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Rick Snyer strikes again? [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-20-13 05:27 AM
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Rick Snyer strikes again?
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Panel finds Detroit in dire shape; up to governor to act
By Steve Neavling

DETROIT | Tue Feb 19, 2013 8:03pm EST

(Reuters) - An expert panel concluded on Tuesday that Detroit faces a fiscal emergency in a city plagued by "operational dysfunction," leaving Governor Rick Snyder with a controversial decision of whether to declare a financial takeover by the state.

If Snyder does decide to appoint an emergency financial manager for Detroit, that person could decide that the city's only course for survival would be a bankruptcy filing, the most feared and radical action that could be taken.

Michigan's treasurer, Andy Dillon, who was part of the six-member review team, said he did not expect the city, General Motors' home town, to be forced into bankruptcy.

The review team appointed by Snyder said Detroit, which has been hemorrhaging cash amid a declining population and a decimated economy, has not made the financial decisions that will put the city on a path to recovery.

snip

Detroit has faced the steepest population decline of any American city in recent decades. Once the fifth largest U.S. city that shined as the birthplace of the U.S. automotive industry and Motown music, it now ranks 18th with about 700,000 people -- after suffering a 25 percent decline in population between 2000 and 2010.

snip

Snyder has said that he has compiled a "short list" of candidates qualified for a position of emergency manager should he decide one is needed. Any appointment would be controversial because the manager could sell assets, lay off workers and renegotiate labor contracts. Every step of the process could be challenged in court.

snip

"If the governor decides to appoint an emergency financial manager, he or she, like my administration, is going to need resources -- particularly in the form of cash and additional staff," Bing said in a statement after the report was released.





http://www.reuters.com/article/2013/02/20/us-usa-detroi...


Clearly, governments and big business played no role whatever in this. It's all about workers. It always is, everywhere, from Los Angeles to Tokyo.

Damned workers!
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