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E*TRADE Financial Corporation Message Board

  • biddermon_ca biddermon_ca Feb 20, 2013 1:44 PM Flag

    Epitaph of a city run by the left

    This is the outcome when liberals are at the helm. Detriot has finnaly run out of other peoples money. Obama wants to do to the rest of the country what the folks of color have done to Detriot.

    Detroit faces financial crisis, has no plan to fix it

    Detroit — For the second time in a year, a state review team has found Detroit is in a financial emergency that requires Gov. Rick Snyder to intervene in City Hall.

    But this time, if Snyder agrees that a financial emergency exists, the governor's choices are more limited. He could appoint an emergency manager to keep Michigan's largest city from plunging into bankruptcy, experts say, or he could continue state financial supervision through a new consent agreement, which seems a faint possibility.

    The six-member review team unanimously concluded in a report released Tuesday that the city failed to restructure its debt-laden bureaucracy under the financial consent agreement signed in April and that Detroit's financial crisis requires Snyder's intervention "because no satisfactory plan exists to resolve a serious financial problem."

    "We gave the city every chance to avoid the outcome we're recommending to the governor today," said Dillon, who led the review team.

    Sentiment: Hold

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