Today in Equity
Tuesday, September 29th, 2009Daily equity news
“Detroit: The Death — and Possible Life — of a Great City,” - TIME MAGAZINE
If Detroit had been savaged by a hurricane and submerged by a ravenous flood, we’d know a lot more about it. If drought and carelessness had spread brush fires across the city, we’d see it on the evening news every night. Earthquake, tornadoes, you name it — if natural disaster had devastated the city that was once the living proof of American prosperity, the rest of the country might take notice. (See pictures of the remains of Detroit.)
But Detroit, once our fourth largest city, now 11th and slipping rapidly, has had no such luck. Its disaster has long been a slow unwinding that seemed to remove it from the rest of the country. Even the death rattle that in the past year emanated from its signature industry brought more attention to the auto executives than to the people of the city, who had for so long been victimized by their dreadful decision-making.
“Geoffrey Canada’s initiative, Harlem Children’s Zone, has grown to reach 8,000 children across nearly 100 city blocks,” - The Christian Science Monitor
Geoffrey Canada still remembers the saddest day in his first nine years on earth. Back then, Mr. Canada clung to superheroes – and to Superman especially. He liked the guy, but he especially liked the idea he symbolized: immediate and dramatic salvation. In his earliest days, Superman was a social-justice hero, saving a man from a lynch mob, fighting fires, stopping robberies – rescuing people from the same kinds of dangers that seemed to lurk, in the 1960s, in Canada’s rough South Bronx neighborhood. Superman, Canada had decided, was just the guy to fix a neighborhood full of poverty and drugs, to rescue Canada and his friends, to bring a little optimism to the merciless streets.
“A Brooklyn of Wealth and Needs Gets a Major Charity All Its Own,” - The New York Times
Brooklyn, which never fully recovered from merging with Manhattan and losing the Dodgers, is about to get new fuel to stoke its stubborn brand of local pride: It is now rich enough to support a major charity of its own.
The Independence Community Foundation, long the largest private charity based in the borough, is changing its tax status so it can raise money rather than simply rely on income from its roughly $50 million endowment.

