The Craig Fahle Show

JP Morgan Chase Invests $100 Million In Detroit

Thursday, May 22, 2014

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JPMorgan Chase CEO Jamie Dimon announced at an event in Detroit yesterday that the financial giant is going to spend $100 million over the next five years in Detroit to support the city's economic recovery. Governor Rick Snyder, Mayor Mike Duggan and other state and local officials were there for the announcement, which is getting quite a bit of attention.

WDET News Director Jerome Vaughn sits down with Craig to discuss a $100 million investment and what it means for Detroit and JP Morgan Chase.

Of the $100 million, $50 million will go toward development projects, $25 million will go toward city blight removal, $12.5 million for job traning, $7 million for small businesses in the city and $5.5 million will go toward the M-1 light rail project.

While the investment is welcome in Detroit, Jerome explains that the $100 million is a drop in the bucket for JP Chase Morgan --the company that is also partially responsible for the countless foreclosures in Detroit. It's also important to remember that this isn't as much a donation as it is an investment that Dimon is expecting to make money from.

"This shows that there is some confidence that an investment in Detroit isn't going to be lost," says Vaughn.