After three years of providing audited balanced budgets, a state review commission has released Detroit from state financial oversight. The city will still have to submit financial reports to the commission, but the city is now fully governing itself. More
12 Comments on Detroit Out of Bankruptcy
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So the state took the credit card away from the kids huh?
Congratulations. Out of bankruptcy and forevermore broke.
Unless they kicked the democrats out of office, the problem will return like a bad case of herpes.
Rinse. Repeat cycle.
So Duggan, the current Irish mayor, pulled Detroit’s nuts out of the fire!
No thanks to the previous Irish mayor – Kilpatrick faces $11M debt once he leaves prison
https://www.detroitnews.com/story/news/local/detroit-city/2018/04/30/kwame-kilpatrick-debts/34426213/
No, wait, his first name, Kwami, is that Irish?
“Under the terms of the bankruptcy, creditors received pennies on the dollar for what they were owed and thousands of retirees saw their pensions cut by 4.5 percent. Annual cost-of-living increases also were eliminated.”
Seems to me those ratios should have been made more equal. In the private sector, pensions or retirement accounts were lost completely as a result of bankruptcy filings. Why not the same for THE STATE (city in this case but you know what I mean)?
Once again, the State hoses the private sector while making them pay for their terrible decisions to provide pensions for the government workers.
I predict Detroit will continue to be a failed city as long as they dems stay in control.
Detroit is “out of bankruptcy” only because it is a govt. Any other sort of organization would not only be bankrupt, its executives and directors would be indicted, tried, convicted, and imprisoned for fraud and embezzlement, and any and all assets sold off to pay creditors.
So city politicians came to power by promising financial benefits they couldn’t deliver, and came out of bankruptcy be essentially fucking those people to whom the promises were made. Maybe Detroit feels better now, but the loss of confidence in the municipal government will take a long time to repair. The damage is already done, but rest assured that the local politicians will repeat it.
Zonga, What, you never heard of Black Irish? 😉
It seems even the democrats are capable of financial responsibility when the cities population has been reduced to a manageable twelve residence remaining in the city.
I’m sure this is going to end well. Why would any business deal with the city of Detroit in the future. Detroit is truly a s#@& hole.