WTC update: JPMorgan backing out?
There appears to be new confusion about construction at Ground Zero.
Reuters' is reporting that JPMorgan Chase CEO Jamie Dimon said his company would save $3 billion by not having to build at Ground Zero thanks to its deal with Bear Stearns.
That’s news to the Port Authority, which owns the site. Officials at the authority told Reuters that as far as they know, JPMorgan remains interested.
JPMorgan was supposed to build a tower for a new headquarters at the World Trade Center, but the plan was threatened when the financial giant made an offer to buy out Bear Stearns. The merger of the two firms meant JPMorgan would assume control of Bear’s prime offices on Madison Avenue and it has been unclear if the World Trade Center project would go forward.
A final twist: The mayor’s own budget seems to lay any uncertainty to rest and says JPMorgan won’t build at Ground Zero.
It’s pretty clear on page 28 of the Executive Budget Fiscal 2009 Budget: “J.P. Morgan decided to forgo building a new tower at the WTC after the purchase of Bear Stearns. Instead they will now occupy Bear Stearns’ five-year-old on Madison Avenue.”
-- Garett Sloane
