Tuesday, December 3, 2013

Detroit over-cooked, well-done and toasted


Detroit over-cooked, well-done and toasted. Detroit bankrupted. How many more cities on the list:
The city of Detroit officially became the largest municipality in U.S. history Tuesday to enter Chapter 9 bankruptcy after a judge declared it met the specific legal criteria required to receive protection from its creditors. The landmark ruling ends more than four months of uncertainty over the fate of the case and sets the stage for a fierce clash over how to slash an estimated $18 billion in debt and long-term liabilities that have hampered Detroit from attacking pervasive blight and violent crime.


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