This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

North Carolina's Latest Disgrace: Iconic Airport Chief Fired at 72

In municipalities that operate airports, conflict between elected officials and airport people is inevitable. This is because hundreds of millions of dollars flow through major airports annually, collected from airlines, airport businesses and parking lots, and then spent -- hopefully -- to make the airport better. The elected officials always want more power, more oversight, more opportunity to spend the money as they see fit. Orr, backed by Republican Mayor Pat McCrory, successfully resisted for years, one reason why he has few friends on the city council today. A commission might not be able to beat back the political pressure either, but it could create a bit more distance between the parties.

When I arrived in Charlotte in 1996, the city was essentially run by a small cadre of wise leaders, including NationsBank CEO Hugh McColl, First Union CEO Ed Crutchfield, Duke Power CEO Bill Grigg, McCrory -- an effective mayor who became an ineffective governor -- and maybe a few others. They are all gone now, generally replaced by people either less committed to Charlotte or less able or less willing to act on its behalf.

Probably it would never have happened this way, but I can imagine Hugh McColl contacting the mayor, whoever he or she might be, to say that: "Jerry Orr built the airport. He loves the airport. Give him a few more years to complete his projects and to train a successor." And the mayor says sure.

The alternative? Fire the guy, with no transition plan in place, and let the airport hang in the balance with massive construction underway and the biggest tenant's future undetermined. All for spite. City government as spitetocracy.

Can't anybody in Charlotte make the right call?

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
LCC $0.00 0.00%
DAL $45.99 5.07%
UAL $57.29 0.28%
AAPL $112.34 4.29%
FB $89.89 3.05%


Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs