New York Times: JPMorgan Committing $100 Million Over 5 Years to Aid Revitalization in Detroit - "JPMorgan Chase believes that Detroit has the ingredients and intrinsic strengths to reshape and rebuild a dynamic modern economy and make the city a great place to live" (Sort of like saying the Sahara has all the ingredients to create a springtime meadow like those in Yellowstone.)

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JPMorgan Committing $100 Million Over 5 Years to Aid Revitalization in Detroit

JPMorgan Chase, the nation’s biggest bank, will provide $100 million to help debt-ridden Detroit with housing repairs, blight removal, job training and economic development projects over the next five years, according to two people with direct knowledge of the plans.


The investment, a mix of loans and grants, will add to a growing pile of money from outside private institutions as the city nears the final, painful stages of the nation’s largest municipal bankruptcy proceeding. Detroit filed for bankruptcy protection in July, with an estimated $18 billion in long-term debt. This summer, a federal judge will decide whether to approve a plan that would allow the city to exit bankruptcy court by mid-October. . .

http://www.nytimes.com/2014/05/21/us/jpmorgan-committing-100-million-over-5-years-to-aid-revitalization-in-detroit.html?_r=1