On Monday, the Tea Party is coming to Detroit and crumpets are not on the docket (*rimshot*). The traveling band of disgruntled Americans is heading over to General Motors' Renaissance Center between 9:30 AM and noon to protest against the fed's stake in GM and Chrysler. The protest is well-timed, with 6,000 journalists and government dignitaries a few hundred yards away at the first media day of the Chris Shunk
There are roughly 4,000 GM employees working at the company's Renaissance Center headquarters in Detroit. During the restructuring, GM has been working out how many employees to let go and where to put the remainder, and that, for the state of Michigan, meant another few thousand workers unemployed.
According to The Detroit News, General Motors has gone on record as suggesting that without state tax credits designed to keep 2,500 employees ensconced at its Detroit Renaissance Center headquarters, the automaker could pull out of Motown's skyline and into the suburbs and surrounding areas.
As Michael Moore Tweeted, "Here's a video of my first official visit inside General Motors headquarters." For you youngsters out there, before Michael Moore made Bowling for Columbine, Fahrenheit 911, and Sicko, twenty years ago, he made a little film called Roger & Me. That film, Moore's first, chronicled the extreme hardships in
Yesterday's media question-and-answer session with General Motors' CEO Fritz Henderson didn't reveal much in the way of actual news, but at least one question raised a few eyebrows: "Is GM considering moving its corporate headquarters?"
One thing's for sure, General Motors is not very good at playing the real estate market. Last May the world's biggest automaker finally bought its world headquarters in downtown Detroit called the Renaissance Center for the sum of $626 million. It had initially bought into the complex of seven buildings back in 1996 for $75 million, but had continued leasing office space there until the purchase
One upside to a faltering real estate market is a plethora of good buys on property. General Motors took advantage of that fact by purchasing its Renaissance Center headquarters in Detroit for $626 million in cash. For another $200 million it picked up a couple of office buildings in Pontiac, too.