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Jamie Dimon Comments on $100M investment in Detroit JPMorgan Chase

Jamie Dimon Comments on $100M investment in Detroit JPMorgan Chase | Change Leadership Watch | Scoop.it

Good news for Detroit.   What's the motivation?   Jamie Dimon, the CEO of JPMorgan Chase, tells TODAY's Matt Lauer in an exclusive interview that his company's $100 Good investment in the city of Detroit isn't about public relations. 


"The cynic would be wrong," Dimon told Lauer when asked if the investment was in response to a $13 billion fine levied against the company in an exclusive interview.


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"I think we can make this our finest moment...if we can come together and help rebirth here." ~ Jamie Dimon, CEO

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"We invest and develop communities around the world. And we've been doing this since our heritage started 200 years ago," said Dimon. "So that's what banks do. They do it commercially. They do community development."


"I think we can make this our finest moment,'' he said. "Can Americans come together, business, labor, civics...government come together and build something and fix the city? You've seen rebirth of cities all over America. I think it would be an unbelievable thing if we can come together and help rebirth here."


...Lauer asked Dimon what he expects at the end of the investment's five-year period.     "Jobs and population,'' Dimon said. "If it works, you'll have a healthy and vibrant economy, jobs and population, businesses will beget home ownership, better schools, and a completely revived city." 


Read the full interview here.


More about investing in cities by Deb here:  

     

Detroit & Vegas – A Tale of Two Cities as Our Comeback Kids 

      

Future Midwest in Detroit, A Retrospective – Photo, Video Set

      

In Detroit, Entrepreneurs Meet Success in Hard Times

     

Stay in touch with Best of the Best news, taken from Deb's  NINE multi-gold award winning curation streams from @Deb Nystrom, REVELN delivered once a month via email, available for free here via REVELN Tools.

Deb Nystrom, REVELN's insight:

All breaths of fresh air are welcome, as, indeed, it could be great hope for the city to rise up to be a  "shining example, of what can be done," if it stimulates more investment, creates jobs and revival, once again.   

The cities are the heartbeat of our nation.  This is great news for Detroit.  ~  Deb

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Daimler: $120M investment in Redford plant, Detroit & 115 New Jobs

Daimler: $120M investment in Redford plant, Detroit & 115 New Jobs | Change Leadership Watch | Scoop.it

"President Obama gave a shout-out to Daimler Trucks for investing $120 million in the Daimler Detroit Diesel plant in Redford, Mich..."


Some good news for Detroit, including the spin-off jobs that come with new investments.


Excerpts:


Daimler Monday announced it was investing $120 million in the Daimler Detroit Diesel plant in Redford, Mich., that will create "115 good, new union jobs building transmissions and turbochargers right here in Redford," Obama said.


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Daimler Trucks North America is the only manufacturer ....with a fully integrated powertrain from its own production...

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With the investment, Daimler Trucks North America is the only manufacturer in the North America Free Trade Agreement Region with a fully integrated powertrain from its own production, the company said in a release.


The plant already turns out engines and axles. With the investment, the plant soon will be building all the key parts that go into a truck, Obama said.


"No one else is doing that," he said.

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Deb Nystrom, REVELN's comment, December 12, 2012 10:30 AM
You are most welcome Puneet.
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Return of the Ford to Investment Grade, 3rd Investor Service Certifies: The Blue Oval is Back.

Return of the Ford to Investment Grade, 3rd Investor Service Certifies: The Blue Oval is Back. | Change Leadership Watch | Scoop.it

"A big milestone for Ford today, after mortgaging nearly all Ford assets and borrowing $23.5 billion from their banks, Moody’s Investor’s Service has lifted the Ford credit rating to investment grade."


The blue oval is back.


Change leaders take risks, sometimes very big ones.  Ford exemplified this by avoiding backruptcy and borrowing from the government.


Excerpts:


In 2006, Ford put it all on the line. We began the Ford turnaround plan by mortgaging nearly all of our assets and borrowed $23.5 billion from our banks – a “giant home improvement loan,” as Ford CEO Alan Mulally likes to call it.


This allowed us to pour that money into research and development so we could make world class cars that people want and value. You’re seeing the results of that success now with the global Fiesta and Focus, the all-new Ford Explorer, the fuel efficient and technologically capable new Ford Escape and the new 2013 Ford Fusion, due out later this year.


Along with our factories and equipment, one of the assets Ford mortgaged was our none other than our iconic logo – the blue oval. The blue oval has long been associated with Ford and as a brand logo, it’s recognized worldwide.


The script in the middle of the oval was taken from the original script created in 1912 and has been part of the Ford heritage for a century. And since Ford returned to profitability beginning in 2009, we have been paying down our debt against that loan.


But because Ford credit had been below investment grade since 2005, the banks would not return those assets to us including the blue oval – until at least three credit rating firms granted Ford investment grade status. Last month, Fitch’s was the second to restore Ford to that level.


Today, we received notice that Moody’s Investor’s Service has lifted the Ford credit rating to investment grade. The blue oval is back.

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Taking the Bet: Dan Gilbert’s Investment Gamble on Downtown Detroit

Taking the Bet:  Dan Gilbert’s Investment Gamble on Downtown Detroit | Change Leadership Watch | Scoop.it
Against tall odds, Dan Gilbert, the Quicken Loans chairman, is putting down money to revive a two-square-mile area that was once Detroit’s core.


...His plans, according to academics like Brent D. Ryan, author of “Design After Decline: How America Rebuilds Shrinking Cities,” amount to one of the most ambitious privately financed urban reclamation projects in American history.


Opportunity Detroit, as Mr. Gilbert has branded it, is both a rescue mission and a business venture....   When he started buying in 2011, the city was having what he has described as a “skyscraper sale.”

Related posts by Deb:

    

Deb Nystrom, REVELN's insight:

I've covered some of Dan's Gilbert's 2011 intentions about downtown Detroit at FutureMidwest, 2011, a photo essay here.   Our cities could be the Amazon rain-forests are to the earth, regulating our air, our weather, our ocean health, as well as our own economic & community future shared with the region and state.  

What I shared on twitter as I listened to Dan Gilbert at FutureMidwest 2011:

  • 25 Things I Learned in 25 Years of Business by Dan Gilbert @quickenloans: #5 Building anything great is messy.  ~  D
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Las Vegas Points to Our Crumbling Past and a "Triumph of the Cities" Future

Las Vegas Points to Our Crumbling Past and a "Triumph of the Cities" Future | Change Leadership Watch | Scoop.it

The first American city of the new century is a dazzling metaphor for our collapse & may point the way to a glittering triumph of the cities.

  

I thought I'd never want to visit Vegas.  EVER.  


Then it turns out I'm on the panel and a facilitator for an Open Space event at a global change practitioner's conference this past April.  With that, and a fabulous 5 days in Vegas in mind, this Atlantic article resonates change.  Perhaps it will for you as well.  ~ Deb

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"Vegas was the rest of the country, but with its foot on the gas," ~ Robert Lang, Brookings Mountain West at UNLV."

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Excerpted:

  

Recall the classic scene in Michael Lewis' "The Big Short" at a subprime mortgage conference at the Venetian hotel on the Las Vegas Strip. While being served by the very type of cocktail waitresses who had likely been given subprime loans they couldn't afford, Lewis's hero Steve Eisman discovers how insane Wall Street had gone in its love affair with subprime, and with collateralized debt obligations and credit default swaps.

  

WE ARE ALL VEGAS

  

...financial industry critics have taken to calling Wall Street a giant casino.   ...The Las Vegas economy remains a basket case, with an unemployment rate of 12 percent, plus clogged bankruptcy courts and a ravaged real estate market. The American economy isn't doing much better.


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And ...champagne of the good times had castor beans in it anyway.

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Wall Street and Vegas became locked in a lover's embrace that wasn't always healthy for either. ...MGM Resorts International has $12 billion in debt; Caesars Entertainment a staggering $23 billion.

   

"Vegas was the rest of the country, but with its foot on the gas," says Robert Lang, director of Brookings Mountain West at UNLV.


THE NEW VEGAS


This being America though ...Las Vegas might be coming back. There's a recognition among elites that the good old days aren't returning. (And ...champagne of the good times had castor beans in it anyway.)


Gov. Brian Sandoval, a Republican increasingly distinct from the national party's pre-New Deal orthodoxy, unveiled an economic plan earlier this year that leans heavily on education as a way to diversify the economy into potential growth sectors beyond tourism and gambling, including health care, information technology infrastructure, renewable energy, mining, transportation, aerospace and defense.

   

The governor's brain trust hopes the Nevada economy will look different in a couple decades, just as Denver and Dallas, the poster children of the excesses of the S&L debacle, have become innovative, prosperous and stable economies.


Tony Hsieh, the CEO of Zappos, the big online apparel company now owned by Amazon, struggled to find workers in the Bay Area who understood the customer service mission. So in 2004, the company moved to suburban Las Vegas, where it found cheap real estate and workers, schooled in casino culture, who were familiar with the customer service ethic and the 24 hour workday.


The company has thrived in Las Vegas, and now Hsieh ...a passionate urbanist, [is] given to handing out copies of Harvard economist Edward Glaeser's book, Triumph of the City, to anyone in shouting distance.  


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"Downtown Las Vegas is the four minute mile."

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Silicon Vegas? 


 GigaOM recently profiled five Vegas tech companies to watch, a development that would have been unheard of even two years ago. Hsieh has rented out 50 units of a downtown condo tower and turned it into a freewheeling tech and culture salon, like a college dorm for a Vegas Ted conference.

   

...Half of the world's population live in cities, and three-fourths will in our lifetimes, he notes.

   

"If you can make downtown Las Vegas the most community driven and learning-focused place in America, it's like the four minute mile.


Downtown Las Vegas is the four minute mile."


See the full article in The Atlantic here.


DN:  With the passage of the Detroit Institute of Arts millage by Metro Detroiters this past Tuesday keeping the museum open and accessible, Dan Gilbert's (Quicken Loans)  and others' support of Detroit, a Triumph of the Cities, may be possible in the USA.


   

    


Deb's mothership website, REVELN Consulting.


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5 Factors and Tools to Predict Change Success, AKA Adoption of Your Business Initiative – VinJones

5 Factors and Tools to Predict Change Success, AKA Adoption of Your Business Initiative – VinJones | Change Leadership Watch | Scoop.it
The excerpted post below is part of a two part series that offers change and innovation adoption rate tools.


What I like about Kevin's 2-part series is that it is not about the unconvincing ROI, return on investment metric. It is about the powerful effect of stories, examples and case studies that inspire and "spark ...imagination.


His first post focuses on the five (5) factors to use to predict the rate of adoption. The second post offers tools and templates to give you an adoption rate measurement.

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Contrary to popular belief, an ROI will not convince them. ...it is stories and examples and case studies which spark their imagination. ~ Kevin Jones, vinJones.com

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Also keep in mind that change and innovation are quite different from each other. This is particularly highlighted in our two curation streams: Innovation in Institutions, Will it Blend? and the one you are reading, Change Leadership Watch.


We are also highlighting Kevin's tools on CMRsite.com, a non-partisan change management resources site.


Excerpts:


The Adoption Index
One of my favorite books is Diffusion of Innovations by Everett M. Rogers. Although this largely academic book was originally written in 1962, it hasn’t lost any of its usefulness. It explains why innovations and technologies are adopted, or not, and at what rate.


1)“Relative advantage is the degree to which an innovation is perceived as better than the idea it supersedes."


The degree of relative advantage may be measured in economic terms, but social prestige factors, convenience, and satisfaction are also important factors.”


2)“Compatibility is the degree to which an innovation is perceived as being consistent with the existing values, past experiences, and needs of potential adopters.


3)“Complexity is the degree to which an innovation is perceived as difficult to understand and use.”


Read the full post for all five factors and the link to part 2 of the series that offers adoption rate tools.



via vinjones.com

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