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November 11, 2011

A protest at MetroTech and questions about subsidies

Atlantic Yards Report

In a demonstration yesterday outside J.P. Morgan Chase at MetroTech, featuring an in-character "Mr. Moneybags" and the "mic check" rhetoric of Occupy Wall Street, organizers from ALIGN: The Alliance for a Greater New York, condemned the bank for accepting a 25-year subsidy in 1988 worth nearly $238 million but not meeting job totals.

According to Good Jobs New York, Chase had 5000 in New York City in 1988 and was supposed to ultimately have 5950 jobs, all part of job retention promised with a move to MetroTech. But Chase has since cut jobs and relocated jobs to other states, leaving a total of 1593 jobs.

Was obligation cut?

The Brooklyn Paper, however, reported:

JP Morgan Chase spokesman Michael Fusco said that the agreement cited by protesters was dropped and renewed in 2004. He said the company is now required to have only 2,500 full-time employees and recently hired 800.

“We’re in compliance with the city and remain in good standing with IDA,” he said.

If that's true--that they need only have the number of jobs originally promised--then it's evidence, as with Atlantic Yards, that the city and state are willing to revise already favorable deals.

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Posted by eric at November 11, 2011 11:17 AM