Is Winston-Salem Pursuing GMAC? If Not, Should They?

Talk about coincidence: a couple of days ago I was talking with some friends and we were discussing GMAC restructuring so they could get some of the government's bailout funds.  Someone asked where GMAC was headquartered and we all agreed that it was probably Detroit, but we weren't sure (we were in a bar and not inclined to do a quick online search).  The next morning I read that GMAC was indeed headquartered in Detroit, but they were considering a move to Charlotte because they already have operations there, the CEO used to be a Bank of America exec and kept his home in Charlotte after taking the position at GMAC, and they figure there will be some banking professionals looking for work when Wells Fargo starts laying people off.  (Since GMAC has restructured as a bank holding company they need to hire bankers).

So, are our economic development people here in Winston-Salem thinking about going after GMAC?  I think they should and here's why:
  • We have our own banking professionals suffering from the financial industry turmoil.
  • We have lots of nice office space ready and waiting. 
  • They'll be a bigger fish in our pond, thus more likely to get attention from our local leaders.  Businesses love that. 

Sure it's a long shot, but it's one of the better opportunities our community will probably see for a while so why not go for it?  And if someone says that we should play nice with our neighbors to the south my reply is, "Remember the Alamo merger!"  


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2 thoughts on “Is Winston-Salem Pursuing GMAC? If Not, Should They?

  1. Dwight Defee's avatarDwight Defee

    Jon,
    Perhaps you should consider hanging out a shingle as an Economic Develpoment Consultant. Your idea sounds reasonable to me.
    Dwight

    Reply

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