Detroit files historic bankruptcy

Rick Moran
The city of Detroit, once a thriving icon of industrial America, has filed the largest banruptcy petition in US history. Detroit News: Detroit-- The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday, culminating a decades-long slide that transformed the nation's iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems. Gov. Rick Snyder justified approving the historic filing by reciting a litany of the city's ills, including more than $18 billion in debt, maxed-out tax rates, the highest murder rate in 40 years, 78,000 abandoned buildings and a half-century of residential flight. He said the city failed to provide basic services to residents or pay creditors. The filing, which has broad implications for the nation's municipal bond market and sanctity of public pension funds, was met with outrage, disappointment and a vow to fight. Some creditors adopted a war stance, ...(Read Full Post)

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