW YOU COMERICA! GET OUT OF DETROIT AND DON'T COME BACK!" Ah... are we cursing them and telling them to leave because we need them and want them to stay? I'd like to suggest an alternative approach. | ||
Leoqueen Member Username: Leoqueen Post Number: 1501 Registered: 07-2004 |
This is depressing news but not unexpected at all, to me. I have hated them since they abandoned the neighborhoods when they summarily closed all of the local Detroit Bank and Trust branches that the old people could walk to. I remember my father railing against them when they closed the bank branch on Fenkell near Linwood, leaving seniors who couldnt drive high and dry. | ||
Mind_field Member Username: Mind_field Post Number: 694 Registered: 10-2003 |
Danny, normally I ignore the senseless babble in your posts, but Dallas is not a redneck city. It a sophisticated metro of over 6 million people that is seeing explosive growth throughout the city. | ||
Markemarx Member Username: Markemarx Post Number: 23 Registered: 11-2006 |
It seems as though the suggested 2% service tax may be frightening large corporations away now, especially if they believe getting securing some debt may be cheaper now than in the future(such as debt on a new property). Nice1 Granholm. | ||
Fastcarsfreedom Member Username: Fastcarsfreedom Post Number: 139 Registered: 11-2005 |
To answer the Comerica Tower question... From the Dallas Morning News Comerica's current headquarters occupies 11 stories in a 45-story high-rise opened in the early 1990s in downtown Detroit, not far from Comerica Park -- the home of baseball's Detroit Tigers -- which opened in 2000. Comerica signed a lease in 2005 that will keep it in the high rise until at least 2012. | ||
1953 Member Username: 1953 Post Number: 1322 Registered: 12-2004 |
Can we start a new hometown bank? | ||
Urbanize Member Username: Urbanize Post Number: 75 Registered: 02-2007 |
Please, we can't even find anyone who can start a business that's not a dollar store or Liquor Store, let along a bank. | ||
1953 Member Username: 1953 Post Number: 1323 Registered: 12-2004 |
P.S. I'll support a Comerica boycott. | ||
Thejesus Member Username: Thejesus Post Number: 703 Registered: 06-2006 |
This is unfortunate news indeed, but businesses need to do what they can in order to compete, so I don't have any hard feelings... | ||
Spacemonkey Member Username: Spacemonkey Post Number: 158 Registered: 03-2006 |
Eh, I agree with Bob. This is just the beginning. I'm going to try to stay in the Detroit area as long as I can because my extended family is here, but I'm afraid I'm going to have to leave the state within the next ten years to seek solid job opportunity. That just a sad fact. | ||
Bob Member Username: Bob Post Number: 1384 Registered: 11-2003 |
I would imagine then since their lease lasts until 2012 on Comerica Tower, that somewhere around that time their Michigan presense will be scaled back. Although on WWJ someone from Comerica was insisting they were going to continue to have a large presense in Michigan including the 7,600 employees they keep talking about. Granholm said she was told that since in a couple decades most of the population will be located in three states (Florida, California, and Texas) they wanted to be closer to those markets. Even if our economy turns around in a couple years, we cannot compete with that logic, at least from a banking standpoint. Of course at this point, I'm not sure where we actually can compete. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 2694 Registered: 10-2004 |
Money talks and bull shit walks. Comerica doesn't care about losing petty accounts or the effects of boycotts. Why should they? Banks prefer vibrant locations for their headquarters where there is financial activity. Face it, banks deal with transactions with money and the financial markets, and Detroit isn't much of a major player in those areas any longer. Comerica is simply reflecting where the real growth is in the US and the converse of this is also true. So, the last of the big banks leaves Michigan. Hardly shock and awe. A little while back it was Pfizer, now Comerica, and what others will surely follow? In both cases, the governor was told a day or so in advance of their public announcements. So,she's no better informed about these major turns of events apparently than the panhandlers downtown, who also deal with money. Why would businesses decide to locate to Michigan if the long-time heavyweights already here don't want to stay? But hey! Casinos are like banks, no? Build more casinos! And eventually do some sandblasting sign removals at the ballpark in due time. (Message edited by LivernoisYard on March 06, 2007) | ||
Tarkus Member Username: Tarkus Post Number: 279 Registered: 04-2006 |
"In 5 years you'll be blown away". Ya Jenny, by all the corporations leaving town. Last one out please turn out the lights. | ||
Urbanize Member Username: Urbanize Post Number: 80 Registered: 02-2007 |
She looked drunk the day she said that anyway. That must tell you something about her. | ||
1953 Member Username: 1953 Post Number: 1324 Registered: 12-2004 |
Detroiters should start a nonprofit community bank and here's why: 1. For-profit banks are chasing the largest constant INCREASE in annual revenue, not just a sound business approach. 2. There is obviously no community loyalty to Detroit. | ||
Thnk2mch Member Username: Thnk2mch Post Number: 779 Registered: 02-2006 |
Good idea! - close your accounts and boycott Comerica! Put their 7300 other employees out of work too. | ||
Spacemonkey Member Username: Spacemonkey Post Number: 161 Registered: 03-2006 |
I hate to say it like this but ... a nuke attack on one of our major cities like NY, LA, Dallas by the evil-doers is certainly imminent within the next 20 years. That'll drive people back to the Detroit area because they'll have nowhere else to go. Buy local housing now while it's cheap and everyone is leaving then sell high when they all come running to the safety of the D. How's that sound? | ||
Track75 Member Username: Track75 Post Number: 2513 Registered: 10-2003 |
200 jobs leaving downtown isn't going to make a huge impact (nor would adding 200 jobs). The more worrisome aspect of this is that Comerica cited two big factors in there decision to relocate their HQ, population trends and employee recruitment/retainment. People will continue to leave the North for the South and West, that hurts Michigan's ability to grow. Comerica's difficulty in attracting skilled financial workers to the Detroit area isn't unique. Other companies also find "move to Detroit" to be a tough sell. It's not about Granholm or service sales taxes. It's about fundamental business concerns like being where your customers are and where you can get good employees. A good number of Comerica's remaining employees are probably here to service their local clients, particularly businesses. They won't be leaving unless their customers leave for another bank or another state. How's a boycott help things? It doesn't, it just makes the powerless feel like they have an iota of power. | ||
Iheartthed Member Username: Iheartthed Post Number: 466 Registered: 04-2006 |
So they'll be paying rent until 2012 at least... At least Detroit will still be the regional head office. It's kind of comical how they've been giving all these gloomy economical forecasts for the region all the while packing up shop in the background for a "strategic move". I just call major bullshit on this being a "strategic" move. Somehow all of these New York and London banks thrive while their hq's remain in their respective hometown's and not where the bulk of their business is from. Someone suggested upthread that Michigan still accounts for upwards of 50% of Comerica's business. That's still a LOT of business. If Detroit has any backbone left in it at all then you should all collectively remove your assets and see how they react. Do you all get the point now that pandering to these companies does not work? | ||
1953 Member Username: 1953 Post Number: 1325 Registered: 12-2004 |
What if we proposed a run on the bank? One day, everyone pull out there money. How about Friday, March 9th? Is that legal even? | ||
Spacemonkey Member Username: Spacemonkey Post Number: 163 Registered: 03-2006 |
In this economy ... I don't have any money to pull from the bank. :-( | ||
Urbanize Member Username: Urbanize Post Number: 84 Registered: 02-2007 |
Then you're already ONE step ahead then. | ||
Bob Member Username: Bob Post Number: 1385 Registered: 11-2003 |
Can you imagine where we would be right now if say Feiger would have beat Engler in that election in the 90s? Of course it would be interesting to see how Dick DeVos would have handled all of this, not that it would be his fault. The next couple months are going to be interesting, the GOP senators just got a major card to play in the budget fight by these businesses packing up. I think the service tax is DOA because in the Democrats (so says Andy Dillon) are not so much in favor of raising taxes. They are afraid of losing their majority so I think Granholm better start compromising. | ||
Supersport Member Username: Supersport Post Number: 11383 Registered: 10-2003 |
I'm curious, does Granholm get to play the "I blame Engler" card all 8 years, avoiding any responsibility at all? Or at some point does she have to take some sort of responsibility for her lack of progress? Is this the "progressive party" at it's finest or what. | ||
Psewick Member Username: Psewick Post Number: 79 Registered: 03-2006 |
If DeVos won the election, this would not have been his fault. But Granholm won, and she's clearly responsible! I mean, I don't have any.... "facts" to back up my claim that Granholm is to blame, but if we all say it enough times, that will MAKE it true! | ||
Fishtoes2000 Member Username: Fishtoes2000 Post Number: 180 Registered: 06-2005 |
quote: Texas has a 6.25% tax on services. In Dallas it's 8.25% since the city and transit authority both add their 1% taxes. | ||
Lilpup Member Username: Lilpup Post Number: 1766 Registered: 06-2004 |
I had an account with Comerica for decades, then they stopped caring about their small customers. We pulled our small business account from Comerica and went to Charter One because of the fee schedules. Later, when I started getting hit hard with fees on my personal account I went in to close it and they didn't even ask why. They made no effort whatsoever to retain me as a customer. You know that tv ad currently running about the bank that doesn't want to deal with small business? That big bank attitude is exactly what we got from Comerica. | ||
Detroitbill Member Username: Detroitbill Post Number: 165 Registered: 09-2006 |
Here we go again, where in the world is any governor going to tell mind and management of any major corporation where they are going to stay/locate. Its nice to offer tax incentives to stay but their reasons for relocating are clearly not tied to possible Michigan tax incentives. They like many other corps want to be where they percieve the future to be.. Blaming any governor for all of this is so naive and ridiculous. Loyalty by most corporations to a particular geographic area is a thing of the past. (Message edited by DetroitBill on March 06, 2007) | ||
Alexei289 Member Username: Alexei289 Post Number: 1256 Registered: 11-2004 |
It just shows that its impossible to make money in michigan | ||
Lt_tom Member Username: Lt_tom Post Number: 150 Registered: 06-2004 |
I wouldnt get too upset about it. Comerica is bound to get swallowed up by BoA or Wells Fargo or Citicorp, etc. one of these days.. | ||
Supersport Member Username: Supersport Post Number: 11386 Registered: 10-2003 |
quote: They don't. What they do is creating an atmosphere in which companies WANT to do business in. You create a thriving economy like Comerica is relocating their HQ to. So you think the Michigan's current economy, which is lagging, along with it's nation leading foreclosure rate doesn't play a role in this decision? While Granholm doesn't directly have a say in big corporations and their decisions, she most certainly plays a major role in the environment they wish to be a part of. We needed a businessman to lead this state, not some well spoken cheerleader who is in way over her head. The sad thing is when her 8 years are over, people in this state will STILL not hold her responsible for anything. | ||
Bob Member Username: Bob Post Number: 1386 Registered: 11-2003 |
I really think this is a complete decision about where the population is going and Comerica wants to be where that massive growth is to profit on it. Since we are becoming more of an area of small business and losing our major corporations, they really believe their resources should be spent where the people are. Sad, but true. Interesting about the taxes in Texas and Dallas though. | ||
Bob Member Username: Bob Post Number: 1387 Registered: 11-2003 |
We may need a businessman/woman to lead this state, but the choice of one with too much baggage attached and very crazy social beliefs was a bad choice. We need a Roger Penske sort of businessman to lead this state. | ||
Zephyrprocess Member Username: Zephyrprocess Post Number: 262 Registered: 08-2006 |
quote:quote: But where's the truthiness in that? | ||
Rooms222 Member Username: Rooms222 Post Number: 8 Registered: 04-2005 |
>>>I wouldnt get too upset about it. Comerica is bound to get swallowed up by BoA or Wells Fargo or Citicorp, etc. one of these days Fear of this has what led Comerica to be vigilant in keeping its stock price up by growing, diversifying, and not having a bad quarter. This is touched upon in their press release that they have to "earn" their right to continue as an ongoing business. It has been clearly communicated to the staff for at least the last decade that a sustained drop in the stock price will lead to a takeover, and Comerica must continue to improve . They have in many ways adopted the famouse "Toyota way" of continuous improvement when times are bad OR good, a mindset that has not been implemented in enough SE Michigan large corporations...Another reason this loss is huge. | ||
Mind_field Member Username: Mind_field Post Number: 696 Registered: 10-2003 |
Lt. Tom, Maybe it will be swallowed by a larger bank, but not by BofA or Citigroup. In the United States, banks can only have 10% of total deposits, and with bank of America's acquisition rampage, they are very, very close to that 10% limit. I'm not sure about Citigroup, but they are probably bound too, since they are the largest bank in the country in terms of assets, not sure about deposits. | ||
Smogboy Member Username: Smogboy Post Number: 4662 Registered: 11-2004 |
Somehow this kind of taints the grand feeling of going down to Comerica Park to see the Tigers play now. Yeah, I know that Comerica just paid for the naming rights of the stadium and all but it still feels awkward. It's almost kind of like having to have dinner with an old girlfriend you broke up with last week. | ||
Iheartthed Member Username: Iheartthed Post Number: 467 Registered: 04-2006 |
"It's almost kind of like having to have dinner with an old girlfriend you broke up with last week." Especially if she dumped you. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 2696 Registered: 10-2004 |
Comerica is not the number one story at The Dallas Morning News today (3rd lead story, perhaps). Getting a new Catholic bishop was more important to them... front page (Message edited by LivernoisYard on March 06, 2007) | ||
Urbanize Member Username: Urbanize Post Number: 87 Registered: 02-2007 |
I'm not surprised. Their economy is decent. They don't have to squeeze the knees and beg corporations to move there. | ||
Lowell Board Administrator Username: Lowell Post Number: 3717 Registered: 10-2003 |
Track75 makes the best point - "Comerica's difficulty in attracting skilled financial workers to the Detroit area isn't unique. Other companies also find "move to Detroit" to be a tough sell." Dieter Zetsche made essentially the same point and went on to talk about the elephant in the room - our lack or regional cooperation in addressing our shared problems. We have over 100 towns in our family of communities each going their own way and most sticking their heads in the sand when it comes to sharing the City of Detroit's issues - issues which diminish all of us and create the 'unattractive' image - an image of blight and an image of selfishly not caring about it. Much improvement has occurred with the rise of downtown, but vast problems exist in the neighborhoods the the City of Detroit simply does not have the assets to address. Instead we have unchecked sprawl and an unfocused sprawlopolis that is, in many ways, as ugly as any blighted neighborhood in Detroit. Time for metropolitan union, time to end sprawl, time to implode and come back together. | ||
Eric Member Username: Eric Post Number: 694 Registered: 11-2004 |
quote: It's kind of hard to create that when you have nothing, but hostile Republicans in legislature. The GOP didn't offer one serious proposal in the last four years for replacing or reforming the SBT. Yet, they had enough time to constantly ram through bills eliminating the SBT, with no real replacement just so they could portray her as being anti-business when it was vetoed. All she ever asked was that there be a replacement in place. Time that could have been spent coming to a compromise on one of our most pressing business attraction issues, was instead spent on trying to make Granholm look bad. | ||
Mcp001 Member Username: Mcp001 Post Number: 2456 Registered: 11-2003 |
Sounds like yet another reason to recall Granholm. | ||
Mcp001 Member Username: Mcp001 Post Number: 2457 Registered: 11-2003 |
BTW, I wonder how she'll incorporate this news into her whirlwind tour of Michigan stumping for higher taxes? | ||
Mayor_sekou Member Username: Mayor_sekou Post Number: 577 Registered: 09-2006 |
I agree Lowell this is partially our own doing but good God you know its a sad day when anywhere in Texas is considered more progressive than us. I really hate waking up to bad news and for that reason I am going back to sleep. Good Riddance Comerica, Here I come Lasalle Bank. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 2697 Registered: 10-2004 |
quote: Duh! Jen and the Democrat party want to add more taxes for replacing the SBT. The Republicans, instead, want the state government to stop expanding its growth and actually embrace some real cuts in absolute size and not just cutting its rate of growth. | ||
E_hemingway Member Username: E_hemingway Post Number: 1082 Registered: 11-2004 |
Just got this from a friend who works at Comerica. quote: | ||
Southwestmap Member Username: Southwestmap Post Number: 726 Registered: 01-2005 |
Comerica says that, in a few years, some 30% of the U.S. population will live in three states: Texas, California and Florida. Read: drought, fire, earthquake, hurricane. Read: crowded highways and long waits for services. Few people will live in Michigan: read: rich water and safety. I guess people like more risk, more edginess than Michigan can provide | ||
Supersport Member Username: Supersport Post Number: 11387 Registered: 10-2003 |
I have to wonder, will this be kind of like NWA is here? Where there HQ is in Minneapolis, but they have their largest presence here? With only 200 positions going away, the majority of their workforce will remain. It will be interesting to see how this pans out over the next few years. Regardless, give Michigan's current state, it is never feels good to read about another HQ leaving town. How will this impact any taxes they were paying, considering they aren't based here? Does it change anything? | ||
Eric Member Username: Eric Post Number: 695 Registered: 11-2004 |
quote: The size state government has certainly has been reduced over the last decade. As for raising taxes well we see with our current economic boom the effectiveness of tax cuts during the Engler years. | ||
Mattric43 Member Username: Mattric43 Post Number: 119 Registered: 03-2006 |
I feel like we are going to be a ghost town in less than 20 years if we continue the direction we are heading. I understand that it is not going to hurt the jobs in Michigan directly, but it just puts that dark image. People don't have money here, a lot don't have jobs and are losing their houses, so we are going where the sun is shining and the money is circulating. Why move to Detroit? Comerica is not taking jobs out of the state like Pfizer or the numerous other companies that have been pulling out but they are dropping the moral of the state and anyone who may have had a slight thought of moving to the city. The tower downtown will still be occupied being that there will have to be execs for the region directors and execs to still conduct business from. At least with this move we will not have another abandoned building on our hands. | ||
Christos Member Username: Christos Post Number: 76 Registered: 12-2006 |
This sucks, but it could have been a lot worse. Good job fishtoes on those service tax numbers! Question to all of you Granholm haters: how is this her fault. And "because I don't like her" is not an appropriate responce. Granholm bends over backwards for corporations to move or stay here, giving them every incentive the state can afford. But I'm curious, how is Comerica moving Granholm's fault, and why is this a reason she should be recalled? | ||
Gistok Member Username: Gistok Post Number: 3766 Registered: 08-2004 |
Same folks bashing Granholm... zzzzzzzzzzzzzzzzzzzzzzzzz.... | ||
Mcp001 Member Username: Mcp001 Post Number: 2458 Registered: 11-2003 |
Name me some Granholm-supported programs for supporting business growth in Michigan that supports all Michigan businesses (and not just for her selected few), and then we'll talk... | ||
Markemarx Member Username: Markemarx Post Number: 24 Registered: 11-2006 |
fishtoes, that is Texas&Dallas sales tax. Tax on goods, not services. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 485 Registered: 01-2005 |
It's no big deal employee-wise. Less than 200 people moving. Comerica has been reducing employment for years as it automates and reshaped it branch network. Comerica has for several years been aggressively expanding its presence in Florida, Texas and California. This move has been rumored for a long time but the destination was just decided upon recently. The people I've talked to would have rebelled had the HQ been relocated to CA. Comerica has a very large presence in FL. A major office building in the most affluent area of Naples is "Comerica Tower" although the bank only occupies a few thousand sq. feet. Its biggest operation outside MI is now in TX. Comerica is currently the 26th largest nationally and largest in MI will also become the largest TX HQ'd bank. I go to TX on business around 15 or more times a year. Comerica has become a banking force to be reckoned with there. Track75 is right on w/ his views on a prospective takeover. This move is much better than having the bank taken over, from MI's standpoint (not we shareholders.) Management has long resisted being taken over by an out-of-state bank, much to the consternation of guys like me who are long time customers and shareholders. Inevitably the bank will be acquired but not as long as it's HQ'd here. This market(as an acquisition target) is doomed by its reliance on manufacturing. My guess is that the Board has decided (finally) that the bank should be sold in a few years and it's a much better acquisition target HQ'd elsewhere. As the largest bank in TX it will have much better prospects of being acquired. My guess is the eventual purchaser will be Wells-Fargo. Comerica has expended significantly in CA and may someday become a threat to W-F. W-F does not have much of a presence, if any, in TX, a hot market, or FL, another one. W-F has many banks in MI, most if not all in the U.P. A lot of people have though for years W-F was testing the market here by its entry in the MI market up there. Willie Sutton said he robbed banks "because that's where the money is." Comerica is moving to TX for the same reason. | ||
Long_in_the_tooth Member Username: Long_in_the_tooth Post Number: 17 Registered: 01-2007 |
I am with Lilpup. I too had banked with Comerica for years both as a small business. I dropped them 3 years ago. The last straw was when I received a statement listing the fees I was being charged, such as too many deposits in a week and using the inside teller more then I was allowed, and the kicker.... I was charged a fee for having too many fees!!!! An excessive fee fee. Later Comerica. | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 365 Registered: 11-2005 |
I'd close my account there if I had one. Dammit. Well, La Salle Bank has invested significantly in Detroit by funding new housing, grants and loans and new branches Yeah, namely the Book-Cadillac. | ||
Jeduncan Member Username: Jeduncan Post Number: 49 Registered: 11-2006 |
pretty freakin' disconcerting. | ||
Christos Member Username: Christos Post Number: 78 Registered: 12-2006 |
The Michigan Economic Development Corporation for starters. Its job is to help all businesses expand. If Comerica needed more handouts and incentives to stay put, then they would have lobbied the legislature- who would have bent over backwards to accomodate (both dems and republicans). I can tell you for a fact that Comerica made no attempt to do so. This decision had nothing to do with state and local incentives. If you read the story in the freep that it was Wallstreet that made this call, not Lansing. Be mad at them, not the government. While that might disrupt the "blessed are the job makers, for corporations can do no harm" belief many folks have, it was the corporate world's call. Michigan's economic problems are not the fault of Granholm or Engler's, or anyone politician. Face it, for the last hundred years, Michigan (Metro Detroit specifically) put all of thier eggs in one basket- the auto industry. For a whole lot of reasons that industry changed, and now we are hurting. By the way- the repubs are secretly pushing an increase in personal income tax as a means to balance the budget. The 2% sales tax on services would effect businesses more than individuals (70% of the tax would be collected from businesses, while 30% would be collected from individuals purchasing services). Heaven forbid republicans levey a tax that would effect businesses, so instead you and I, and everyone else on this forum are going to cover the cost of the repeal of the Single Business Tax. | ||
Mcp001 Member Username: Mcp001 Post Number: 2459 Registered: 11-2003 |
No Christos, that is not MEDC's job. While I wouldn't rule out the republicans attempting to sneak through an income tax hike, to do so would be political suicide for them. The 1983 recalls are still fresh on many minds in Lansing. | ||
Richard_saunders Member Username: Richard_saunders Post Number: 64 Registered: 06-2004 |
Lowell, IMHO, you took a big swing and miss. Comerica is leaving because the economy in Michigan is lousy (per their CEO). All the fixes that people throw out for Detroit--merging, mass transit, etc.--pale in possible effect to having an economy that works. Ours does not. Now, this isn't an issue that KK can solve himself, although I do note that when Boeing was considering relocating their headquarters from Seattle, the mayor of Chicago was personally involved in the courting process. The problem is figuring out what's wrong with the economy, and fixing it. Hint: it's not George Bush, it's not the Japanese, it's not currency manipulation. The Texans use the same currency, buy the same cars and have the same President as we do. None of that can explain our one-state recession. What we don't have is a generally pro-business climate. Someone (ridiculously) mentioned that Texas has a tax on services. But that person didn't mention that Texas doesn't have a personal income tax. Think that was a factor? This state is one of few that is not a "right-to-work" state. If a union's in the shop, everyone has to join the union. More than one study has compared right-to-work states with those that are not. Guess which one performs better? For Detroit to get people, Detroit needs jobs. As we're finding out the very hard way, the order of progression of growth is jobs first, residents second, retail and other things last, not the other way around! This setback only makes it that much harder for Detroit to continue turning around. | ||
Christos Member Username: Christos Post Number: 79 Registered: 12-2006 |
Dude, the link you sent me said this: "April 18, 2005 marks the 10th anniversary of The Michigan Economic Growth Authority, a program established by Michigan government with the mission of spurring in-state job creation and business investment. " It goes on to say "The authority is the state of Michigan’s agent for selecting firms to receive Single Business Tax credits in return for creating new facilities and jobs in Michigan." Not that I put much stock in anything the Mackinaw Center ever says- but thats just my personal opinion ;) | ||
Christos Member Username: Christos Post Number: 80 Registered: 12-2006 |
California and New York are not "right-to-work" states, and thier economies seem to be doing fine. Also, Ontario has WAAAAAY stronger labor laws than anywhere in the US and they make more cars than the south. Not to mention, the economies with the highest standards of living in the world (those of scandanavia) have MUCH higher union participation rates and MUCH stronger labor laws than the US. | ||
Udmphikapbob Member Username: Udmphikapbob Post Number: 281 Registered: 07-2004 |
The state levies a sales and use tax of 6.25 percent on sales of tangible personal property and certain services. Cities, counties, and transit authorities may add to the sales tax rate up to a maximum combined state and local rate of 8.25 percent -Austin Chamber of Commerce | ||
Lilpup Member Username: Lilpup Post Number: 1767 Registered: 06-2004 |
quote: Yet Fifth Third and other banking competitors are moving in/building like mad here. | ||
Rb336 Member Username: Rb336 Post Number: 6 Registered: 02-2007 |
No Christos, that is not MEDC's job. Mcp001 -- this is from the MEDC website: The MEDC's primary focus is to help companies, large and small, grow in Michigan in a very competitive and challenging 21st Century global economy. Sounds to me like that IS the MEDC's job | ||
Rb336 Member Username: Rb336 Post Number: 7 Registered: 02-2007 |
quote: "Not to mention, the economies with the highest standards of living in the world (those of scandanavia) have MUCH higher union participation rates and MUCH stronger labor laws than the US." Not to mention WAY higher tax rates | ||
_sj_ Member Username: _sj_ Post Number: 1744 Registered: 12-2003 |
And different union perspectives, you are comparing apples to oranges. | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 366 Registered: 11-2005 |
Sigh. Despite all my rage I am still just a rat in a cage. | ||
Richard_saunders Member Username: Richard_saunders Post Number: 65 Registered: 06-2004 |
They make cars in Ontario because they are required to do that to sell them in Ontario. On balance, "right-to-work" states do significantly better (in terms of economic growth) than non-right-to-work states. There are outliers, just like there are states with heavy taxes that do well. Rare, and not the norm. Unlike Scandinavian countries, Michigan can't limit the import of goods or prohibit non-Michigan businesses. We're one state in the US, not our own country. So we can either a) keep pretending like we're our own country, and watch people continue to "emigrate," or b) maybe update what we're doing to attract jobs, people and development. | ||
Mcp001 Member Username: Mcp001 Post Number: 2460 Registered: 11-2003 |
Christos, read the rest of the report instead of just the cover page. Rb336, what they claim to do, and what they really accomplish are two very different items. Again, read the rest of the report. | ||
Jerome81 Member Username: Jerome81 Post Number: 1326 Registered: 11-2003 |
The worst part of the article? The part about not being able to attract talent because it is Detroit. That sums it up right there. Business in Detroit/Michigan were/are homegrown. You can't succeed like that any more. You need that PLUS attracting other businesses from elsewhere. All the fighting, poor, uneducated, sprawl, lack of transit, lack of a "progressive" image ALL hurt Detroit. There is no one fault, other than that the past 50 years it has all come together in a sort of perfect storm. Happens all the time. People just don't want to come to Detroit/SE Michigan because they think it is hell on earth. And there really isn't much to show them they're wrong. The city feels dead. It looks dead. Crime blows. Poverty is high. Companies are spread all over the map. Taxes are high. Workers live a million miles away in every direction. You ask 100 people if they'd prefer warm, sunny, progressive, growing Dallas or Detroit, I guarantee 80+% would pick Dallas in a heartbeat. And Dallas isn't even that awesome! That's the thing. Detroit is losing to "cities" like Phoenix, Las Vegas, Dallas, Houston, Atlanta. Those new cities, with huge sprawl and lack of real city core are still doing far better than the D. To me, that is the most significant thing. That the D is just dead, and nobody really wants to come here except if they have a job. People move to Texas, Chicago, San Fran, Vegas, Phoenix because they want to live there, then they find a good job too. In Detroit, it is only the job. Otherwise most people would get the hell out. Huge problem. If you thought it wasn't an issue before, here it is in black and white. "We can't attract talent and the economy is dead" Doesn't get much clearer than that. Even the biggest Detroit booster has gotta realize that if things don't change soon, and SIGNIFICANTLY, this cycle will just keep accelerating. And blaming the governor is about the lamest excuse I've ever heard. Any governor. Yeah they can help create a climate, but the sort of issues in Detroit are far too powerful to be significantly affected one way or another by 1 person or the state legislature. It is groups of people and companies that have far far more power than the government. Quit placing the blame on them. | ||
Mgd04 Member Username: Mgd04 Post Number: 168 Registered: 05-2005 |
Looks like the mayor's office might ditch Comerica's services now. Here's the press release. Don't know if this is the right decisions as over 7,000 Michiganders will still have jobs with Comerica but also don't want to let companies think they can ditch the city without repurcussions. Was this the right message? Statement from Mayor Kilpatrick's office Comerica Inc. pulls headquarters out of downtown Detroit The announcement today by Comerica bank to move its headquarters to Dallas, TX came as sudden and unexpected news. The city of Detroit has had a historically long and positive relationship with Comerica Bank. We have worked with Comerica bank for our economic forecasting, financial advice and cash management. Just as Comerica has sought an opportunity they believe will make them more globally competitive, it Gives the City of Detroit the Opportunity to seek Competitive Banking and Financial Advice in the Global Market as Well. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 487 Registered: 01-2005 |
Rhymswithhawk: LaSalle Bank doesn't have a penny in the B-C deal. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 2699 Registered: 10-2004 |
The big problem with Jen is that she always claims the credit for any minor blip in job creation (even if there's only a dozen jobs) and such but ducks away fast when the far major calamities occur (or else blames them on Engler--a rather worn book, by now). The reason I interjected this particular governor into this economic setback is to balance things a bit on that score. Jen wants to spend (err... invest) in education primarily because the unions were her number #2 campaign support. But it's way too late for Michigan to rid itself of its education/academic warts and to attract jobs on that account because it requires well over a decade to educate a student, and the majority of them now in school are significantly behind where they should be and they have mindsets that will be very difficult to reprogram--if that's even possible. How are those "students" expected to take over in another decade or two with their meager accomplishments up to now? (Message edited by LivernoisYard on March 06, 2007) | ||
Iheartthed Member Username: Iheartthed Post Number: 468 Registered: 04-2006 |
I totally concur with Jerome81. From the first day I left Detroit I was deadset on returning one day. Today, I dunno anymore. Certainly not if this continues, though there really isn't much farther left to fall. Ford Motor Company would have to lock the doors tomorrow to top this one. | ||
Xd_brklyn Member Username: Xd_brklyn Post Number: 210 Registered: 10-2003 |
Some good posts. What must alarm the people of southeast Michigan is not the move of 200 employees, but the reasons given above for Comerica's relocation. From the descriptions here, it appears the financial world is painting a pretty convincing picture of no-growth for a number of years to come in the region. It is a picture even the most illiterate is going to have a hard time ignoring. Unfortunately, given the region's track record I see SE Michigan as being totally unprepared for this bill of health. | ||
Fishtoes2000 Member Username: Fishtoes2000 Post Number: 181 Registered: 06-2005 |
quote: Markemarx: You may want to contact the State of Texas so they can correct their website.  http://www.window.state.tx.us/ taxinfo/taxpubs/tx96_259.html | ||
Markemarx Member Username: Markemarx Post Number: 25 Registered: 11-2006 |
Thanks for the clarification. I found that same stat listed as plain sales tax, and always thought of sales tax as tax on goods. Apparently sales tax may be applied to services too. Thanks. (Message edited by markemarx on March 06, 2007) | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 367 Registered: 11-2005 |
Rhymswithhawk: LaSalle Bank doesn't have a penny in the B-C deal. Um, well, at the Model D forum on the B-C a month or two ago (at the Guardian), a LaSalle bank representative was there explaining how the financing came together. Why would LaSalle be there if it weren't involved? | ||
Urbanize Member Username: Urbanize Post Number: 91 Registered: 02-2007 |
Thst' doesn't meant anything. Someone high up probably just borrow money from them under their own name. | ||
Peter Member Username: Peter Post Number: 6 Registered: 02-2007 |
Would it be that bad if Comerica was absorbed by a big national bank like Bank of America or CitiGroup? Then Michigan might finally have a national bank... | ||
Urbanize Member Username: Urbanize Post Number: 95 Registered: 02-2007 |
"Would it be that bad if Comerica was absorbed by a big national bank like Bank of America or CitiGroup? Then Michigan might finally have a national bank..." Isn't Chase a National Bank? | ||
Lilpup Member Username: Lilpup Post Number: 1768 Registered: 06-2004 |
quote:Maybe I'm not remembering correctly, but didn't Michigan have sales tax on services as little as 30-40 years ago? It sure seems like there was when I was a tyke. | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 373 Registered: 11-2005 |
Sounds like yet another reason to recall Granholm. hahahahahahahahahahahahahahaha hahahahahahahahahaha oh, that's rich. :: wipes tears from eyes :: And let me guess, let's repeal the constitutional limit on presidential terms so we can re-elect Bush again? Wake up, people. This would have happened even if DeVos had won. Seriously. | ||
Iheartthed Member Username: Iheartthed Post Number: 469 Registered: 04-2006 |
Chase is a National Bank that isn't based in Michigan. Neither would a bank that absorbed Comerica be. The only banks big enough to absorb Comerica aren't based in Michigan. | ||
Rampartstreetnorth Member Username: Rampartstreetnorth Post Number: 9 Registered: 07-2006 |
I lived most of my life in the Sunbelt (including time in both Florida and Atlanta) and have now lived in metro Detroit for a year and a half. From that perspective of a newcomer from another region, I'm struck by two conflicting tendencies I see here. First, there's a real tradition of can-do and accomplishment here...a tradition which included not only industrial and commercial success but also a commitment to building and maintaining good schools and strong cultural institutions, an expectation of competence and a commitment to high professional standards across the board. And those things are STILL true of S.E. Michigan in relation to states like Florida, Georgia and Texas. But...and perhaps partly because of that tradition of success...there is also enormous resistance to change here, ESPECIALLY change which is thrust upon the region from outside. When that happens, instead of learning from the innovations of others and adopting them when feasible the tendency is to react defensively...to cling tighter to the old ways as long as possible, to embrace insularity rather than openness to new ideas and ways of doing things...and eventually, that means that we get passed by. I see this attitude manifested all the time and in many ways, including the comments of many here whose reaction is to punish Comerica for its decision rather than to find ways to ensure that other companies don't follow suit...because the truth still is that this region has many valuable assets, human and otherwise, if only they could be adequately and competitively brought into play. Beyond that...kudos to Lowell and Jerome for on-the-money posts above. Without going into detail, I agree with much of what both of you have to say... | ||
Psip Member Username: Psip Post Number: 1515 Registered: 04-2005 |
Detroit was once the 4th largest financial capitol in the freaking world! Now we are an ATM stop. Are there any major banking institution's based in D anymore? NBD > Chase Mich National > Standard Federal > LaSalle Manufacturers >?? DB&T > Comerica > bye bye Thats about it. | ||
Ray1936 Member Username: Ray1936 Post Number: 1182 Registered: 01-2005 |
Rampartstreetnorth said: "there is also enormous resistance to change here" Change sucks. | ||
Chitaku Member Username: Chitaku Post Number: 1243 Registered: 03-2006 |
screw change, it hasn't helped us once | ||
Swingline Member Username: Swingline Post Number: 732 Registered: 11-2003 |
Lowell has a fine post above. If we want our economy to compete on the national stage, we should embrace regionalization and the efficiencies that would come with it. Regionalization would also help to break down some of the cultural and racial boundaries that plague our area and discourage investment. As for Comerica's continued presence in Michigan: when its various office building leases start to expire, the jobs will relocate to the Sunbelt. Guaranteed. The planning for these moves has no doubt already begun. If Mr. Babb were asked under oath, he couldn't deny it. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 489 Registered: 01-2005 |
Well, the Market likes the idea. CMA is up $1.30 today (admittedly, in a very up-mkt.) I know it's off-thread but the issue of LaSalle Bank and the B-C was raised. I don't know why a LaSalle rep would be explaining the B-C deal, but that bank isn't involved. I would be glad to list all the banks involved and the nature and extent of their involvement in the B-C deal if anyone's interested. | ||
Danny Member Username: Danny Post Number: 5605 Registered: 02-2004 |
Granholm want to regionalize our economy but the fewer elephant politicians in the legislature say " REGIONALIZATION IS GOOD AS LONG THE IDEOLOGY OF LIBERALS ARE KEPT OUT!" Granholm refuse and the elephants put on hold on it. Leaving the people and various corporations to solve their economic problems. | ||
Rampartstreetnorth Member Username: Rampartstreetnorth Post Number: 10 Registered: 07-2006 |
Ray and Chitaku...assuming that your posts aren't tongue-in-cheek...consider that everything Detroit was at the height of its glory was the result of change and innovation, starting with the probably the most significant innovation of the twentieth century in this country, the mass production of automobiles. | ||
Nyburgher Member Username: Nyburgher Post Number: 74 Registered: 10-2006 |
I live in Pittsburgh which just got the news that Alcoa would move it's headquarters last year and tht the new combined Bank of NY - Mellon would have it's HQ to New York. I think that describing it as slipping out gradually is a better definition of what is going on. Mellon will be moving just a small number of executive jobs--The big paying ones and Alcoa did the same. Both companies will retain the bulk of their support and back office stuff here at least for now. My impression is that Pittsburgh and Detroit share a similar culture, that global corporations in a fight for their lives find troubling. "But...and perhaps partly because of that tradition of success...there is also enormous resistance to change here, ESPECIALLY change which is thrust upon the region from outside. When that happens, instead of learning from the innovations of others and adopting them when feasible the tendency is to react defensively...to cling tighter to the old ways as long as possible, to embrace insularity rather than openness to new ideas and ways of doing things...and eventually, that means that we get passed by. I see this attitude manifested all the time and in many ways, including the comments of many here whose reaction is to punish Comerica for its decision rather than to find ways to ensure that other companies don't follow suit...because the truth still is that this region has many valuable assets, human and otherwise, if only they could be adequately and competitively brought into play." My impression in the case of Alcoa was the simple one of French Morrocan executive finding the closed business club of Pittsburgh to be a drag. He was snubbed and I think he took it personally. I think that a lack of diversity in an area is a big turnoff in recruitment. Having leader of the state talking up higher taxes doesn't help. (Message edited by nyburgher on March 06, 2007) | ||
Livernoisyard Member Username: Livernoisyard Post Number: 2701 Registered: 10-2004 |
Around twenty years ago, K-C (Kleenex) moved its corporate HQ from Neenah WI primarily due to the high rate of personal income tax in WI. Its corporate leaders stated that they would keep summer residences in WI, but they would officially become Texans. There would be parallels in Comerica's fleeing MI. Their executives wouldn't have to pay confiscatory state (and city) personal income taxes any longer. | ||
Rampartstreetnorth Member Username: Rampartstreetnorth Post Number: 11 Registered: 07-2006 |
Closed VS: open is a BIG loser when it comes to being competitive. Consider this; Michigan (along with all the other Great Lakes cities) benefitted tremendously and in many ways from the implementation of the closed-opportunity system of Jim Crow in the South. It meant not only that Detroit's factories gained one more source of industrial labor at a time when there were labor shortages, but also middle class and professional people who were shut out of educational and professional opportunities in the South. Then, the moral conscience of the rest of the nation forced an end to Jim Crow in the South, which turned out to be a necessary condition for economic growth in the states of the former confederacy...since major corporations would not require their employees to move into a de jure segregation situation. Even major league sports would not expand south of the Mason-Dixon in the Jim Crow era, since southern laws outlawed interracial sports contests. Now, the South is considered the second least racially segregated region after the west coast, while the midwest has become the most racially segregated. Is that one part of the problem? NYBurgher wrote; My impression in the case of Alcoa was the simple one of French Morrocan executive finding the closed business club of Pittsburgh to be a drag. He was snubbed and I think he took it personally. I think that a lack of diversity in an area is a big turnoff in recruitment. | ||
Nyburgher Member Username: Nyburgher Post Number: 75 Registered: 10-2006 |
The big thing that strikes one about Pittsburgh as a life long New Yorker is how racially divided and stratified it is. NY was once a lot more like that but thanks to immigration, it has blurred together. I think that Belda was the first non old school CEO that Alcoa had and he had no roots here. His background was totally global and the company sees it's future in emerging markets. I think it didn't take him long to decide to move. By the way, I think that NY has more major HQ's than ever so the thing about fun and sun being the only factor is a crock.Recruiting and personal income taxes are big factors. All personal income taxes are corporate taxes and all corporate taxes are personal taxes. The interesting thing is how sticky New York's hold on jobs is. That's because a lot of people love it and threats to move cause people to quit. | ||
Nyburgher Member Username: Nyburgher Post Number: 76 Registered: 10-2006 |
I can't speak for Detroit but I started a small business in Pittsburgh and I kind of regret it. The culture is the problem. It's not that people don't work hard ( although I would say that a lot of them don't ) but there is a deep lack of initiative and resistance to change. I know there are a lot of people a lot smarter and more competent than me here but they just sit around and wait for orders. | ||
Nyburgher Member Username: Nyburgher Post Number: 77 Registered: 10-2006 |
Here's the Bio of Alain Belda, Chairman and CEO of Alcoa. I said he was Moroccan but it's really hard to tell at all. I think his bio shows the kind of global world we live in. http://business.enotes.com/int ernational-business-biography/ belda-alain#sources-for-furthe r-information | ||
Granmontrules Member Username: Granmontrules Post Number: 35 Registered: 01-2007 |
I am closing my account tomorrow and my neighbor said she was closing hers as well. Screw them! | ||
Danny Member Username: Danny Post Number: 5606 Registered: 02-2004 |
I have noticed Comerica's old motto: "WE LISTEN, WE UNDERSTAND, WE MAKE IT WORK." Well those are just media words to them just to more profit from out of the people. Basically those corporate executives in Comerica Tower don't give a hoot about KING KWAME and his mostly Black Detroit. So a redneck boomtown city of Dallas will do where the skyscrapers are huge and made out glass. Where the cowboys play football and no other black problems at all except for few Mexican immigrants. Go enjoy your new Comerica Tower. We don't need you anymore! | ||
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Souldrummer Member Username: Souldrummer Post Number: 5 Registered: 03-2006 |
The issue of regionalism is being given a good push by One D. Doesn't anyone know about this new organization formed by New Detroit, Detroit Renaissance, Detroit Regional Chamber, Detroit Metro Convention & Visitors Bureau, United Way of SE MI, and Cultural Alliance of SE MI? I'm hoping that their efforts do not go unnoticed. It's time for something like this in metro Detroit. |
