online discount medstore
advair diskus for sale
buy advair diskus without prescription
allegra for sale
buy allegra without prescription
aristocort for sale
buy aristocort without prescription
astelin for sale
buy astelin without prescription
atarax for sale
buy atarax without prescription
benadryl for sale
buy benadryl without prescription
buy clarinex without prescription
clarinex for sale
buy claritin without prescription
claritin for sale
buy flonase without prescription
flonase for sale
buy ventolin without prescription
ventolin for sale
amoxil for sale
buy amoxil without prescription
augmentin for sale
buy augmentin without prescription
bactrim for sale
buy bactrim without prescription
biaxin for sale
buy biaxin without prescription
buy cipro without prescription
cipro for sale
buy cleocin without prescription
cleocin for sale
buy dexone without prescription
dexone for sale
buy flagyl without prescription
flagyl for sale
buy levaquin without prescription
levaquin for sale
buy omnicef without prescription
omnicef for sale
amaryl for sale
buy amaryl without prescription
buy cozaar without prescription
cozaar for sale
buy diabecon without prescription
diabecon for sale
buy glucophage without prescription
glucophage for sale
buy glucotrol without prescription
glucotrol for sale
buy glucovance without prescription
glucovance for sale
buy micronase without prescription
micronase for sale
buy prandin without prescription
prandin for sale
buy precose without prescription
precose for sale
buy cialis professional without prescription
cialis professional for sale
buy cialis soft without prescription
cialis soft for sale
buy cialis super active without prescription
cialis super active for sale
buy cialis without prescription
cialis for sale
buy levitra without prescription
levitra for sale
buy viagra professional without prescription
viagra professional for sale
buy viagra soft without prescription
viagra soft for sale
buy viagra super active without prescription
viagra super active for sale
buy viagra super force without prescription
viagra super force for sale
buy viagra without prescription
viagra for sale
buy celebrex without prescription
celebrex for sale
buy colcrys without prescription
colcrys for sale
buy feldene without prescription
feldene for sale
buy imitrex without prescription
imitrex for sale
buy inderal without prescription
inderal for sale
buy indocin without prescription
indocin for sale
buy naprosyn without prescription
naprosyn for sale
buy pletal without prescription
pletal for sale
buy robaxin without prescription
robaxin for sale
buy voltaren without prescription
voltaren for sale

It looks to me that David Daberko left one heck of a legacy.

The Washington Post reported yesterday: a Cleveland institution has fallen.

NCB cratered largely due to a misguided strategy to pursue the subprime market. One commentator notes:

While it’s true that the weakened housing and credit markets made the most dramatic impact on National City in 2007, the crime for which it now faces the gallows was committed in 1999. That’s when former chief executive David Daberko changed the bank’s business mix by accumulating higher-yielding, but riskier, loans (most notably subprime mortgage loans).

As Bill Callahan has documented, commercial banks’ subprime strategies dismantled twenty years of development in Cleveland neighborhoods in a matter of months. From yesterday’s Washington Post:

Last year alone, 8,000 homes went into foreclosure in the city, whose population has shrunk below 450,000. With tax collections shriveling and a recession looming, the city is in its worst shape in years.

Misguided meddling in local and statewide politics gave us the Greater Cleveland Partnership’s laughably deceptive “Learn and Earn” casino proposal and pushed Tim McCormack, a persistent critic of the business leadership, out the door — as McCormack believed at the time — to prepare the way for a convention center. Read more.

(Looks like McCormack was pretty much right about that one.)

And Daberko walked away with a nice severance.

(Graphic from this story at the Dayton Daily News.)

Last 5 posts by Ed Morrison

You might also like:

5 Responses to “Confronting Daberko’s legacy”

  1. TimFerris Says:

    So, Ed, this is the situation as it is right now. Where do you think it’s headed, or is that asking way too much right here right now?

    How can people begin to think this through?

  2. Ed Morrison Says:

    Who knows? http://snurl.com/4plvm

    It seems to me that we are set up for a modern inflationary depression (rising unemployment, falling incomes, rising prices), but I don’t think about it much.

    My thoughts:

    1. Deleverage
    2. Invest in education (your own)
    3. Learn Internet — i.e., Web 2.0 — skills (wealth will be created there first)

  3. Mark W. "Some Guy on Bridge" Schumann Says:

    By that standard, Ed, I’m positioned to win. But I still think “Web 2.0″ is… vague and fluffy.

  4. Ed Morrison Says:

    Web 2.0 Not really…It’s a set of powerful, increasingly integrated tools…Obama is using these tools with great effect…nothing fluffy about it.

  5. Phil Hussein Lane Says:

    I started my first business in Slavic Village in 1988. I had been on my own before, several times, but this time I knew I would not be coming in from the cold, to work as an employee ever again. From E.72, a series of shop locations led me to East Cleveland, where I fought for 10 years. I was, and am, the embodiment of an urban entrepreneur, not like the effete hucksters I met who spill martinis and blather away their fathers’ fortunes. Every time I come back from adversity, I’m stronger and smarter and angrier. Through it all, National City Bank steadfastly refused to consider my business as anything of worth. I’m forging ahead, while the scions of wealth weep for their beach homes. Fuck’em.