Wednesday, February 18, 2015
JPMorgan CEO's $100 Million Plan to Turn Detroit Around
JPMorgan Chase & Co. CEO Jamie Dimon was inspired to invest in the struggling city of Detroit after visiting his daughter in the West African nation of Ghana.
The unfinished buildings there resembled the crumbling infrastructure in of America's Motor City. With the money his company is spending, hopes are high the struggling city has finally turned a corner, reports CBS News correspondent Vladimir Duthiers.
In Detroit, the challenges stand tall for all to see -- block after block of run-down businesses; neighborhoods once thriving but now mostly empty.
It's a familiar story that's played out over 50 years. As the manufacturing and auto industries declined, Motor City slowly shifted into reverse. But like its resilient residents, this gritty city is poised for a resurgence....