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#3295065 - 07/18/13 03:37 PM Detroit files for bankruptcy
preds1
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Registered: 10/16/09
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Detroit has become the largest city in U.S. history to file for bankruptcy.

State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.

If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts.

A number of factors -- most notably steep population and tax base falls -- have been blamed on Detroit's tumble toward insolvency.

Detroit lost a quarter-million residents between 2000 and 2010.

Orr was unable to convince enough creditors, bondholders and employee pension representatives to accept pennies on the dollar as he attempted a fiscal restructuring of Detroit.


Read more: http://www.foxnews.com/politics/2013/07/...s#ixzz2ZQqSdbw1
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#3295077 - 07/18/13 03:49 PM Re: Detroit files for bankruptcy [Re: preds1]
Crappie Luck Moderator
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And the unions sue

http://www.bloomberg.com/news/2013-07-18...tcy-filing.html
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#3295093 - 07/18/13 04:05 PM Re: Detroit files for bankruptcy [Re: Crappie Luck]
preds1
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10/13/2012

Obama: I "refused to let Detroit go bankrupt"

President Obama on Saturday painted a strong contrast between his record on the auto bailout with that of his presidential rival Mitt Romney, touting his own refusal to "let Detroit go bankrupt."

In his pre-taped weekly address Mr. Obama, referencing a 2008 op-ed in which Romney argued against bailing out the auto industry (entitled "Let Detroit Go Bankrupt"), outlined his administration's efforts to save the industry upon being elected.

"Just a few years ago, the auto industry wasn't just struggling - it was flatlining," Mr. Obama said. "GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line - and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry."

His administration, he argues, "refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way."



http://www.cbsnews.com/8301-250_162-57531867/obama-i-refused-to-let-detroit-go-bankrupt/
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#3295110 - 07/18/13 04:20 PM Re: Detroit files for bankruptcy [Re: preds1]
RUGER Administrator
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Color me surprised...........NOT
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#3295114 - 07/18/13 04:22 PM Re: Detroit files for bankruptcy [Re: RUGER]
Crappie Luck Moderator
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Philly is next

http://globaleconomicanalysis.blogspot.com/2013/04/philadelphia-5th-largest-city-in-us-is.html
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#3295148 - 07/18/13 04:53 PM Re: Detroit files for bankruptcy [Re: Crappie Luck]
Stalkhunter
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dont care
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#3295152 - 07/18/13 04:54 PM Re: Detroit files for bankruptcy [Re: Stalkhunter]
Stalkhunter
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let them go in the toilet, make it a state park or more hunting land
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#3295279 - 07/18/13 07:16 PM Re: Detroit files for bankruptcy [Re: Stalkhunter]
BMan
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They're already screaming for federal tax dollars.

Any member of Congress that votes to bail them out should be bullwhipped.
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#3295308 - 07/18/13 07:49 PM Re: Detroit files for bankruptcy [Re: BMan]
Vermin93
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Another epic failure by the 3 amigos: Democrats, unions and the black community.
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#3295318 - 07/18/13 07:58 PM Re: Detroit files for bankruptcy [Re: Vermin93]
Stalkhunter
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Dont worry they will bail that wasteland out count on it. I am sure Corker and Lamar will push for it as well.
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