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Bankruptcy expert named Detroit emergency manager
Topic Started: Mar 15 2013, 03:48 AM (107 Views)
Pat
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The other day I saw a news report showing the Detroit Mayor in cuff and shackles being hauled off to prison. It seems to me he is just the latest scumbag leader of that cess pool to be convicted of having his hand in the cookie jar. What no article ever just comes out an admit, Detroit has continued into the gutter as more time passes as a city run by ghetto forces. What's left of it is one large slum and a slum that keeps electing crooks. Not to mention the dysfunctional school system that has the highest per student funding in the nation and one of the worse education marks.

I was thinking as reading that whether Detroit could be considering, or the state, bankruptcy? Which would leave investors holding $14 billion in worthless paper. I don't see any other way out. And the voters refuse to elect decent leaders.




http://news.investors.com/newsfeed-ap/031413-428412-bankruptcy-expert-named-detroit-emergency-manager.aspx?ref=HPLNews

Bankruptcy expert named Detroit emergency manager

By Corey Williams
Posted 02:42 PM ET


DETROIT (AP) — A bankruptcy expert who represented automaker Chrysler LLC during its successful restructuring has been chosen to steer Detroit out of its financial abyss. The distressed city, which was once one of the nation's most prosperous manufacturing centers, is now the largest U.S. city to have its finances placed under state control.

Gov. Rick Snyder announced Thursday that he had chosen Kevyn Orr, a partner in the Cleveland-based law and restructuring Jones Day firm, as Detroit's emergency manager. He officially will be hired by Michigan's Emergency Loan Board, which had scheduled a meeting for 3 p.m. EDT Thursday.

During a news conference Thursday, Orr called Detroit a "storied American city."

"We can rise from the ashes," Orr said. "This is a beautiful city and a wonderful state that gave me my start. I feel compelled to do this job."

Detroit, which at one time was the symbol of American progress and held great political power thanks to the auto industry, has lost a quarter-million people during the last decade and remains saddled with a $327 million budget deficit and more than $14 billion in long-term debt. It has been making ends meet on a month-to-month basis with the help of bond money held in a state escrow account. The city also has instituted mandatory unpaid days off for many city workers.

Orr said when he met with Snyder, he called the manager job "an unsung hero task." He asked the governor why he would bother to help the city, and Snyder's response was: "Kevyn, it's the right thing to do and it's the right time to do it."

The new manager said he relished the challenge, even though it meant up giving up his successful job with the law firm to take it.

"It's not that I'm altruistic, but if we can do this, I will have participated in one of the greatest turnarounds in the history of this country," Orr said.

The emergency manager would be responsible for overseeing all of the city's spending. Bing and the City Council would keep their jobs, but the manager would decide all financial matters. And only the manager would have the power to authorize the city to take the bankruptcy route.

Under Michigan law, emergency managers have the power to develop financial plans, renegotiate labor contracts, revise and approve budgets to help control spending, sell off some city assets and suspend elected officials' salaries. (cont.)


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tomdrobin
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The newly appointed Detroit Emergency Manager appears of be a real rock star with impressive credentials. If any one can straighten it out he can.

Pat, that was the former mayor Kwame Kilkpatrick, who just got sent off to the slammer. Dave Bing is the current mayor and doesn't appear to have the ethics cloud over him. Kwame was a real up and comer. But, like so many thought the mayors job was his own personal piggy bank. That seems to have been a legacy in Detroit from the old Coleman Young days. I remember when school board members had their own limos. It seems to me the black folk who are the majority of the population have a high tolerance for crime and corruption. Those that don't move to the suburbs.
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