Detroit to go bankrupt in less than a month [Heckuva job with that bailout, Barry]

Russia Today ^ | November 22, 2012

[SoFloFreeper]

The city of Detroit, facing a serious cash crisis, is set to go bankrupt by the end of this year and would put city workers on furlough unless it strikes a deal with the city council that would bring in $30 million before Dec. 14.

Detroit has been in financial turmoil for years, losing a quarter of its population in the past decade and facing a shrinking auto industry that has reduced tax revenues. The Detroit City Council gave the mayor the option to hire a financial advisor and in return receive $30 million by the end of the year.

But the Council on Tuesday voted 8-1 to delay the decision on the deal, which would pay the Miller Canfield Law Firm $300,000 to advise Mayor Dave Bing. The deal would have released $10 million in bond money on Tuesday and another $20 million in December.

[SoFloFreeper]

Great photo at the link...some poor sap holding up a big sign that says "Detroit Needs Jobs"!

Bwa ha ha ha ha!

[ROCKLOBSTER]

bankrupt by the end of this year and would put city workers on furlough

Oh, you mean like...no cops or firemen?

AWESOME!

[OwenKellogg]

Oh, you mean like...no cops or firemen?

---

The place will burn! Crime will be out of control!

[unixfox]

How can this be? I thought the assembly lines were “humming” and all was good.

[rovenstinez]

Union bosses need to thank themselves for the mess they have created.

[KC_Lion]

So What!?

Bin Laden is Dead!

That provided Jobs right?

[ROCKLOBSTER]

Crime will be out of control!

You mean unlike right now?

[agere_contra]

Puts me in mind of Robocop: “I’d buy that for a dollar!”

But no: I wouldn’t spend a dollar to buy the whole of Detroit, if I had to take on their debts and liabilities as well.

[Ditter]

Isn't Detroit where they film that disgusting cable show Hard Core Pawn about the family that operates a pawn shop and their customers?

If the people in that show, customers and owners of that pawn shop are any indication of what Detroit is actually like, then I am really glad I have never been there.

[rodguy911]

Detroit has one huge industry:
Pawn Shops. It’s a growing industry and the tv shows it spawns are simply hilarious.

[Tupelo]

Name me one African-american headed city that is successful.
Name me one African nation that is successful.

[Lockbar]

Well, minorities are running the show. Doing a great job every where.

[Popman]

The City Council also rejected a proposed contract to overhaul the Detroit Water and Sewerage Department, proposing to cut 81 percent of its workforce in an attempt to save cash.

The Water and Sewage dept. has to be run...regardless of the financial position the city is in...

If you can cut over 80 percent of the employees and still run the dept...that tells me a LARGE percentage of those jobs are patronage or political jobs...probably half actually never show up...and get a paycheck..

[Starboard]

pay the Miller Canfield Law Firm $300,000 to advise Mayor Dave Bing
**********
Like any good contract (from the perspective of the awardee) this is just the base amount. A few extensions, options and add-on’s and you’re quickly up to $500K. LOL

[COBOL2Java]

Uh oh! You mean they're about to run out of other people's money? Oh noes! There'll be trouble a brewin!

Hey! Hey! Where my free stuff at?

[Fzob]

The Council’s rejection of the Miller Canfield contract means the city will not receive the first $10 million scheduled for release today,” Bing said in a statement. “As a result, it will be more difficult for the city to maintain its liquidity until the receipt of property tax revenues beginning in January. Today’s vote is one more example of how City Council has stalled our efforts to bring financial stability to the city of Detroit."

No, it sounds like the city council is attempting to bring accountability into the Mayors office.

[PGalt]

Detroit = 99% Democrats/Crony Socialists. Bankruptcy? How can this be? What would Kwame do? Bring back Kwame! We want Kwame!

[agere_contra]

Pretty sobering questions.

Does Washington DC count as a “African-american headed city”? Because I bet they’re not going hungry there.

[PGalt]

Detroiters could go to Cleveland and live large...

http://www.youtube.com/watch?v=tpAOwJvTOio

[Truth29]

Eventually something like Cholera is going to sweep cities like Detroit. As the looters suck the last of the life out of the host, all civilized order is going to collapse and places like Detroit are going to resemble Somalia.