Comment(s) of the Day: Corp. Philanthropy in Buffalo
Something old, something new. Every now and then (daily) a comment made by a reader takes on a whole new life of its own, creating a discussion so interesting that it seems a shame to allow it to get buried in the comment section. We're going to try an experiment wherein we recreate that comment as a post so that it can enjoy a wider audience and elicit more opinion.
Today's comment is brought to you by Magnum, and we've added Hamp and sbrof"s immediate responses to kick things off. Your turn.
Corporate headquarters contribute to the philanthropic strength of a community and quality of life. Is Buffalo’s lack of large corporate offices stymieing community-transforming projects? In this Buffalo Rising story, Magnum wonders if Buffalo coming up short when it comes to public-private partnerships.
Magnum: “It's projects like this that make me wish Buffalo had more Fortune 500 companies headquartered here. Any idea how much money Boeing and Microsoft have donated to projects in Seattle? Even Rochester has benefited greatly from donations from the likes of Xerox, Kodak and Bausch and Lomb. Buffalo has M&T Bank, but I don't see them doing as much for the community. Delaware North is a billion dollar private company headquartered here, but what have they done?”
Hamp responds: “M&T does lots of things for the city. From sponsoring a public school, to funding a large part of the Zoo's Rainforest exhibit. They also employ thousands in the city, and continue to invest in downtown.”
Sbrof follows up: “I agree with Hamp, there isn't a single event \ attraction that doesn't have M&T as a sponsor... One of the reasons I chose them as my bank years ago. I see where their money goes. What's Key or Bank of America done for the city recently?”
PS Feel free to nominate a comment for further discussion at newstip@buffalorising.com
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Comment Options
STEEL
Charlotte is reeling from the Wacovia sale and a possible massive loss of philanthropic spending not to mention a big loss of high end jobs. Buffalo's culturals are certainly hampered by a relative lack of big companies but it is interesting that even with that handicap the area still is able to put on a good show. I am not saying all is good but, few cities Buffalo's size boast an Albright Knox, an orchestra of some fame in good financial health and as many live theaters as Buffalo.
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PaulBuffalo
BusinessFirst reported this article today: Is M&T on Goldman Sachs' radar?
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flyguy
Unless Goldman Sachs decides to up and relocate its headquarters here to Buffalo it would be a devestating loss in my mind to the Buffalo. Not only would we lose one of our only major headquarters but we would end up basically a branch of an operation located elsewhere and when times get tough you know its the branches that get shutdown first. Buffalo learned a nasty lesson by being a "branch" city for major operations during the 70's and 80s when so many of our employers shut there doors and they were headquartered elsewhere. I'm not feeling all warm and fuzzy over the prospect of an M&T takeover at this point.
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crisa
This is a good topic. So. Where is everyone?
Can't be everyone is watching
THE NIGHTMARES ON WALL STREET
???????
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flyguy
sorry...its "their". jumped the gun
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JBrennan
I have never seen an economic impact analysis of corporate giving on a metro region but one suspects it is important. But I wonder how important it is in the grand scheme of things. What is it more or less important than? Is it as important as having a major research university in town? A thriving creative class? A major tourist draw? Or how about a collective community inferiority complex that weighs down every decision and perspective? A community aversion to change or risk taking? A growing immigrant population? Cheap housing? Quality of life or happiness quotients? And many more.
Magnum made an interesting point about Delaware North. Aside from important and presumably generous gifts to UB, they are noticeably absent in any public giving. Embarrassingly so. I hope there is something I am unaware of but it might be time for someone to have a talk with Mr. Jacobs about helping out the hometown a bit more...
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Lifer
M&T is in the top ten corporate givers in the country based on their giving in relation to their size.
Why oh why doesn't anyone fact check these articles before posting them?
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dagner
LIfer: M&Ts level of giving doesn't surprise me. But what is the source of your information?
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InformedOne
National Grid has contributed significant amounts of money to the Life Sciences Industry in Buffalo, even without having a significant "physical corporate presence" in the City of Buffalo. Perhaps we should be positing the question, do we need the actual physical presence of Company A to fund local industry B, or perhaps if industry B (for BIO) has such a significant economic impact and regional influence, perhaps we should be working to accommodate the needs of industry B and the funds will flow in form a regional geography. It is a question of the chicken and the egg.Likewise the City ass the municipality regulating growth should be bending over backwards to accommodate/facilitate/stimulate the growth of industry B (for Bio). Not sure if this is happening or not.
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hamp
Corporate headquarters are important. But their importance is overrated.
PIttsburgh, Cleveland and Detroit all have large numbers of corporate headquarters. And while they obviously help their communities, they have not been able to turn things around.
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AtwaterLouse
Everyone does agree, don't they, that the main benefit to an area of having HQs of large companies such as those in the Fortune 500 has nothing to do with charitable donations?
The Buffalo area currently has zero F500 companies. M&T used to be one, but hasn't been one for a few years. Last time I checked, none of the private companies headquatered in or near Buffalo is large enough to be on the F500 if they were publicly traded - not even Rich or Delaware North.
Hamp is right that having F500 headquarters isn't a silver bullet guaranteeing anything. Nothing is. Turning things around is a subjective concept. No doubt some boosters in those cities would say Cleveland or Pittsburgh are turned around the same way a few people on BR say Buffalo is turned around. It's in the eye of the beholder.
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hamp
Be careful what you wish for.
Detroit has 20 Fortune 500 companies in the metro area (not including Ann Arbor).
Even so, the city has BIG problems.
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PaulBuffalo
Hamp, I won't comment on Cleveland and Detroit; but, in my opinion, corporate leaders in Pittsburgh were responsible for Pittsburgh's transition from steel to a variety of other businesses. They took an active role, too, in the turnaround of the city's downtown after it suffered heavy vacancies in the mid-1980s. The advantage that Pittsburgh had/has is that business leaders and government seem to have worked well together in planning their future.
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AtwaterLouse
hamp - Like I said, it's not a silver bullet. However if those companies weren't there, wouldn't Detroit's job market and local economy be even worse than it is?
Nothing is a silver bullet. Not even the things you make a big deal about either, hamp. Hidden parking lots don't make all big problems go away. See-through windows don't make all big problems go away. Why should Detroit or any city having large companies be held to some higher standard of making all big problems go away?
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