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    Tag: Bankruptcy (page 2)

    From a family of thieves...


    By KG One, Section Multimedia
    Posted on Wed Sep 25, 2013 at 06:22:00 AM EST
    Tags: Detroit, Bankruptcy, Rick Snyder? Nope, Coney Conference, Kevyn Orr, Getting colder, So who is REALLY responsible?, How about the people DETROITERS voted into office in the first place? Kilpatrick, Oh snap! How'd that money get in there? (all tags)

    Instead of putting on a pathetic Coney Conference photo op lamenting on why their pensions are in jeopardy, Detroiters and City Retirees (hey, why not their unions as well) should be focusing their attention on the people who actually lost their money in the first place.

    Submitted without any further comment.

    (3 comments) Comments >>

    Consequences of Bankruptcy with John Conyers


    By Corinthian Scales, Section News
    Posted on Sat Sep 07, 2013 at 08:44:04 PM EST
    Tags: Bankruptcy, City of Detoilet, Race Warlords & Pimps Poverty, Mob Rule, Commies, John Conyers, AYFKM? (all tags)

    via detnews.com

    A forum hosted by U.S. Rep. John Conyers Jr. and aimed at answering the public's questions discussed the "extraordinary consequences" of Detroit's bankrupcty filing and encouraged residents to fight the decision.

    "We are here today because of the devastation visited upon this city," said moderator Michael Eric Dyson, a professor at Georgetown University. "Now we are facing the fact that democracy is being systematically denied to hundreds of thousands of people in this city."

    MORE

    Video with Rep. Conyers, below the fold...

    (3 comments, 95 words in story) Full Story

    A Message To Our Legislators - Beware False Choices

    Fluff


    By JGillman, Section News
    Posted on Tue Aug 20, 2013 at 02:42:42 PM EST
    Tags: Michigan, Detroit, Personal Responsibility, Money, Bankruptcy, Water Features, Fountains (all tags)

    The futile exercise of responsible governance in today's America requires no further example than Detroit.

    Detroit, the once beautiful jewel of Michigan, tortured with decades of progressivism, Cronyism, and corruption, just cannot stop failing.  Somehow, in the midst of a bankruptcy, preceded by the spending of 15 or so billion dollars as yet unearned, and the jail sentences of ONLY a few of the officials responsible, the city still must do stupid things, like build water play fountains it cannot afford.

    Or make work.  From Fox2:

    "They served up free ice cold bottled water and delicious grilled hot dogs. The T-shirts looked good reading "Palmer Park Splash Park" and the ribbon cutting went well. Just one little glitch at the new park, there was no water! A water main break dried up the splash park for its grand opening!

    "We had a mishap with a water main that broke," explained Detroit Mayor Dave Bing. "We have a water system that's 100 years old so those things happen."

    So maybe, just maybe, the money spent on the splash park could have been spent towards that 100 year old water system first?

    Continued below the fold.

    (6 comments, 370 words in story) Full Story

    Detroit Bankruptcy Could Have Been Avoided


    By JGillman, Section News
    Posted on Wed Jul 31, 2013 at 08:30:38 PM EST
    Tags: Michigan, Detroit, Bankruptcy, Coleman Young, Dennis Archer, Unions, Pensions, Untouchable Benefits, Politics (all tags)

    There is a reason this mess happened.

    Outside of the progressive politics, corruption related to same, and a lack of respect for what USED to be the jewel of the Midwest, it was greed.  Greed, that is explained no better than by Bill Johnson:

    "History, however, shows this looming crisis might have been averted if the employees unions and pensioners had shown more flexibility forty years ago in restructuring city pension benefits. Instead, the intractable opposition demanded the city stay on a dead end course to default.

    As far back as 1974, then-Mayor Coleman Young proposed what was considered reasonable changes to Detroit's pension programs. Because labor and retirees are a potent political force, the City Council shot down the mayor's changes."

    Was that the last opportunity to correct course?

    Not so much.

    Read the rest at Johnson's blog.

    Perspective and not-so-much selective memories can take the argument so much farther, mmm?

    (4 comments) Comments >>

    Proof You're An Idiot


    By JGillman, Section News
    Posted on Fri Jul 26, 2013 at 10:48:30 PM EST
    Tags: Michigan, Bankruptcy, Snyder, Detroit, Tunnels, Bridges, DRIC, NICT, Boondoggles, Government (all tags)

    That is a message to Governor Snyder from another blog.

    We seldom use such direct attacks in a title even though the content has tended to be more direct as of late.  And though we openly wonder on why certain pursuits exist, the Detroit bankruptcy really drives home a point that cannot be ignored.  The bankruptcy had to happen, and even though happening later than it should have been, Snyder gets some credit for doing what is needed.

    For the remainder of the message however, Stephanie quotes Forbes and opines:

    "In light of Detroit's bankruptcy case getting national attention, many people have missed this little development:

    Detroit's Tunnel To Canada Follows The City Into Bankruptcy.  

    Since 1930, Detroiters have had two choices to reach Windsor, Ontario across the U.S.-Canadian border: the Ambassador Bridge or the Detroit-Windsor Tunnel.

    Now, the tunnel's operator has joined the city in seeking bankruptcy protection. It's blaming two reasons, according to Reuters: reduced traffic across the border, and the same kind of unmanageable debt burden that led to the city's Chapter 9 petition.

    If Michigander's might recall, Governor Rick Snyder, as part of his campaign platform, ran advocating for a second bridge to Canada to be built, using at least partly, taxpayer money.  One has to ask, in considering this little plan of his, did he not research the profitability of the two existing means by which to get to Canada (the Windsor Tunnel and the Ambassador Bridge)?  If he didn't do the research that makes Governor Snyder just stupid.  If he did do his due diligence, he would have seen the enormous operating losses of the Tunnel."

    Read the rest here

    Unless someone can find a gray area in there somewhere, she has a point.

    (5 comments) Comments >>

    That was fast.


    By KG One, Section Multimedia
    Posted on Sat Jul 20, 2013 at 10:17:01 AM EST
    Tags: Detroit, Bankruptcy, Kevyn Orr, Gov Snyder, Untimely end?, Cloward-Piven goes global (all tags)

    When the Chi-comms are now making fun of you...

    Submitted w/o any further comment.

    (2 comments) Comments >>

    "I'm Gonna Tell On You!"


    By JGillman, Section News
    Posted on Fri Jul 19, 2013 at 04:12:47 PM EST
    Tags: Michigan, Detroit, EFM, Kevyn Orr, Bankruptcy, Restructuring, Futility, Higher Taxes, Pensions, Judicial Playthings, Rick Snyder, Toys (all tags)

    Seriously, its really becoming US V THEM.

    The governor actually does something that makes sense, (and only 2-3 decades late) and the protectors of leftist failures jump into action. And, the kids are getting hurt feelings. Yesterday's Detroit Bankruptcy filing made little Rose cry.  She thought she had beat the bad man to the punch.  So she has retaliated:

    "Aquilina said she would make sure President Obama got a copy of her order."
    THAT will teach that bad boy a lesson.

    Once uncle Barry hears about it, he's going to take Ricky's bridge away.

    (6 comments) Comments >>

    It Has To Be Painful


    By JGillman, Section News
    Posted on Fri May 24, 2013 at 08:34:54 AM EST
    Tags: Michigan, DIA, Detroit, Bankruptcy, What Do You Expect?, Treasures, Responsibility, Assets (all tags)

    Or else no one learns a damned thing.

    Detroit's assets and connected operations are ALL potential targets of a chapter 9 bankruptcy. Wheter its the electric service or an island, OR a publicly financed display of polished feces on a marble stand. The Detroit News reports of Kevyn Orr's warning to Detroit Administration that nothing is 'off the table':

    " The city's new emergency manager has told the Detroit Institute of Arts it may "face exposure to creditors" if the city is forced to seek bankruptcy protection, a spokesman said Thursday night.

    "This is a precautionary measure," said Bill Nowling, spokesman for Kevyn Orr, the city's emergency manager.

    Nowling said while there is "no plan on the table to sell any asset of the city ... it is possible that the city's creditors could demand the city use its assets to settle its debts."

    And why wouldn't they?

    All of the warnings of financial collapse to the Detroit administration and city council have fallen on deaf ears for decades. For those same decades, the answer has been to personally raid the city piggy bank, allow infrastructure to fail, and the voters have rewarded that decision making with reelection and support; reinforcing bad decision making.

    Clearly its time to cut the city loose to its destined end.

    A little hard love could go a long way.

    (2 comments) Comments >>

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