Detroit Out of Bankruptcy – IOTW Report

Detroit Out of Bankruptcy

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

  1. “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.

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  2. 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.

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  3. 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.

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  4. 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.

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