You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Rick Snyer strikes again? [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » General Discussion Donate to DU
No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-20-13 05:27 AM
Original message
Rick Snyer strikes again?
Advertisements [?]
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.


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.


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.


"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.

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!
Refresh | +2 Recommendations Printer Friendly | Permalink | Reply | Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC