Wednesday, February 20, 2013

Detroit's financial crisis now in governor's hands

This would be the bankruptcy heard around the world.  Detroit has always been the icon of the American Auto Industry.  Although, it won't mean that the American Auto Industry is dead, far from it, the world will perceive it that way.
James McTevia, president of a Michigan-based firm that specializes in turnaround management, said an emergency manager could halt the city's borrowing, freeze debt and restructure finances, including voiding contracts.

"The checkbook needs to be taken from the politicians," he said.

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