See more posts like this on Tumblr
#Detroit #Chapter 9 #bankruptcy #insolvency #Motor City #Kevyn Orr #Coleman Young #Kwame KilpatrickMore you might like
You’re not at the penny-ante table, you’re at the high-stakes table. But you’re playing with somebody else’s money. If you lose, you’re providing a net loss to your beneficiaries, people who are dependent on you.
Detroit emergency manager Kevyn Orr on bankruptcy negotiations with leaders of the city’s two pension funds
It’s always been a bug in my ass. Always angry about that.
Ed Rago, who served as budget director for former Detroit Mayor Coleman Young for several years and then as budget director for former Mayor Dennis Archer for one year, on the nearly $1 billion in excess cash that was distributed to pensioners instead of being reinvested.
I would be surprised if he says, ‘Yes I always knew we were going to file for bankruptcy and that’s why we filed for bankruptcy.’ I will eat my hat if that occurs.
University of Michigan bankruptcy law professor John Pottow on Gov. Rick Snyder’s forthcoming testimony on his role in authorizing the city of Detroit’s Chapter 9 bankruptcy filing.
This is a great, rich city. It never has repudiated an obligation nor defaulted upon a debt — and it never will.
Former Detroit Mayor Frank Murphy, writing in the city’s 1930 annual report in the midst of the Great Depression. Eighty-three years later, the city defaulted on its obligations and filed for Chapter 9 bankruptcy. Here’s how Detroit went broke.
Nathan Bomey’s ‘Detroit Resurrected’ is the most thoroughly reported account of the largest municipal bankruptcy in American history. It also stands as a valuable work of urban policy. The overarching theme of the book is how Detroit turned to bankruptcy to restore the social contract.
Drug stores are turning away walk-in flu shots as they struggle with pharmacy worker shortages