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March 16, 2013
Does the Detroit emergency financial manager have what it takes to get the job done?
Reading this Reuters story, I am struck by how much of a "second teamer" the new financial manager of Detroit appears to be: Kevyn Orr has many of the credentials needed to try to rescue Detroit from financial ruin, but in one key area he is untested. The same could be said for his other big cases. Orr, appointed by Michigan Governor Rick Snyder on Thursday as emergency manager for Detroit, is a partner at the law firm Jones Day. The big case of his career so far was to work on the rescue of Chrysler in 2009. But in that case, Orr's role was secondary to lawyers higher up the food chain, which may have left him with an experience deficit as he takes on Detroit's troubles. People who have worked with Orr, 54, describe him as thoughtful and a team player, with an inclusive approach to decision-making and a personality that naturally draws people to him. As a graduate of the University of Michigan and as one of those who helped rescue Chrysler, one of Michigan's most...(Read Full Post)