Detroit files for largest municipal bankruptcy in US history

[Marcus Aurelius]

http://www.foxnews.com/politics/2013/07/18/detroit-files-for-largest-municipal-bankruptcy-in-us-history/?test=latestnews



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.



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.

Now, as opposed to pennies on the dollar, a large number of Detroit's creditors will likely get zip.

[Little-Acorn]

Anybody know how much the city had promised its workers in future pension plans, that it was then unable to pay when they started actually retiring?

Seems to be the common factor in most city financial crises nowadays.

How many such pensions were "negotiated" by unions?

[Voted4Reagan]

Anybody know how much the city had promised its workers in future pension plans, that it was then unable to pay when they started actually retiring?

Seems to be the common factor in most city financial crises nowadays.

How many such pensions were "negotiated" by unions?

All of them...

[aboutime]

Imagine being a near retirement Police officer, or Firefighter in Detroit?

Who, among us would be happy to learn the city you work for....no longer can pay you any of what YOU thought you were saving?

This is just the Biggest. Not the First city to declare Bankruptcy. Look at California.

Anyone think any city controlled by Democrats across this nation isn't about to do the SAME???

Just watch. You ain't seen nothin' yet!

[Jeff]

http://www.foxnews.com/politics/2013/07/18/detroit-files-for-largest-municipal-bankruptcy-in-us-history/?test=latestnews




Now, as opposed to pennies on the dollar, a large number of Detroit's creditors will likely get zip.






I thought Obama had saved Detroit ? I seem to remember Romney saying this is exactly what was going to happen

[aboutime]

I thought Obama had saved Detroit ? I seem to remember Romney saying this is exactly what was going to happen


Jeff. The one, and only thing Obama saved in Detroit is....the Pensions, and Health care of the Democrat Politicians who steal, and get re-elected to do it again.