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Jamie Dimon says $100 million Detroit investment was not for publicity
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Jamie Dimon says $100 million Detroit investment was not for publicity

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Jamie Dimon says $100 million Detroit investment was not for publicity

Jamie Dimon says his bank isn’t giving arguably the most financially troubled city in the U.S. $100 million for the publicity.

“The cynic would be wrong,” said the CEO of J.P Morgan Chase & Co. JPM +0.04% to Today show host Matt Lauer in an interview broadcast Wednesday.

Lauer asked if the investment in the Motor City was in response to the intense scrutiny on the bank from regulators and massive billion dollar fines it had to pay out.

Dimon, stepping into mainstream territory by appearing on the morning show, insisted the bank has a history of investing in and developing communities around the world.

“We’re doing this to grow investments, to grow the city, and create a healthy and vibrant city,” Dimon told Lauer.

Detroit declared bankruptcy in July and has about $18 billion in long-term debt, making it the nation’s biggest municipal bankruptcy.

The city’s mayor, Mike Duggan, hopes the investment will help with urban redevelopment projects, loans to homeowners and remove urban blight such as abandoned houses, according to the Detroit Free Press.

“I also look at it as an American patriot,” said Dimon. “This is one of the few cities that hasn’t had a renaissance. Most other cities have. If it’s done right, they can have one here, too.”

J.P. Morgan CEO Jamie Dimon says $100 million Detroit investment was not for publicity - The Tell - MarketWatch

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