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Forum Index => Miscellaneous Topics => Topic started by: AJ on July 18, 2013, 11:55:23 PM

Title: Detroit files for bankruptcy
Post by: AJ on July 18, 2013, 11:55:23 PM
Detroit filed for bankruptcy Thursday afternoon, becoming the nation's largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar.

http://money.cnn.com/2013/07/18/news/economy/detroit-bankruptcy/index.html?hpt=hp_t2
Title: Re: Detroit files for bankruptcy
Post by: Joebeef on July 19, 2013, 06:29:25 AM
Just the beginning....
Title: Re: Detroit files for bankruptcy
Post by: LowSL2 on July 19, 2013, 09:09:49 AM
Its sad. Detroit was the industrial capitol of the US at one time.  I wonder how many more cities will be following them in the near future.

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Title: Re: Detroit files for bankruptcy
Post by: LowSL2 on July 19, 2013, 03:25:32 PM
Judge rules Detroit bankruptcy unconstitutional

http://m.usatoday.com/article/news/2569481

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Title: Re: Detroit files for bankruptcy
Post by: RAH52 on July 19, 2013, 03:25:47 PM
Sad for the pensioners ..I think I .read on CNN they would be getting 17.9 % of whats owed to them ...thats $179 if you public sector pension was $1000 a month .Scary times ...you need to have personal control of your pension money .
Title: Re: Detroit files for bankruptcy
Post by: JWWebster on July 19, 2013, 07:29:55 PM
Our city here in Mobile was in deep doo doo a few years back but instead of buying new police cars and giving out raises and shit like that they kept old equipment and tightened their belts , the roads are a bit rough, the garbage does get picked up. It has been a struggle but we worked through it. I read in places where the union bosses up there think the Gov is trying to bust the unions is the reason they went belly up but mismanagement of funds and bad planning on the part of the mayors office and given the fact that the mayor and his croonies are all under indictment fer stuff is it no wonder they are in a mess?
Title: Re: Detroit files for bankruptcy
Post by: theoldstoveguy on July 19, 2013, 08:57:19 PM
Outsourcing was the main problem in Detroit (according to the news) as all the money flowed out instead of in. From what I see it makes sense.