Quicken Loans founder Dan Gilbert (David Coates / The Detroit News)
Washington — On Sunday CBS News' "60 Minutes" will air a news segment that looks at the financial struggles of Detroit — the nation's largest city to file for Chapter 9 bankruptcy — and some of the efforts to turn the Motor City around.
Quicken Loans founder Dan Gilbert —who has bought dozens of buildings in downtown Detroit and invested more than $1 billion — tells "60 Minutes" he has managed to lure 90 major tenants in addition to his workers, including Chrysler Group LLC and Twitter. “I know that sometimes there’s Hollywood movies that, you know, describe every investor and profit-making capitalist as somebody very greedy,” he tells CBS. “But in our case, you know, I think it’s doing well by doing good. And I think that fits very nicely together.”
His sales pitch is business can help revitalize what was once one of America's most prosperous cities — with 1.8 million people in 1950, but today just over 700,000. Today, the 139-square mile city has nearly 80,000 abandoned buildings.
"You can impact the outcome in Detroit,” he says he tells them, “And that sells. It's crazy, but it sells…But here you can actually see — what you do affect a great American city, and its hopefully historical comeback.”
The show profiles a neighborhood where the remaining residents can’t depend on fire or police.
Detroit emergency financial manager Kevyn Orr tells the show that with $18.5 billion in debts, the city has to make very hard choices.
“I'm sorry. This is unfortunate. I recognize how severe it is,” he tells Simon. “You know, I come from pretty common stock. I by no means am insensitive to the human cost, but we don't have a choice. These choices have been made for us a long time ago.”
The segment will air 7 p.m. Sunday.