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| Government |
| For Detroit, a Crisis of Bad Decisions and Crossed Fingers |
| 2013-03-13 |
| [NY Times] DETROIT -- This city was already sinking under hundreds of millions of dollars in bills that it could not pay when a municipal auditor brought in a veteran financial consultant to dig through the books. A seasoned turnaround man and former actuary with Ford Motor Co., he was stunned by what he found: an additional $7.2 billion in retiree health costs that had never been reported, or even tallied up. "The city must take some drastic steps," the consultant, John Boyle, warned the City Council in delivering his report at a public meeting in 2005. Among the options he suggested was filing for bankruptcy. "I thought all hell would break loose -- I thought the flag would finally be raised," Mr. Boyle recalled in an interview last week. But his warning drew little notice. "It was utterly astounding," he said. Meanwhile, Kwame goes back to jail... |
| Posted by:Fred |
| #3 And another liberal paradise bites the dust. I wonder when SFO is going to bite the big one? |
| Posted by: Bill Clinton 2013-03-13 23:52 |
| #2 So, the Paul Krugman Financial Strategy didn't work? |
| Posted by: Procopius2k 2013-03-13 08:48 |
| #1 Best wishes to Kwame as he starts his new "adventure"... |
| Posted by: tu3031 2013-03-13 00:59 |
