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State set to takeover Detroit city government

http://money.cnn.com

Michigan Gov. Rick Snyder announced Friday that the state will take over the operations of Detroit's city government due to its long-standing financial problems. The takeover is short of a formal bankruptcy, but it will include appointing an emergency manager who would have many of the same powers as a bankruptcy judge. It could mean throwing out contracts with public employee unions and vendors that the city can't afford, and could lead to further cutbacks in already depleted city services.

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Created by Cyphase 1 year 6 weeks ago – Made popular 1 year 6 weeks ago
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