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  #1021  
Old Posted Apr 25, 2007, 7:25 PM
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^ Delaying the decision to review plans: that's fine. I mean, we don't want an 8-story garbage development. But it could be a great development and add much needed residential and commercial space to the local market, and further improve the economics of the area. Plus, Milwaukee Ave. north of North Ave. gets pretty quiet quick, so it could improve that.
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  #1022  
Old Posted Apr 25, 2007, 7:37 PM
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It never seizes to amaze me how Manhattan is constantly thrown out as something "we don't want to become" at every one of these types of meetings. Since when did Manhattan become such a horrible place?
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  #1023  
Old Posted Apr 25, 2007, 9:50 PM
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^A combination of Manhattan and Paris densities should be our model.
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  #1024  
Old Posted Apr 26, 2007, 2:12 AM
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  #1025  
Old Posted Apr 26, 2007, 3:41 AM
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We definitely don't want Chicago to be like Manhattan... their NIMBYs actually have clout!
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  #1026  
Old Posted Apr 26, 2007, 6:07 AM
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According to Crain's, an RBS takeover would be even worse in terms of bloodletting of chicago area jobs because the price paid would be that much higher to beat the B of A bid.
I've been looking for commentary on this, and haven't found it anywhere. Is there a way you could post or describe the article? Did Crain's say there was no chance RBS would rename its US operations "LaSalle" or move the Citizens HQ to Chicago?

I mean, Citizens HQ currently is in Providence for crying out loud. Being within striking distance of NYC may be nice, but for day to day use it doesn't really come to mind as a location you'd want for your headquarters. It also may be closer to the UK but the air connections aren't as good.
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  #1027  
Old Posted Apr 26, 2007, 6:31 AM
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There wasn't any extended discussion about RBS's strategy or US headquarters or anything. It was just one statement that if Bank of America is planning on reducing costs so heavily and cutting staff, RBS may be even more likely to do that, given that they would have to pay even more for LaSalle to beat B of A's bid. I would love to get the citizens HQ in chicago, but either way, it sounds like we will lose a lot of area jobs.
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  #1028  
Old Posted Apr 26, 2007, 1:16 PM
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There wasn't any extended discussion about RBS's strategy or US headquarters or anything. It was just one statement that if Bank of America is planning on reducing costs so heavily and cutting staff, RBS may be even more likely to do that, given that they would have to pay even more for LaSalle to beat B of A's bid. I would love to get the citizens HQ in chicago, but either way, it sounds like we will lose a lot of area jobs.

To me that sounds very counterintuitive - I think the amount of cuts would have much more to do with the strategies (and differences between) that b of a and rbs would likely employ, rather than an additional upfront premium being paid - my assumption is based on the fact that one would think there would be less overlap with an rbs takeover than b of a.........
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  #1029  
Old Posted Apr 26, 2007, 1:17 PM
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I mean, Citizens HQ currently is in Providence for crying out loud. Being within striking distance of NYC may be nice, but for day to day use it doesn't really come to mind as a location you'd want for your headquarters. It also may be closer to the UK but the air connections aren't as good.
Providence is much much closer to Boston than to nYc. 45-50 minutes vs 4 hours. Logan airport is some 40-45 minutes away. The patriots play 25-30 minutes away.

It's not a horrible location and any corporate headquarter can draw talent from two of the best schools in the world (Brown and RISD).
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  #1030  
Old Posted Apr 26, 2007, 4:17 PM
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LaSalle attracts new suitor
Parent firm ABN Amro at center of takeover fight

http://www.chicagotribune.com/busine...,6424523.story

By Becky Yerak
Tribune staff reporter
Published April 26, 2007

It was a modest purchase by Royal Bank of Scotland Group PLC standards.

In February, seeking to beef up its Chicago presence, RBS' U.S. business paid about $180 million for Lisle-based GreatBanc Inc., a bank holding company with 10 Chicago-area branches. Soon after, 40 percent of GreatBanc workers were told they were getting pink slips, and plans got under way to retire the GreatBanc name in favor of Charter One, one of RBS' two key U.S. brands.

Could the same scenario repeat itself at LaSalle Bank if RBS bags the city's No. 2 bank?

LaSalle, which early this week appeared on the verge of being bought by Charlotte-based Bank of America Corp., now has RBS as a suitor as well.

On Wednesday RBS teamed with two other European banks to bid $98.5 billion for LaSalle's Dutch parent, ABN Amro Holding NV, in what's shaping up as the financial-services industry's biggest takeover battle. Their offer tops a joint deal announced Monday that had Barclays PLC buying ABN, and Bank of America stepping in to take LaSalle for $21 billion.

RBS already has a significant U.S. presence through its Providence, R.I.-based Citizens Financial Group, which does business primarily under two names: Citizens Bank and Charter One. The unit has more than 1,600 offices and more than 26,000 employees in 13 states, covering New England, the Mid-Atlantic and the Midwest.

With about 130 Chicago-area branches, Charter One had Chicago-area market share of 2.8 percent as of June 30, 2006, according to the latest figures available from the Federal Deposit Insurance Corp.

Combined with LaSalle, which has about 140 Chicago-area branches, Charter One would have market share of 16.9 percent, surpassing market leader JPMorgan Chase.

The deal would give Charter One a stronger presence in mid-market commercial lending, a LaSalle strength in its key markets of Chicago and Detroit. LaSalle operates 260 branches in Indiana and Michigan.

Banking industry observers expect Charter One, like Bank of America, to cut LaSalle jobs. Bank of America has said LaSalle's name would be dropped in favor of its brand, which has more national sweep, but the moniker's chances of survival might be slightly better under Charter One ownership.

That is because it was only three years ago that RBS bought Charter One, which at the time was headquartered in Cleveland. Meanwhile, the LaSalle name has a 67-year history in Chicago.

Charter One representatives referred calls to Citizens, which declined to comment on the future of the LaSalle name or workers.

But a Citizens spokeswoman on Wednesday confirmed that Charter One is in the process of changing the name of GreatBanc branches to Charter One. That deal expands Charter One's presence in Chicago, Skokie and Evanston and provides entry into the towns of Olympia Fields, Chicago Heights, Frankfort, Cary and Algonquin.

When that deal closed in February, Charter One announced it would lay off 100 of GreatBanc's 250 workers in May, according to a published report. It said it would not retain GreatBanc's back-office jobs and would close its former Lisle headquarters.

As for the future of the LaSalle name, one banking industry observer doesn't think there's room for both LaSalle and Charter One in Chicago.

"I don't know if they want to compete against themselves, with two names in a market," said George Morvis, chief executive of Financial Shares Corp., a Hinsdale-based marketing consulting firm. "I'd say in Chicago it should be one name, and I'm not sure which name, but my guess would be Charter One because they are the buyer."

Regardless of what happens to the LaSalle name under Bank of America or Charter One, "whoever acquires LaSalle is going to get out their liposuction machine and cut out the fat," Morvis said.

LaSalle is well known for its support of Chicago's art community, as well as its sponsorship of the Chicago Marathon.

In its annual report, Citizens highlighted one of its key Illinois charity initiatives as "Making Music Matter," which supports local not-for-profit groups by raising money at summer concerts.

Charter One also has partnered with the Greater Chicago Food Depository to distribute donated food throughout a network of 600 Illinois pantries, soup kitchens and shelters. It also provided funding for 3,000 additional boxes of food.
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  #1031  
Old Posted Apr 27, 2007, 5:21 AM
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Providence is much much closer to Boston than to nYc. 45-50 minutes vs 4 hours. Logan airport is some 40-45 minutes away. The patriots play 25-30 minutes away.

It's not a horrible location and any corporate headquarter can draw talent from two of the best schools in the world (Brown and RISD).
Of course; spacially, Providence is basically Boston's Joliet - it's an exurb of Boston. But that is mostly irrelevant to MBAs and other finance types, for whom NYC is the center of everything.

Logan is at least 45-50 minutes when there's no traffic (and you're not dodging falling ceiling panels in the Big Dig), compared with 15 minutes to ORD from downtown. As far as RISD goes, it's hard to see how a bank headquarters benefits from being near a design school.

Anyway my real point was that these people would get out of Providence to enjoy themselves only a couple of times a month, whereas with an HQ in Chicago you can go out every night, get wasted and just take a cabs everywhere, etc., and generally enjoy the richness of life in a world city. Providence's sole advantage is that it's between 1 and 3 hours from where you really want to be.
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  #1032  
Old Posted Apr 27, 2007, 6:22 AM
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Of course; spacially, Providence is basically Boston's Joliet - it's an exurb of Boston. But that is mostly irrelevant to MBAs and other finance types, for whom NYC is the center of everything.

Logan is at least 45-50 minutes when there's no traffic (and you're not dodging falling ceiling panels in the Big Dig), compared with 15 minutes to ORD from downtown. As far as RISD goes, it's hard to see how a bank headquarters benefits from being near a design school.

Anyway my real point was that these people would get out of Providence to enjoy themselves only a couple of times a month, whereas with an HQ in Chicago you can go out every night, get wasted and just take a cabs everywhere, etc., and generally enjoy the richness of life in a world city. Providence's sole advantage is that it's between 1 and 3 hours from where you really want to be.
15 minutes from DT to ORD.......what are you driving the frickin space shuttle....I don't think so.....even if there is NO traffic.....door to door 30 min absolute minimum
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  #1033  
Old Posted Apr 27, 2007, 6:48 AM
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With no traffic I've actually driven it in 15 minutes. Then again I always drive 75 mph whenever possible.
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  #1034  
Old Posted Apr 27, 2007, 2:16 PM
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Yeah, travel times to O'hare are abuot 17 - 60 minutes depending on traffic. I've only ever experienced times under 25 minutes at night, when business travelers aren't traveling anyway.
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  #1035  
Old Posted Apr 27, 2007, 2:22 PM
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15 minutes from DT to ORD.......what are you driving the frickin space shuttle....I don't think so.....even if there is NO traffic.....door to door 30 min absolute minimum
I've done it in 15 min.... No traffic of course, late at night, going 75. It can happen.
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  #1036  
Old Posted Apr 27, 2007, 6:46 PM
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I've done it in 15 min.... No traffic of course, late at night, going 75. It can happen.

In a cab 17 minutes....after 10 p.m. one very lucky night.
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  #1037  
Old Posted Apr 27, 2007, 7:10 PM
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Of course; spacially, Providence is basically Boston's...
Providence is a fine place to house a headquarters. It's relatively close to a major international airport, it's progressive, cheaper and the educational institutions are top notch.

RISD is a major asset to area headquarters, agencies or what not. I was accepted there and at Yale and the top reasons why I almost chose it was the working relationship between the city and school in finding fresh sustainability concepts for the city.

is it the most dynamic city? no. But some people don't look for the most dynamic city when choosing a place to live.

There's no law that says all major banking operations must be placed in our nation's best cities. Heck, Birmingham, AL is up to their throats in banking headquarters.

Chicago's best hopes at becoming a banking center for headquarters lies in a huge corporate relocation. Doesn't look like Northern will live too far into the future without it selling out.
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  #1038  
Old Posted Apr 27, 2007, 7:35 PM
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Chicago's best hopes at becoming a banking center for headquarters lies in a huge corporate relocation.
or a CBOT/CME merger...

*prays for merger*
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  #1039  
Old Posted Apr 27, 2007, 7:48 PM
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^chicago is already a global financials center. CBOT/CME merger would help cement that but it certainly wouldn't make it a banking center in regards to headquarters.
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  #1040  
Old Posted Apr 27, 2007, 8:59 PM
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15 minutes from DT to ORD.......what are you driving the frickin space shuttle....I don't think so.....even if there is NO traffic.....door to door 30 min absolute minimum
^^^^Ok not to be off topic or anything......but read carefull what I said....door to door.....that is from the time you leave the door of your apt / condo to the time you walk in the terminal......15minutes no way in hell


taking La salle and chicago as a starting point....I said DT.....technically this isn't it is actually closer to Ohare.....but whatever......it is about 17 1/4 miles to ORD....now assuming you start your clock the second you start your car at the corner of Lasalle and Chicago you have to AVERAGE roughly 69 miles per hour for the ENTIRE trip.....you have to get to the Ohio feeeder and then onto the kennedy....assuming you stop your clock the minute you pass under the welcome to ohare (nice pic or Richey Daley smilin at you) then MAYBE, MAYBE....given essentially deserted streets, no cops etc......but I still find claims of 15 minutes to highly incredulous.....to AVERAGE 69 miles / hour through an urban enviroment for a distance of nearly 20 miles is tough, very tough to do.

I know everyone wants to claim they can drive like Mario ANdretti or Jimmie Johnson.....but you run up against reality


OK ......I am done arguing and my OT rant is over.....since this really has nothing to do with development I fully expect my and all the other related speed racer rants to be summarily executed
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