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Thread: Detroit Files for Largest Municipal Bankruptcy in US History

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    Detroit Files for Largest Municipal Bankruptcy in US History

    UPDATE: Detroit Files for Largest Municipal Bankruptcy in U.S. History | TheBlaze.com

    From the Associated Press:
    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.
    Detroit- March 23: Buildings in an entire city block in what was once Detroit’s prime business district sit largly abandoned March 23, 2011. The new census figures show that Detroit has lost 25 percent of its population in the last ten years, bringing the city’s population down to its lowest since 1910. (photo by Bill Pugliano/Getty Images)


    Detroit — once the epicenter of the American auto industry — may file for federal bankruptcy as early as Friday morning, the Free Press reports.
    “The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer,” the report notes.
    “The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities,” it adds....


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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    So sad.

    We continue to succumb to the lingering effects of The Great Recession.

    There is no real recovery for the average American, and without that tax base of employed residents, cities simply have no collateral and thus can't continue to borrow any longer .. and now must fold.

    It's an eventual process .. that eventually happened to Detroit.

    I wonder who's next.
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    Detroit emergency manager files bankruptcy

    Detroit emergency manager files bankruptcy - Chicago Sun-Times

    Amazing how successful the liberal economic policies are for major cities in this country. This is the largest city in the nation to file for bankruptcy with more to come. Liberals better wake up

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Josie View Post
    UPDATE: Detroit Files for Largest Municipal Bankruptcy in U.S. History | TheBlaze.com

    From the Associated Press:
    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.
    Detroit- March 23: Buildings in an entire city block in what was once Detroit’s prime business district sit largly abandoned March 23, 2011. The new census figures show that Detroit has lost 25 percent of its population in the last ten years, bringing the city’s population down to its lowest since 1910. (photo by Bill Pugliano/Getty Images)


    Detroit — once the epicenter of the American auto industry — may file for federal bankruptcy as early as Friday morning, the Free Press reports.
    “The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer,” the report notes.
    “The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities,” it adds....
    Watch as only the commercial interests must take the hit as the gov't unions/pensioners will be protected out of "fairness". Those that work(ed) for the gov't, our "sevants", are surely to be treated as masters in this situation.
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    A big reason Orr did this was that the major creditors and pension holders would not give in to his demands. I strongly hope and pray that the judge will see the very practical difference between major corporations who hold bonds with the city and people on pensions who pushed a broom or cleaned bathrooms or drove a bus for 35 years to get a small pension. The judge should treat the two very very differently.
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    Re: Detroit emergency manager files bankruptcy

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    A big reason Orr did this was that the major creditors and pension holders would not give in to his demands. I strongly hope and pray that the judge will see the very practical difference between major corporations who hold bonds with the city and people on pensions who pushed a broom or cleaned bathrooms or drove a bus for 35 years to get a small pension. The judge should treat the two very very differently.
    Millions of retired Americans are invested in municipal bonds. Those "major corporations" are the investment firms that handle the transactions. Don't think for a second that sparing pensioners and dumping the whole thing on the bond holders is going to spare the "little guy".
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Conservative View Post
    Detroit emergency manager files bankruptcy - Chicago Sun-Times

    Amazing how successful the liberal economic policies are for major cities in this country. This is the largest city in the nation to file for bankruptcy with more to come. Liberals better wake up
    Watch as state/federal money is given to the "needy" gov't/union employees while all others are told to accept pennies on the dollar.
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    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Jack Fabulous View Post
    Millions of retired Americans are invested in municipal bonds. Those "major corporations" are the investment firms that handle the transactions. Don't think for a second that sparing pensioners and dumping the whole thing on the bond holders is going to spare the "little guy".
    Exactly. I have 20% of MY funds invested in municipal bonds. Hopefully, the closed end funds I own aren't invested in Detroit. What a disaster. It's pretty much assured, I'd say, that more retired Americans will be hurt than pensioners. The pensioners have the PBGC behind them. Individual investors have nothing.
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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by haymarket View Post
    A big reason Orr did this was that the major creditors and pension holders would not give in to his demands. I strongly hope and pray that the judge will see the very practical difference between major corporations who hold bonds with the city and people on pensions who pushed a broom or cleaned bathrooms or drove a bus for 35 years to get a small pension. The judge should treat the two very very differently.
    I like how your characterize a government worker pushing a broom and cleaning bathrooms or drove a bus for 35 yrs to get a small pension. Not hardly, maybe you can explain what exactly is a small pension in dollars. I would suspect pushing a broom would not warrant a pension in the real world, only in government. Oh and just what percent of all the government workers in Detroit are pushing a broom.
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