~46~ Lame Duck Unfit Uncle Joe Biden ~46~

[MDlaxfan76]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

[Farfromgeneva]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

[MDlaxfan76]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

[Farfromgeneva]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

[MDlaxfan76]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

[Farfromgeneva]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

Well I hope it works out as Ive had many good times in BMore admittedly most around the harbor or fells point. Developed a good relationship back then with a guy who had offices near the harbor w Alex Brown Realty, a value add RE fund manager spun out of AB sometime before the BT/DB mashup.

[MDlaxfan76]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

Well I hope it works out as Ive had many good times in BMore admittedly most around the harbor or fells point. Developed a good relationship back then with a guy who had offices near the harbor w Alex Brown Realty, a value add RE fund manager spun out of AB sometime before the BT/DB mashup.

I know a lot of the folks at various spinouts-remnants of the tragedy that was Alex. Brown (where I'd worked), a perfect example of a company that had been a dominant, important player for nearly 200 years before they screwed the pooch (and Baltimore) and sold-out instead of building the next generation of competitive positioning. Individual greed and a lack of belief that they could actually win...tragedy for Baltimore.

[Farfromgeneva]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

Well I hope it works out as Ive had many good times in BMore admittedly most around the harbor or fells point. Developed a good relationship back then with a guy who had offices near the harbor w Alex Brown Realty, a value add RE fund manager spun out of AB sometime before the BT/DB mashup.

I know a lot of the folks at various spinouts-remnants of the tragedy that was Alex. Brown (where I'd worked), a perfect example of a company that had been a dominant, important player for nearly 200 years before they screwed the pooch (and Baltimore) and sold-out instead of building the next generation of competitive positioning. Individual greed and a lack of belief that they could actually win...tragedy for Baltimore.

RBC bought Ferris Baker Watts (I had interviewed with them while
In gras school) and more sadly FBR fell so far that it was sold to B Riley out in Cali which is a JV version of what stifel Nicholas has put together through diluting their stock stupidly. Legg Mason dropped cap Mkts for asset management and rode Bill Miller until coke and IBM didn’t work anymore. Not sure what’s going on w T Rowe Price these days but scale is crushing all asset managers as I know some execs w Invesco down here EJF was close to failing due to a Capital call line led by Texas capital last year. Riggs Bank got swept up by PNC after an international scandal and Chevy Chase bank got bought by a credit card company (now more bank in Capital One). Eagle is on life support and has FBI up their a** due to Ron Paul making buddy deals which is a shame because there’s a ton of talented good people there including a friend who’s cfo.

Most mid Atlantic finance is gone it seems.

[MDlaxfan76]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

Well I hope it works out as Ive had many good times in BMore admittedly most around the harbor or fells point. Developed a good relationship back then with a guy who had offices near the harbor w Alex Brown Realty, a value add RE fund manager spun out of AB sometime before the BT/DB mashup.

I know a lot of the folks at various spinouts-remnants of the tragedy that was Alex. Brown (where I'd worked), a perfect example of a company that had been a dominant, important player for nearly 200 years before they screwed the pooch (and Baltimore) and sold-out instead of building the next generation of competitive positioning. Individual greed and a lack of belief that they could actually win...tragedy for Baltimore.

RBC bought Ferris Baker Watts (I had interviewed with them while
In gras school) and more sadly FBR fell so far that it was sold to B Riley out in Cali which is a JV version of what stifel Nicholas has put together through diluting their stock stupidly. Legg Mason dropped cap Mkts for asset management and rode Bill Miller until coke and IBM didn’t work anymore. Not sure what’s going on w T Rowe Price these days but scale is crushing all asset managers as I know some execs w Invesco down here EJF was close to failing due to a Capital call line led by Texas capital last year. Riggs Bank got swept up by PNC after an international scandal and Chevy Chase bank got bought by a credit card company (now more bank in Capital One). Eagle is on life support and has FBI up their a** due to Ron Paul making buddy deals which is a shame because there’s a ton of talented good people there including a friend who’s cfo.

Most mid Atlantic finance is gone it seems.

My dad was on the board of Chevy Chase, chaired the audit committee, and earlier Frank Saul's Financial General in the battle with BCCI.

In Baltimore, we had Maryland National, Equitable Trust (where my dad cut his teeth, eventually running national banking), and the Mercantile. All gone. Same for the big insurance players.

Legg Mason done...T Rowe hanging in there...

But IMO, Alex Brown was the institution which brought the most fresh talent to Baltimore. Too much 'old boy', nevertheless, but they did import seriously bright talent that would otherwise have gone to Wall Street. Fresh blood needed to keep cities vital. Too much of our homegrown top talent went off to school elsewhere, then B-school and never returned...I'd sworn I wasn't coming back and didn't for a decade, just happened to have some business pull me back and realized the benefits of family close, etc. Darn few of the brightest of my contemporaries returned.

[Farfromgeneva]

AB was always considered a white shoe firm with a lot of tradition. Bankers Trust was basically culturally more like Drexel Burnhan Lambert so that merger was odd but then the Germans said well take you all thanks.

[wgdsr]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

Well I hope it works out as Ive had many good times in BMore admittedly most around the harbor or fells point. Developed a good relationship back then with a guy who had offices near the harbor w Alex Brown Realty, a value add RE fund manager spun out of AB sometime before the BT/DB mashup.

I know a lot of the folks at various spinouts-remnants of the tragedy that was Alex. Brown (where I'd worked), a perfect example of a company that had been a dominant, important player for nearly 200 years before they screwed the pooch (and Baltimore) and sold-out instead of building the next generation of competitive positioning. Individual greed and a lack of belief that they could actually win...tragedy for Baltimore.

RBC bought Ferris Baker Watts (I had interviewed with them while
In gras school) and more sadly FBR fell so far that it was sold to B Riley out in Cali which is a JV version of what stifel Nicholas has put together through diluting their stock stupidly. Legg Mason dropped cap Mkts for asset management and rode Bill Miller until coke and IBM didn’t work anymore. Not sure what’s going on w T Rowe Price these days but scale is crushing all asset managers as I know some execs w Invesco down here EJF was close to failing due to a Capital call line led by Texas capital last year. Riggs Bank got swept up by PNC after an international scandal and Chevy Chase bank got bought by a credit card company (now more bank in Capital One). Eagle is on life support and has FBI up their a** due to Ron Paul making buddy deals which is a shame because there’s a ton of talented good people there including a friend who’s cfo.

Most mid Atlantic finance is gone it seems.

My dad was on the board of Chevy Chase, chaired the audit committee, and earlier Frank Saul's Financial General in the battle with BCCI.

In Baltimore, we had Maryland National, Equitable Trust (where my dad cut his teeth, eventually running national banking), and the Mercantile. All gone. Same for the big insurance players.

Legg Mason done...T Rowe hanging in there...

But IMO, Alex Brown was the institution which brought the most fresh talent to Baltimore. Too much 'old boy', nevertheless, but they did import seriously bright talent that would otherwise have gone to Wall Street. Fresh blood needed to keep cities vital. Too much of our homegrown top talent went off to school elsewhere, then B-school and never returned...I'd sworn I wasn't coming back and didn't for a decade, just happened to have some business pull me back and realized the benefits of family close, etc. Darn few of the brightest of my contemporaries returned.

the decline of baltimore finance is a topic well worth discussing, and i can see how it emanated out of the thread.

but it likely has its home as its own thread, as members can go back to discussing creepy uncle joe biden.

[Farfromgeneva]

Sure but isn’t that how natural conversations evolve?

[wgdsr]

Sure but isn’t that how natural conversations evolve?

not on fanlax.

[Farfromgeneva]

Sure but isn’t that how natural conversations evolve?

not on fanlax.

Well ive been a rule breaker most of my life...

[MDlaxfan76]

I just don’t know what else the geography, demographics and infrastructure can leverage but I’m sure there’s some other aspects of the city.

Very high education rate, health care/biotech and IT security are MD's distinct areas of advantage, with proximity to DC a major factor.

The port was a tremendous advantage for nearly 200 years, but really no longer the same factor.

Everybody and their mother has a burgeoning health care/biotech sector these days. It’s like having a dot.com in a name in 1999 even w DC not really a unique identifier or draw especially when you have all the suburban comp from Annapolis to Dulles Corridor to Fredericksburg Va competing for same stuff and less legacy infrastructure expenses for new migrants to deal with. IT security may have a better shot and maybe Balt wins out but I see Boston as one example having equal or better shot given the research focus and myriad of universities. That’s how the asset Mgt arm excelled there as you surely know.

We are still talking Baltimore city specific not region right?

Hopkins and UMD Med are big anchor institutions in Baltimore, largest employers, etc.
Big $ R&D pours through those institutions, NIH, FDA, USDA, etc, etc within 45 minute drives (ok, 90 minutes sometimes with DC traffic).

But, yes, not simply Baltimore City limits, overall DC-Baltimore cluster. IMO, our biggest shortfall in our region is the lack of a big time business school to pair with all that R&D and thus, not enough focus on the commercialization aspects...we also have a huge charitable and government services sector that certainly provides employment but not the sort of industry focus we need. Baltimore in specific has had second-classitis for years, a lack of belief by industry leaders that they can actually compete on the national/international stage.

But sure, I'm not saying that other regions don't have strong such health care clusters too.

I lived in DC 4yrs in the early 2000s so still familiar and one of my best friends is in “management” within UsAid in some officer role so still have connections. Another worked in Laurel for NSA out of college (now in Saudi Arabia) and maintain friends around there. Knew Hop would come up but it’s not enough and yet the research triangle has done just fine without existing business in tech and related. Anywhere with a university cluster can do it. But we were originally talking Balt specific hence the corridor wasn’t of value you. What is it that will impact growth in Balt specific. It’s more about broadening out with stable lower KSA gigs for the class that serves the city itself. To your point though if all your employment to date is non profit such as higher Ed related (horrible at finances across the board as we all know) or govt related (also not ideal fiscal stewards to generate growth) it’s not likely to produce any tipping point that a city in decline needs. Otherwise Baltimore would be San Francisco by now. I also saw this w many American U MBAs going into Red Cross, govt Mgt gigs etc. very different than the folks I worked with at CS in NY when I left DC.

Balt isn’t alone in second class status-see Oakland, Providence (relative to Boston) and a few others. But need to define what’s part of in ans what’s part of greater area.

I've written a lot on this particular topic, so I'm not sure I should do so again at length. Trying to be briefer:

IMO, Baltimore tragically tacked to higher residential rate taxes in the late 70's and '80's and onward, with big tax breaks for corporates and office development, stadiums etc, and accelerated rather than reversed outward flight. Boston and SF were actually in worse shape in the 70's, but kept residential taxes low, and encouraged an influx of gentrification. It wasn't so much the business opportunities in either water side cities, but rather the residential growth that fueled their rebounds. Offices and industrial actually were often outside their city limits.

We then had a series of Mayors who tragically saw things through a racial patronage lens (understandably, but tragically) and further exacerbated the issues, allowing corruption to be more prevalent than competence in most government institutions and decisions.

It's possible to turn around, but it's going to require a massive re-thinking. And a whole lot of dough that ain't coming from the remaining city residents.

Well I hope it works out as Ive had many good times in BMore admittedly most around the harbor or fells point. Developed a good relationship back then with a guy who had offices near the harbor w Alex Brown Realty, a value add RE fund manager spun out of AB sometime before the BT/DB mashup.

I know a lot of the folks at various spinouts-remnants of the tragedy that was Alex. Brown (where I'd worked), a perfect example of a company that had been a dominant, important player for nearly 200 years before they screwed the pooch (and Baltimore) and sold-out instead of building the next generation of competitive positioning. Individual greed and a lack of belief that they could actually win...tragedy for Baltimore.

RBC bought Ferris Baker Watts (I had interviewed with them while
In gras school) and more sadly FBR fell so far that it was sold to B Riley out in Cali which is a JV version of what stifel Nicholas has put together through diluting their stock stupidly. Legg Mason dropped cap Mkts for asset management and rode Bill Miller until coke and IBM didn’t work anymore. Not sure what’s going on w T Rowe Price these days but scale is crushing all asset managers as I know some execs w Invesco down here EJF was close to failing due to a Capital call line led by Texas capital last year. Riggs Bank got swept up by PNC after an international scandal and Chevy Chase bank got bought by a credit card company (now more bank in Capital One). Eagle is on life support and has FBI up their a** due to Ron Paul making buddy deals which is a shame because there’s a ton of talented good people there including a friend who’s cfo.

Most mid Atlantic finance is gone it seems.

My dad was on the board of Chevy Chase, chaired the audit committee, and earlier Frank Saul's Financial General in the battle with BCCI.

In Baltimore, we had Maryland National, Equitable Trust (where my dad cut his teeth, eventually running national banking), and the Mercantile. All gone. Same for the big insurance players.

Legg Mason done...T Rowe hanging in there...

But IMO, Alex Brown was the institution which brought the most fresh talent to Baltimore. Too much 'old boy', nevertheless, but they did import seriously bright talent that would otherwise have gone to Wall Street. Fresh blood needed to keep cities vital. Too much of our homegrown top talent went off to school elsewhere, then B-school and never returned...I'd sworn I wasn't coming back and didn't for a decade, just happened to have some business pull me back and realized the benefits of family close, etc. Darn few of the brightest of my contemporaries returned.

the decline of baltimore finance is a topic well worth discussing, and i can see how it emanated out of the thread.

but it likely has its home as its own thread, as members can go back to discussing creepy uncle joe biden.

Tru dat...but we need the Biden Admin to invest in serious urban renewal in a way that's pretty unprecedented...I doubt that'll happen, but I'm not going to lose all hope...I'm stubborn...like my being stubborn still registered as a Republican!

[youthathletics]

Anyone think a push for Biden's removal gains traction? I personally do not, but could see this tragedy of events sending him in to a depression.

[Typical Lax Dad]

Anyone think a push for Biden's removal gains traction? I personally do not, but could see this tragedy of events sending him in to a depression.

To be honest, I favor it.

[MDlaxfan76]

Anyone think a push for Biden's removal gains traction? I personally do not, but could see this tragedy of events sending him in to a depression.

To be honest, I favor it.

To be honest...

[MDlaxfan76]

Anyone think a push for Biden's removal gains traction? I personally do not, but could see this tragedy of events sending him in to a depression.

Nah, it only reveals what a bunch of hypocrites and numbskulls they are who are calling for that. Lindsay Graham, best buddies with Trump..."dereliction of duty"

It's definitely rocking the White House...they all look exhausted; that said, they do seem to be regaining their balance a bit, even as the ISIS-K bombing is truly awful.

IMO, there are going to be more awful events coming out of Afghanistan, but the general 'take' on the exit may well improve markedly over time.

[lagerhead]

Anyone think a push for Biden's removal gains traction? I personally do not, but could see this tragedy of events sending him in to a depression.

To be honest, I favor it.

Time for a Kamala thread?