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20110523-NEWS--0001-NAT-CCI-CN_-- 5/20/2011 7:57 PM Page 1 INSIDE DON’T DERAIL TOP STORIES MTA’S BIG Culture groups see CAPITAL 1,000 layoffs from PROJECTS city’s budget cuts ® Editorial PAGE 3 PAGE 10 Landlords socked by rising bills for VOL. XXVII, NO. 21 WWW.CRAINSNEWYORK.COM MAY 23-29, 2011 PRICE: $3.00 fuel, water, taxes PAGE 3 Downfall IT’S DIMON’S WORLD of a NY The rest of us just bank in it. builder Inside J.P. Morgan’s quest for growth HRH bankruptcy For flower shops, gets messy as fraud the bloom is off the BY AARON ELSTEIN allegations surface old way of selling J.P. Morgan Chase & Co. dominates New York SMALL BUSINESS, PAGE 15 like no other bank dominates a U.S. city. It is our BY DANIEL MASSEY town’s largest private-sector employer. It is the IMFscandale puts Bankruptcy trustee Marianne biggest bank lender to small businesses. And it is O’Toole arrived at the offices of HRH Sofitel in spotlight home to no less than 33% of New Yorkers’ total sav- Construction in White Plains on April NEW YORK, NEW YORK, P. 6 ings, far ahead of second-place Bank of America, 15—premises she had personally se- which holds 9% of retail deposits here, according to cured three days earlier—to seize the the Federal Deposit Insurance Corp. company’s records.She found the front J.P. Morgan drives much of Wall Street, too. It door ajar. BUSINESS LIVES generated more fees from investment banking than Computers belonging to HRH’s any other bank last quarter, Thomson Reuters re- chief executive, in-house counsel and human resources manager were miss- ports—more than mighty Goldman Sachs and 50% ing.A cabinet had been emptied and re- more than Citigroup or Credit Suisse. It’s also a giant cent work files had vanished, a com- corporate lender, as evidenced last quarter when the bank plaint in U.S.Bankruptcy Court alleges. extended a whopping $20 billion loan to finance Electronic key card records revealed AT&T’s proposed acquisition of T-Mobile. that cards belonging to the firm’s coun- “Any way you look at it, they rule the sel and tech guru had been used the New York market,” analyst Patrick morning after Ms. O’Toole sealed the office. Someone with the techie’s card Sims of bank-research firm SNL Fi- had spent 12 hours there over two days. nancial said of J.P.Morgan. It was the latest in a series of bizarre ac- That mightiness is in large part tions that have buried a once-storied GOTHAM GIGS a testimony to Chief Executive See BUILDER on Page 27 Robert McMinn hosts Jamie Dimon’s skill as a manag- a hen9 party P. 2 er and his ability to steer the ● ANNE FISHER Tr y megabank clear, at least so far, hiring pioneers to of the disasters that befell ri- accelerate growth P. 29 vals.The U.S. government Hunts Pt. ● MOVERS & SHAKERS has also played a major Rockefeller Foundation role, allowing J.P.Mor- exec makes impact P. 30 gan to solidify its to stay— ● GAEL GREENE gives grip on the banking Coppelia three hats! P. 31 world by acquir- ing Bear Stearns for now and Washing- INDEX ton Mutual at Short-term Bronx fire-sale prices THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8 deal won’t prevent when the fi- THE DIMON DISTRICT: OPINION _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _11 nancial crisis Jamie Dimon, the CEO of possible Jersey move REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _14 raged in 2008. New York’s biggest public company, thinks his J.P. NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _16 Such domi- Morgan Chase could mine BY LISA FICKENSCHER CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _24 nance, however, up to $1 billion a year in FOR THE RECORD extra profits by catering to _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _28 also presents significant The produce vendors at Hunts HOT JOBS customers with $500,000 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _29 challenges for Mr. Dimon. or more to invest. Point are not even close to signing a EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _29 See IT’S DIMON’S WORLD on Page 22 new lease with the city—the current THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _31 one expires on May 31—but they are getty images likely to stay in the Bronx for at least REPORT PUBLIC COMPANIES the next several years. City officials and members of the The big get still bigger the old-fashioned way: Terminal Produce Cooperative Mar- P. 17 ket say they are hammering out a by buying up weakened rivals short-term extension while they hag- gle over a 30- or 40-year lease that CRAIN’S LIST The New York area’s largest would include a $320 million revamp publicly held companies P. 18 of the antiquated facility,the country’s NEWSPAPER See HUNTS POINT on Page 26 20110523-NEWS--0002-NAT-CCI-CN_-- 5/20/2011 5:56 PM Page 1 COMMENTARY An influx of tech incubators Oh, and have scrambles to egg on startups I mentioned or green technology. For their part, those operating the ac- It’s better the 2nd New York has several facilities, in- celerators, some of which have out- cluding three operated by the Poly- posts around the world, think New time around: Burst technic Institute of New York Univer- York is the place to be. my book? sity. Also in the mix are low-cost or of energy validates no-cost workspaces, such as Sunshine Pedal to the metal Suites, New Work City and recently Coming to the city this summer and ookExpo America, the BEA, runs city’s rising status arrived General Assembly. Some, like fall, among others, are the Entrepre- Tuesday through Thursday at the Javits Polaris Ventures’ Dogpatch Labs, of- neurs Roundtable Accelerator, the BY JUDITH MESSINA fer not only space but also workshops Hub and Dreamit Ventures. And the Center. I’m told the cover of my next and classes on entrepreneurship, in an New York City Investment Fund has book will be on display in my publish- In 2007, when Josh Green moved environment that Polaris calls “a frat launched the FinTech Innovation Lab his company out of his sister and house for geeks.” for young financial technol- er’s booth. I’m thrilled. It doesn’t matter REVVING UP that I’m not Diane Keaton,Jeffrey Eugenides,Roger brother-in-law’s offices and into the The accelerators are cre- ogy companies. It provides B business incubator at Rose Tech Ven- ating most of the buzz.Ven- some expense money, space Ebert, Jane Fonda, John Lithgow, Michael Moore, tures on West 23rd Street, he and his ture- or angel-backed, these and three months of mentor- Charles Frazier or Jane Lynch—the featured authors team were the sole occupants of the boot camps provide entre- 30+ ing from investors and sen- at the convention this week. Although I am glad space for about six months. Although preneurs with investment NYC VEHICLES ior technology executives at they were alone for such a long stretch capital, while giving in- for startups that the city’s largest financial in- to note that some are now buying and had to dodge falling plaster while vestors a small percentage of are up and running stitutions, including Gold- of them are pro- more Kindle renovations were under way, Mr. equity in promising startups. or about to launch man Sachs and J.P.Morgan. fessional writers, books than all Green credits the incubator, founded Over a period of roughly “Right now, New York is too. print books— by prominent angel investor David three months, budding mo- the best place in the world to These have hardcover and pa- Rose, with helping him get over the guls go through intensive mentoring.
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