The fun starts at 2:15. She starts pointing at other cities.
Why even bankruptcy can’t save Motown. Plus, Florida Sen. Marco Rubio
on ‘extremist’ Thomas Perez’s confirmation as Labor Secretary, how the
IRS scandal reached Washington and, Virginia Gov. McDonnell’s
undisclosed gifts.
Detroit Bankruptcy Could Set Legal Precedent For Bankrupt Cities With Pension Obligations, Experts Say
DETROIT — Pensioners across the country have reason to watch
Detroit’s historic bankruptcy filing closely. The legal wrangling over
whether the city’s filing is unconstitutional may have widespread impact
on cities in crisis across the United States.
Detroit Emergency Manager Kevyn Orr says the city’s crippling lack of
services and devastating population loss can’t be fixed without
bondholders, banks, unions and even retirees settling for less money than they are legally owed. With
the blessing of Gov. Rick Snyder, a Republican, Orr filed for
bankruptcy at 4:06 p.m. on Thursday — just five minutes before Circuit
Court Judge Rosemary Aquilina was set to consider an injunction from
pension groups and retirees to stop the city from filing the paperwork.
When a corporation files for bankruptcy, any pending litigation filed
against the company is halted immediately. All lawsuits are dismissed,
and creditors must appear before a bankruptcy judge in federal court to
plead their cases.
http://www.huffingtonpost.com/2013/07/21/detroit-bankruptcy-legal-precedent_n_3629018.html
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