JPMorgan to build bank tower at 9/11 site

Last night I saw Richard Gage's presentation on Google Video about the collapse of the WTC. It was the first time I heard that insurance companies covering buildings were able to hike up their premiums by 2000% after 9/11. No wonder they don't want to tangle with Larry Silverstein. Each and every one of them has everything to gain by remaining quiet and everything to lose through infighting.


Thursday, 14 June 2007

JPMorgan to build bank tower at 9/11 site

JPMorgan Chase & Co plans to move its investment bank to a new tower at the office complex to be built on the "Ground Zero" World Trade Center site, a source familiar with the situation has said.

The Port Authority of New York and New Jersey, the government agency that controls the site, said in April that it was negotiating with the No. 3 US banking group about building an office tower just south of the complex that was destroyed on September 11, 2001.

New York State Governor Eliot Spitzer alerted reporters in an advisory that he was holding a news conference on Thursday about a "major economic development announcement."

JPMorgan declined to comment on the agreement to build the tower, initially reported by the Wall Street Journal on its website. Officials from Spitzer's offices and the Port Authority could not immediately be reached for comment.

Previous reports had identified the former Deutsche Bank building near Ground Zero as the probable site of a new JPMorgan building.

JPMorgan's world headquarters would remain at its current site at 270 Park Avenue, the source said.

An agreement to move JPMorgan's investment bank, which employs 6,000 people in New York City, would be a latest sign of progress in the quest to redevelop the site near Ground Zero, which has proceeded in fits and starts since the September 11 attacks.

Last month, seven insurers agreed to pay an additional $2 billion to the Port Authority and developer Larry Silverstein to resolve all outstanding claims from the attacks, a move that was expected to speed redevelopment of the site.

Gage is Wrong About the Insurance Premium Increases

Here's a press release from the NYC Comptroller's office complaining about the insurance premium increases in the Big Apple:

"The Comptroller's Office asked about changes in the price and availability of nine lines of property and casualty coverage since September 11th, compared with the previous year. The survey determined that New York City has experienced premium increases markedly higher than those in the rest of the country after September 11th.

Businesses located in high-rise buildings in Manhattan, particularly those in, or even near, landmark or "trophy" properties considered by insurers to be at risk of becoming terrorist targets had the greatest increases in premiums. Large sized accounts, with premiums over $1,000,000, experienced an average 73.3% increase per policy, while medium-sized accounts, those paying premiums between $50,000 and $1,000,000, encountered an average increase of 49.5%, and small-sized accounts, which pay premiums of less than $50,000, an average 39% increase."

Hefty increases to be sure, but nowhere near 2000%. Gage is just making stuff up.

I'll have to double check the presentation he gave

He may have said 200% and I misheard him or he may have been referring to some other skyscraper region outside of NY.

Either way, I'll know by tomorrow.

Thanks for the heads-up, BTW!

He Said 2000%

It comes about 29:40:

Glad to help out a fellow comic fan. ;)

People should try to throw a wrench in the works.

Don't let these criminal scum rebuild on our sacred ground. This is adding insult to injury. Nothing should be rebuilt at ground zero until justice is done, and the PEOPLE come to a consensus on what should be done with the site.
"Peace comes from within. Do not seek it without." - Buddha
"What you do will be insignificant, but it is very important that you do it." - Gandhi
"The Sun never shined on a cause of greater worth." - Thomas Paine