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The Bad News Report

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26 minutes ago, KJHburg said:

Dear Wells Fargo,

Please move your Headquarters here no matter how small or large it is.   How can you put up with this?  "Death spiral??"

KJ

https://www.bizjournals.com/charlotte/news/2018/03/16/california-treasurer-takes-aim-at-wells-fargo-ceo.html?ana=e_ae_set2&s=article_du&ed=2018-03-16&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1521228854&j=80541011

Yea, but the really bad news is the investigation of WF is now federal as well: https://www.wsj.com/articles/justice-department-widens-wells-fargo-sales-investigation-to-wealth-management-1521215076

 

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^^^ True but I don't think the bank is in a "death spiral" as the Treasurer says and he is running for Governor I think.   Does anyone remember Bank of America's problems and massive fines and penalties?  I do as a shareholder the stock dropped like lead weight. 

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On 3/6/2018 at 7:34 AM, cjd5050 said:

 

So here is maybe a different way to look at the same question.  Just how much of a gap is there really between San Francisco and Charlotte?   I get that one metric might be Michelin starred restaurants but there are none for 2018 in Los Angeles, Las Vegas and New Orleans.  Does this mean that LA can't compete for C-level with San Fran?  Heck, it looks like only 3 regions (NYC, Chicago and SF) have these.   I know the culture is not comparable between cities like SF and Charlotte but how big is that gap today compared to 1990?  How much of that gap has been reduced in the last 30 years or so?  What will it look like in 10 or 20 years.  

I know banking/finance is focused on the coasts but it's not like fortune 100 C-level executives only live in these places.  The C-level for US Bank seems to do OK in Minneapolis, PNC works in Pittsburgh and BB&T works in tiny Winston.  Maybe the issue for WF is that they have too many executives who care about Michelin starred restaurants, country clubs and private schools rather than keeping their employer out of hot water and maybe a move to Mayberry is just what the doctor ordered to get the company focused on its primary objective...that being a positive return and risk mitigation for it's shareholders.  

 

 

 

 

I like your post.  Here in Charlotte, we do have nice country clubs and private schools.  If the SF C-suite folks think that our true old school county clubs - Charlotte and Myers Park - are too stuffy and don’t have the right optics, then they should just join Belle Acres.  I think Belle Acres’ dining is even Michelin starred (I kid - but the bar food is damn good).  Plus Belle Acres is conviently located in the trendy Southend/Gold District/LoSo/SoDoSoPa or whatever the hell we want to call it.

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This is not really bad news but sad news longtime Charlotte Observer columnist MS Van Hecke has passed away.  I remember my aunt keeping all his articles for me to read as I was away at school and living in DC area and then catching up what was going on.   Yes this is before the internet age.  (you youngsters have it so easy today)  Rest in peace!   I believe Doug Smith took his place and now Ely.   http://www.charlotteobserver.com/news/business/article210618214.html

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1 hour ago, kermit said:

Sounds like Charlotte may have lost another big fish: TBJ says that RTP is the front runner for Apple (the article does not mention Charlotte so I gues anything is still possible)

https://www.bizjournals.com/charlotte/news/2018/05/15/sources-north-carolinasresearch-triangle-park-tops.html

I'm assuming I'm like most people and do not have a subscription to TBJ. @KJHburg already caused me to max out my 3-article limit per month. :tw_tounge_wink:For future reference, if it's not too much to ask, can the guys who post TBJ links do us a solid by copying and pasting the text in some quotations?

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I do subscribe and here is the first few paragraphs.

""Multiple sources say Silicon Valley electronics giant Apple is zeroing in on Research Triangle Park for a new jobs-heavy campus. The company has been looking at sites across the country and, according to people with knowledge of the project, the Triangle area is a top contender.

Sources in the real estate and legal communities, as well as people inside North Carolina government say discussions are underway to build a customer center with room for future expansion on the Wake County side of RTP. Gov. Roy Cooper and state Commerce Secretary Tony Copeland are negotiating an incentive package with state Senate leader Phil Berger and House leader Tim Moore before presenting it to the General Assembly.

Cooper and Copeland met with Apple CEO Tim Cook on May 11 while Cook was in town to speak at Duke University's commencement May 13, according to sources.""

and yes I would be thrilled to see this come to Charlotte but if  Apple doesn't think Charlotte is the best fit then I would want it in NC.   Not Virginia, Atlanta, Nashville or any others.  I guess I am just a Tar Heel born and Tar Heel bred and want this state to be prosperous.  

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Yes, Whether Charlotte or Raleigh, A Huge win for the state. I don't think this will have a negative effect on Charlotte but more of a positive one instead. 

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2 hours ago, kermit said:

Sounds like Charlotte may have lost another big fish: TBJ says that RTP is the front runner for Apple (the article does not mention Charlotte so I gues anything is still possible)

https://www.bizjournals.com/charlotte/news/2018/05/15/sources-north-carolinasresearch-triangle-park-tops.html

I love Charlotte, but honestly feel that RTP is a better fit than here both in regards to workforce and the aesthetic that Apple goes for.

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I absolutely hate Trump and all that he stands for, but let's leave politics out of conversations here as everyone has an opinion and it really doesn't help to add it in.

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41 minutes ago, Neo said:

I absolutely hate Trump and all that he stands for, but let's leave politics out of conversations here as everyone has an opinion and it really doesn't help to add it in.

Though I share your opinion on both Trump and the conversation, there is some irony to your post...

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3 minutes ago, JBS said:

Though I share your opinion on both Trump and the conversation, there is some irony to your post...

Yeah...yeah...I know... :tw_joy:

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Both Raleigh or CLT would be great fits for Apple, however Raleigh's tech talent and the RTP seems almost ideal for Apple to create a lovely semi-urban campus style setup.

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3 hours ago, Dale said:

Arguably, the larger the city, the loonier the council people.

How about this.

I agree and she's obviously one of the horde of people out there who don't believe in and/or understand science. She is not nearly as bad as our representatives in congress who deny the science which is affecting our future (probably for selfish gain and not out of ignorance in many cases). Maybe it's the larger the job not the larger the city. ;-)

Anyhow, If she just shuts up about it from now on no one will remember. 

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2 hours ago, elrodvt said:

probably for selfish gain and not out of ignorance in many cases

you mean like Al Gore?

My view is that politicians only pretend to care about others and in reality only do what brings them gain.

The problem with Mayfield  is she consistently says stupid crap... most of the time it can be overlooked like "oh, she's just asking questions" like in the case about the 1000 room hotel, she should know that the bed tax is restricted in what it can be used (i.e. increase tourism) yet she asks the stupid question, "why should we spend tax dollars on this?"

From the CBJ article (paywalled) https://www.bizjournals.com/charlotte/news/2018/05/16/heres-the-projected-land-cost-for-charlottes-1-000.html

Quote

Kimble emphasized the taxpayer investment in the planned 1,000-room hotel would be for parking spaces, meeting rooms and ballrooms — portions of the hotel directly applicable to staging conventions and tourism events — and not for hotel rooms. The hotel would be built and owned by a private developer, though the city taxpayer investment would give the visitors authority the necessary influence to control blocks of 700 or 800 rooms at a time and offer them at discounted rates to entice conventions, inducements that independent hotels are often reluctant to offer.

 

Edited by Scribe
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3 hours ago, elrodvt said:

How about this.

I agree and she's obviously one of the horde of people out there who don't believe in and/or understand science. She is not nearly as bad as our representatives in congress who deny the science which is affecting our future (probably for selfish gain and not out of ignorance in many cases). Maybe it's the larger the job not the larger the city. ;-)

Anyhow, If she just shuts up about it from now on no one will remember. 

Stupid people will continue to do stupid things.  

Such as calling police officers 'homegrown terrorists' which she recently did.  She has perfect timing as well....you know....because it's not like the CMPD and the City  are in the middle of a compensation dispute.  

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14 hours ago, kermit said:

alternative energy is killing one of Charlotte's largest precision manufacturers. Siemens is temporarily shutting down is Charlotte turbine facility over the summer: http://www.charlotteobserver.com/news/business/article212109319.html

This plant has been circling the drain for more than a year....

 

This will sting when it happens.  I wonder if there is an option to pivot this facility to a different business line.   

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Just now, rancenc said:

Here is a article stating Siemen's temporary shutdown of this division worldwide

https://compressortech2.com/temporary-power-outage-for-siemens/

I got that.  

Was just curious as to if this plant could evolve.  It's located in a very business-friendly state and in a region with an advanced manufacturing labor pool.  

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Thanks for your insight @WEM  and I think with energy consumption rising worldwide demand as you said for turbines for all kinds of plants will increase.  I am glad Siemens chose this plant to modernize and make the main plant.  I think they export quite a bit of the production too if I am correct. 

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