Manny Owns The Main Bridge
Between Canada And America
A Secretive Billionaire
An investigation into Moroun’s holdings at that time revealed a
list of dozens of confirmed businesses owned by the Moroun family,
ranging from insurance companies, logistics firms, railroads, air
cargo companies, constructions firms, about 25 real estate companies
and dozens of trucking companies on both sides of the border.
Forbes only included what’s publicly known about Moroun in reaching
its evaluation on his overall net worth. Among his private holdings is
an undetermined amount of property across the U.S. and Canada. Moroun
is recognized as the second largest property owner in Michigan —
behind only the state government.
And, of course, there is the Ambassador Bridge — North America’s
busiest border crossing which carries about $125 billion annually in
trade. Toll revenues are estimated to be about $60 million annually,
but Moroun also generates untold millions more each year in duty free
sales, gas sales and revenues from the currency exchange at his
Manny Lives In Grosse Pointe Shores, Michigan
Just two of his 20 companies are worth $1.1 billion. The
transportation mogul who resides in Grosse Pointe Shores, Mich., was
ranked at No. 321 on the business magazine’s list of the wealthiest in
the U.S. in its recent edition.
His Universal Truckload Services went public on the stock market about
four years ago and is listed at $680 million. Revenues last year for
PAM Transportation Services, another public Moroun company traded on
the stock market, were listed at $409 million.
He has taken heat over accusations he is being a "slumlord" because
properties he assembled on the Detroit side have rapidly deteriorated.
It's a label he is quick to denounce.
Christians In The City Want To Eliminate His Monopoly
A citizen's group called the Detroit River International Crossing,
or DRIC, backed by governments in Canada and the United States wants
to replace his bridge, and another state group has plans to build a
tunnel under the Detroit River.
Manny wants to keep his monopoly and build another bridge using a
$400-million in a bond issue through Citigroup.
His other options includes borrowing up to $1-billion through Michigan
state. These so-called private activity bonds "can allow private
partners access to less expensive funding," JPMorgan states.
We Need More Like Manny
The best part of the article is the last sentence where he will
borrow $1 billion from the taxpayers of Michigan to build 'His' bridge.